Document:

EX-10.1

 Exhibit 10.1 
  

 
 LOAN
AND SECURITY AGREEMENT 
 DATED AS OF
JULY 20, 2016 
 AMONG 

MANITEX INTERNATIONAL, INC., 

MANITEX INC., 

MANITEX SABRE, INC., 

BADGER EQUIPMENT COMPANY, 

CRANE AND MACHINERY, INC., 

CRANE AND MACHINERY LEASING, INC., 

LIFTKING, INC., 

MANITEX, LLC, 

AND 

MANITEX LIFTKING, ULC, 

AS THE BORROWERS, 

THE VARIOUS FINANCIAL INSTITUTIONS PARTY HERETO,

 AS LENDERS, 

AND 

THE PRIVATEBANK AND TRUST COMPANY, 

AS ADMINISTRATIVE AGENT AND SOLE LEAD
ARRANGER 
  
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 SECTION 1
	 	 DEFINITIONS
	  	 	1	  
			
	 1.1
	 	 Definitions
	  	 	1	  
			
	 SECTION 2
	 	 LOANS
	  	 	30	  
			
	 2.1
	 	 Revolving Loans
	  	 	30	  
			
	 2.2
	 	 Reserved
	  	 	32	  
			
	 2.3
	 	 Swing Line Facilities
	  	 	32	  
			
	 2.4
	 	 Loan Procedures
	  	 	32	  
			
	 2.5
	 	 Repayments
	  	 	34	  
			
	 2.6
	 	 Notes
	  	 	35	  
			
	 2.7
	 	 Recordkeeping
	  	 	35	  
			
	 2.8
	 	 Defaulting Lenders
	  	 	36	  
			
	 2.9
	 	 Settlements
	  	 	38	  
			
	 2.10
	 	 Commitments Several
	  	 	39	  
			
	 SECTION 3
	 	 LETTERS OF CREDIT
	  	 	39	  
			
	 3.1
	 	 General Terms
	  	 	39	  
			
	 3.2
	 	 Letter of Credit Procedures
	  	 	40	  
			
	 3.3
	 	 Expiration Dates of Letters of Credit
	  	 	40	  
			
	 3.4
	 	 Participations in Letters of Credit
	  	 	41	  
			
	 SECTION 4
	 	 INTEREST, FEES AND CHARGES
	  	 	41	  
			
	 4.1
	 	 Interest Rate
	  	 	41	  
			
	 4.2
	 	 Increased Costs; Special Provisions For LIBOR Loans
	  	 	42	  
			
	 4.3
	 	 Fees and Charges
	  	 	45	  
			
	 4.4
	 	 Taxes
	  	 	46	  
			
	 4.5
	 	 Maximum Interest
	  	 	47	  
			
	 SECTION 5
	 	 COLLATERAL
	  	 	48	  
			
	 5.1
	 	 Grant of Security Interest to Administrative Agent
	  	 	48	  
			
	 5.2
	 	 Other Security
	  	 	50	  
			
	 5.3
	 	 Possessory Collateral
	  	 	50	  
			
	 5.4
	 	 Electronic Chattel Paper
	  	 	50	  
			
	 5.5
	 	 Reserved
	  	 	51	  
			
	 5.6
	 	 Insurance Proceeds
	  	 	51	  

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 SECTION 6
	 	 PRESERVATION OF COLLATERAL AND PERFECTION OF SECURITY INTERESTS THEREIN
	  	 	51	  
			
	 SECTION 7
	 	 POSSESSION OF COLLATERAL AND RELATED MATTERS
	  	 	52	  
			
	 SECTION 8
	 	 COLLECTIONS
	  	 	52	  
			
	 8.1
	 	 Lockbox and Lockbox Account
	  	 	52	  
			
	 8.2
	 	 Administrative Agent’s Rights
	  	 	53	  
			
	 8.3
	 	 Application of Proceeds
	  	 	54	  
			
	 8.4
	 	 Account Statements
	  	 	54	  
			
	 SECTION 9
	 	 COLLATERAL, AVAILABILITY AND FINANCIAL REPORTS AND SCHEDULES
	  	 	54	  
			
	 9.1
	 	 Borrowing Base Reports
	  	 	54	  
			
	 9.2
	 	 Monthly Reports
	  	 	54	  
			
	 9.3
	 	 Financial Statements
	  	 	55	  
			
	 9.4
	 	 Annual Projections
	  	 	55	  
			
	 9.5
	 	 Explanation of Budgets and Projections
	  	 	55	  
			
	 9.6
	 	 Reserved
	  	 	55	  
			
	 9.7
	 	 Other Information
	  	 	55	  
			
	 SECTION 10
	 	 TERMINATION
	  	 	55	  
			
	 SECTION 11
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	56	  
			
	 11.1
	 	 Financial Statements and Other Information
	  	 	56	  
			
	 11.2
	 	 Locations
	  	 	57	  
			
	 11.3
	 	 Loans by Borrowers
	  	 	57	  
			
	 11.4
	 	 Accounts and Inventory
	  	 	57	  
			
	 11.5
	 	 Liens
	  	 	57	  
			
	 11.6
	 	 Organization, Authority and No Conflict
	  	 	57	  
			
	 11.7
	 	 Litigation
	  	 	58	  
			
	 11.8
	 	 Compliance with Laws and Maintenance of Permits
	  	 	58	  
			
	 11.9
	 	 Affiliate Transactions
	  	 	58	  
			
	 11.10
	 	 Names and Trade Names
	  	 	59	  
			
	 11.11
	 	 Equipment
	  	 	59	  

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 11.12
	 	 Enforceability
	  	 	59	  
			
	 11.13
	 	 Solvency
	  	 	59	  
			
	 11.14
	 	 Indebtedness
	  	 	59	  
			
	 11.15
	 	 Margin Security and Use of Proceeds
	  	 	59	  
			
	 11.16
	 	 Parent, Subsidiaries and Affiliates
	  	 	59	  
			
	 11.17
	 	 No Defaults
	  	 	59	  
			
	 11.18
	 	 Employee Matters
	  	 	60	  
			
	 11.19
	 	 Intellectual Property
	  	 	60	  
			
	 11.20
	 	 Environmental Matters
	  	 	60	  
			
	 11.21
	 	 ERISA Matters and Canadian Pension Plan
	  	 	60	  
			
	 11.22
	 	 Investment Company Act
	  	 	61	  
			
	 11.23
	 	 Anti-Terrorism Laws
	  	 	61	  
			
	 11.24
	 	 Subordinated Debt
	  	 	62	  
			
	 SECTION 12
	 	 AFFIRMATIVE COVENANTS
	  	 	62	  
			
	 12.1
	 	 Maintenance of Records; Collateral Access Agreements
	  	 	62	  
			
	 12.2
	 	 Notices
	  	 	62	  
			
	 12.3
	 	 Compliance with Laws and Maintenance of Permits
	  	 	64	  
			
	 12.4
	 	 Inspection and Audits
	  	 	64	  
			
	 12.5
	 	 Insurance
	  	 	65	  
			
	 12.6
	 	 Collateral
	  	 	66	  
			
	 12.7
	 	 Use of Proceeds
	  	 	66	  
			
	 12.8
	 	 Taxes
	  	 	66	  
			
	 12.9
	 	 Intellectual Property
	  	 	67	  
			
	 12.10
	 	 Checking Accounts and Cash Management Services
	  	 	67	  
			
	 12.11
	 	 USA Patriot Act, Bank Secrecy Act and Office of Foreign Asset Control
	  	 	67	  
			
	 SECTION 13
	 	 NEGATIVE COVENANTS
	  	 	67	  
			
	 13.1
	 	 Guaranties
	  	 	67	  
			
	 13.2
	 	 Indebtedness
	  	 	68	  
			
	 13.3
	 	 Liens
	  	 	69	  

  
 -iii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 13.4
	 	 Mergers, Sales, Acquisitions, Subsidiaries and Other Transactions Outside the Ordinary Course
of Business
	  	 	69	  
			
	 13.5
	 	 Dividends and Distributions
	  	 	70	  
			
	 13.6
	 	 Investments; Loans
	  	 	70	  
			
	 13.7
	 	 Fundamental Changes, Line of Business
	  	 	71	  
			
	 13.8
	 	 Equipment
	  	 	71	  
			
	 13.9
	 	 Affiliate Transactions
	  	 	72	  
			
	 13.10
	 	 Settling of Accounts
	  	 	72	  
			
	 13.11
	 	 Reserved
	  	 	72	  
			
	 13.12
	 	 Subordinated Debt/Other Debt
	  	 	72	  
			
	 13.13
	 	 Restriction of Amendments to Certain Documents
	  	 	72	  
			
	 SECTION 14
	 	 FINANCIAL COVENANTS
	  	 	72	  
			
	 14.1
	 	 Fixed Charge Coverage
	  	 	72	  
			
	 SECTION 15
	 	 DEFAULT
	  	 	73	  
			
	 15.1
	 	 Payment
	  	 	73	  
			
	 15.2
	 	 Breach of this Agreement and the other Loan Documents
	  	 	73	  
			
	 15.3
	 	 Breaches of Other Obligations
	  	 	73	  
			
	 15.4
	 	 Breach of Representations and Warranties
	  	 	73	  
			
	 15.5
	 	 Loss of Collateral
	  	 	73	  
			
	 15.6
	 	 Bankruptcy or Similar Proceedings
	  	 	73	  
			
	 15.7
	 	 Appointment of Receiver
	  	 	74	  
			
	 15.8
	 	 Judgment
	  	 	74	  
			
	 15.9
	 	 Dissolution of Loan Party
	  	 	74	  
			
	 15.10
	 	 Criminal Proceedings
	  	 	74	  
			
	 15.11
	 	 Change of Control
	  	 	74	  
			
	 15.12
	 	 Investor Note Purchase Agreement
	  	 	74	  
			
	 15.13
	 	 Material Adverse Effect
	  	 	74	  
			
	 15.14
	 	 Subordinated Debt
	  	 	74	  
			
	 SECTION 16
	 	 REMEDIES UPON AN EVENT OF DEFAULT
	  	 	74	  
			
	 16.1
	 	 Acceleration
	  	 	74	  
			
	 16.2
	 	 Other Remedies
	  	 	75	  
			
	 16.3
	 	 Credit Bidding
	  	 	77	  

  
 -iv- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 SECTION 17
	 	 CONDITIONS PRECEDENT
	  	 	77	  
			
	 17.1
	 	 Conditions to Initial Loans
	  	 	77	  
			
	 17.2
	 	 Conditions to All Loans
	  	 	78	  
			
	 SECTION 18
	 	 THE AGENTS
	  	 	79	  
			
	 18.1
	 	 Appointment and Authorization
	  	 	79	  
			
	 18.2
	 	 L/C Issuers
	  	 	79	  
			
	 18.3
	 	 Delegation of Duties
	  	 	79	  
			
	 18.4
	 	 Exculpation of Administrative Agent
	  	 	80	  
			
	 18.5
	 	 Reliance by Administrative Agent
	  	 	80	  
			
	 18.6
	 	 Notice of Default
	  	 	81	  
			
	 18.7
	 	 Credit Decision
	  	 	81	  
			
	 18.8
	 	 Indemnification
	  	 	81	  
			
	 18.9
	 	 Administrative Agent in Individual Capacity
	  	 	82	  
			
	 18.10
	 	 Successor Administrative Agent
	  	 	82	  
			
	 18.11
	 	 Collateral Matters
	  	 	83	  
			
	 18.12
	 	 Restriction on Actions by Lenders
	  	 	83	  
			
	 18.13
	 	 Administrative Agent May File Proofs of Claim
	  	 	84	  
			
	 18.14
	 	 Other Agents; Arrangers and Managers
	  	 	84	  
			
	 SECTION 19
	 	 MISCELLANEOUS
	  	 	85	  
			
	 19.1
	 	 Assignments; Participations
	  	 	85	  
			
	 19.2
	 	 Register
	  	 	86	  
			
	 19.3
	 	 Customer Identification - USA Patriot Act Notice and AML Legislation
	  	 	86	  
			
	 19.4
	 	 Indemnification by Borrowers
	  	 	87	  
			
	 19.5
	 	 Notice
	  	 	88	  
			
	 19.6
	 	 Judgment Currency
	  	 	89	  
			
	 SECTION 20
	 	 GENERAL
	  	 	89	  
			
	 20.1
	 	 Waiver; Amendments
	  	 	89	  
			
	 20.2
	 	 Headings of Subdivisions
	  	 	90	  
			
	 20.3
	 	 Power of Attorney
	  	 	90	  

  
 -v- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 20.4
	 	 Confidentiality
	  	 	90	  
			
	 20.5
	 	 Counterparts
	  	 	91	  
			
	 20.6
	 	 Electronic Submissions
	  	 	91	  
			
	 20.7
	 	 Waiver of Jury Trial: Other Waivers
	  	 	92	  
			
	 20.8
	 	 Choice of Governing Laws; Construction; Forum Selection
	  	 	93	  
			
	 SECTION 21
	 	 JOINT AND SEVERAL LIABILITY
	  	 	94	  
			
	 SECTION 22
	 	 NONLIABILITY OF ADMINISTRATIVE AGENT AND LENDERS
	  	 	95	  

  
 -vi- 

 ANNEX 1 – COMMITMENTS 

EXHIBIT A – FORM OF NOTE 

EXHIBIT B – FORM OF BORROWING BASE CERTIFICATE 

EXHIBIT C – COMPLIANCE CERTIFICATE 

EXHIBIT D – NOTICE OF BORROWING 

EXHIBIT E – NOTICE OF CONVERSION/CONTINUATION 

EXHIBIT F – COMMERCIAL TORT CLAIMS 

EXHIBIT G – ASSIGNMENT AGREEMENT 

SCHEDULE 1 – PERMITTED LIENS 

SCHEDULE 11.2 – BUSINESS AND COLLATERAL LOCATIONS 

SCHEDULE 11.7 – LITIGATION 

SCHEDULE 11.9 – AFFILIATE TRANSACTIONS 

SCHEDULE 11.10 – NAMES & TRADE NAMES 

SCHEDULE 11.14 – INDEBTEDNESS 

SCHEDULE 11.16 – PARENT, SUBSIDIARIES AND AFFILIATES 

SCHEDULE 13.6 – INVESTMENTS 

SCHEDULE 13.4 – MERGERS, SALES, ACQUISITIONS, SUBSIDIARIES AND OTHER TRANSACTIONS OUTSIDE THE ORDINARY COURSE OF BUSINESS 

SCHEDULE 17.1 – CLOSING DOCUMENT CHECKLIST 

 LOAN AND SECURITY AGREEMENT 

THIS LOAN AND SECURITY AGREEMENT (as amended, modified or supplemented from time to time, this “Agreement”)
made this 20th day of July, 2016 by and among, the financial institutions that are or may from time to time become parties hereto (together with their respective assigns, the “Lenders”), THE PRIVATEBANK AND TRUST COMPANY (in its
individual capacity, “PrivateBank”), 120 South LaSalle Street, Suite 200, Chicago, Illinois 60603, as administrative agent and sole lead arranger (in such capacity, “Administrative Agent”), MANITEX INTERNATIONAL,
INC., a Michigan corporation, (“Manitex International”), MANITEX INC., a Texas corporation (“Manitex”), MANITEX SABRE, INC., a Michigan corporation (“Sabre”), BADGER EQUIPMENT COMPANY, a Minnesota
corporation (“Badger”), CRANE AND MACHINERY, INC., an Illinois corporation (“Crane and Machinery”), CRANE AND MACHINERY LEASING, INC., an Illinois corporation (“Crane and Machinery Leasing”),
LIFTKING, INC., a Michigan corporation (“LiftKing US”), MANITEX, LLC, a Delaware limited liability company (“Manitex LLC”; together with Manitex International, Manitex, Sabre, Badger, Crane and Machinery, Crane and
Machinery Leasing, and LiftKing US, collectively, the “US Borrowers”), and MANITEX LIFTKING, ULC, an Alberta company (“LiftKing Canada” or the “Canadian Borrower”, and together with the US
Borrowers, collectively, the “Borrowers”), and the other Loan Parties hereto. 
 W I T N
E S S E T H: 
 WHEREAS, Borrowers may, from time to time, request Loans
from Administrative Agent and Lenders, and the parties wish to provide for the terms and conditions upon which such Loans or other financial accommodations, if made by Administrative Agent and Lenders, shall be made; 

NOW, THEREFORE, in consideration of any Loan (including any Loan by renewal or extension) hereafter made to Borrowers by
Administrative Agent or any Lender, or any Letter of Credit issued for the account of Borrowers, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by Borrowers, the parties agree as follows:

  

	SECTION 1	 DEFINITIONS. 

1.1 Definitions. 

When used herein the following terms shall have the following meanings: 

Account shall have the meaning ascribed to such term in the UCC and the PPSA, as the case may be. 

Account Debtor shall have the meaning ascribed to such term in the UCC and the PPSA, as the case may be. 

Acquisition, by any Person, means the acquisition by such Person, in a single transaction or in a series of related
transactions, of (i) all or any substantial portion of the property of another 

 
Person, (ii) all or a portion of a division or operating group of another Person, or (iii) all or substantially all of the Capital Securities of another Person, in each case whether or
not involving a merger or consolidation with such other Person and whether for cash, property, services, assumption of debt, securities or otherwise. 

Administrative Agent shall mean PrivateBank in its capacity as administrative agent for the Lenders hereunder and any
successor thereto in such capacity. 
 Affected Loan shall have the meaning set forth in Section 4.2.3
hereof. 
 Affiliate of any Person shall mean (i) any other Person which directly or indirectly through one or
more intermediaries controls, is controlled by, or is under common control with, such Person, (ii) any other Person which beneficially owns or holds twenty percent (20%) or more of the voting control or equity interests of such Person,
(iii) any other Person of which twenty percent (20%) or more of the voting control or equity interest of which is beneficially owned or held by such Person or (iv) any officer or director of such Person. Unless expressly stated
otherwise herein, neither Administrative Agent nor any Lender shall be deemed an Affiliate of any Loan Party; provided, however, that Terex shall not be deemed to be an Affiliate of the Borrowers. 

Agent Advance shall have the meaning set forth in Section 2.1.3. 

Agent Fee Letter shall mean the Fee Letter dated as of July 20, 2016 among Borrowers and Administrative Agent.

 Anti-Terrorism Laws shall have the meaning set forth in Section 11.23. 

Anti-Terrorism Order shall have the meaning set forth in Section 11.23. 

Applicable Margin shall mean the margin set forth below with respect to Base Rate Loans and LIBOR Rate Loans, as in
effect from time to time, as applicable; provided, that the initial Applicable Margin shall be set at Level IV until five (5) Business Days after receipt of Borrowers’ quarterly financial statements for the fiscal quarter ending
December 31, 2016. Thereafter, the Applicable Margin shall be adjusted five (5) Business Days after receipt of Borrowers’ quarterly financial statements based on Borrowers’ Senior Leverage Ratio for the 12 month period ending on
the date of calculation as shown on such financial statements (provided that, if Borrowers fail to deliver such financial statements within the time period required by this Agreement, the Applicable Margin shall conclusively be presumed to be equal
to the highest level set forth on the chart below from the date such financial statements were required to be delivered until five (5) Business Days after receipt of such financial statements), as set forth on the following chart: 

 

							
	 Level
	  	Senior Leverage Ratio	 	Base Rate Revolving
Loans Applicable Margin	 	LIBOR Rate Revolving
Loans Applicable Margin
	 I
	  	< 2.0(x)	 	0.25%	 	2.25%
	 II
	  	> 2.00(x) < 3.00(x)	 	0.50%	 	2.50%
	 III
	  	> 3.00(x) < 4.00(x)	 	0.75%	 	2.75%
	 IV
	  	> 4.00(x)	 	1.00%	 	3.00%

  
 2 

 If, as a result of any restatement of or other adjustment to the financial
statements of Borrowers or for any other reason, Administrative Agent determines that (a) the Senior Leverage Ratio as calculated by Borrowers as of any applicable date was inaccurate and (b) a proper calculation of the Senior Leverage
Ratio would have resulted in different pricing for any period, then (i) if the proper calculation of the Senior Leverage Ratio would have resulted in higher pricing for such period, Borrowers shall automatically and retroactively be obligated
to pay to Administrative Agent, for the benefit of the Lenders, promptly on demand by Administrative Agent, an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and
fees actually paid for such period; and (ii) if the proper calculation of the Senior Leverage Ratio would have resulted in lower pricing for such period, neither Administrative Agent nor any Lender shall have any obligation to repay any
interest or fees to Borrowers; provided that if, as a result of any restatement or other event a proper calculation of the Senior Leverage Ratio would have resulted in higher pricing for one or more periods and lower pricing for one or more other
periods (due to the shifting of income or expenses from one period to another period or any similar reason), then the amount payable by Borrowers pursuant to clause (i) above shall be based upon the excess, if any, of the amount of interest and
fees that should have been paid for all applicable periods over the amount of interest and fees paid for all such periods. 

Approved Electronic Communication shall have the meaning set forth in Section 20.6. 

Approved Electronic Form shall have the meaning set forth in Section 20.6. 

Assignee shall have the meaning set forth in Section 19.1.1. 

Assignment Agreement shall have the meaning set forth in Section 19.1.1. 

ASV shall mean ASV, LLC, a Minnesota limited liability company. 

Attorney Costs shall mean, with respect to any Person, all reasonable, documented out-of-pocket fees and charges of any
outside counsel to such Person, and all court costs and similar legal expenses. 
 Bank Product Agreements shall mean
those certain agreements pursuant to which any Lender or its Affiliates provide any of the Bank Products to any Loan Party including, without limitation, Hedging Agreements. 

Bank Product Obligations shall mean all obligations, liabilities, contingent reimbursement obligations, fees, and
expenses owing by the Loan Parties to any Lender or its Affiliates pursuant to or evidenced by the Bank Product Agreements and irrespective of whether for the payment of money, whether direct or indirect, absolute or contingent, due or to become
due, now existing or hereafter arising, and including all such amounts that a Loan Party is obligated to reimburse to the Administrative Agent or any Lender as a result of the 

  
 3 

 
Administrative Agent or any such Lender purchasing participations or executing indemnities or reimbursement obligations with respect to the Bank Products provided to the Loan Parties pursuant to
the Bank Product Agreements. 
 Bank Products shall mean any service provided to, facility extended to, or
transaction entered into with, any Loan Party by any Lender or its Affiliates consisting of, (a) deposit accounts, (b) cash management services, including, without limitation, controlled disbursement, lockbox, electronic funds transfers
(including, without limitation, book transfers, fedwire transfers, ACH transfers), online reporting and other services relating to accounts maintained with a Lender or its Affiliates, (c) debit cards and credit cards, (d) Hedging
Agreements or (e) so long as prior written notice thereof is provided to Administrative Agent by the Lender (or its Affiliate) providing such service, facility or transaction and Administrative Agent consents in writing to its inclusion as a
Bank Product, any other service provided to, facility extended to or transaction entered into with any Loan Party by a Lender or its Affiliates. 

Bankruptcy Code shall have the meaning set forth in Section 21(b). 

Base Rate shall mean at any time the greater of (a) the Federal Funds Rate plus one half of one
percent (0.5%), and (b) the Prime Rate. 
 Base Rate Loan shall mean, collectively, all Canadian Base Rate
Loans and all US Base Rate Loans. 
 Borrowers shall have the meaning set forth in the Preamble. 

BSA shall have the meaning set forth in Section 12.11. 

Business Day shall mean any day on which Administrative Agent is open for commercial banking business in Chicago,
Illinois and, in the case of a Business Day which relates to a LIBOR Loan, any day on which dealings are carried on in the London Interbank eurodollar market. 

Canadian Bank means Royal Bank of Canada or such other bank approved as the Canadian Bank after the date hereof by
Administrative Agent. 
 Canadian Bankruptcy Law means all present and future statutes in Canada relating to
bankruptcy, insolvency, reorganization, arrangement, compromise or readjustment of debt, dissolution or winding-up, or any similar legislation, including, without limitation, the Bankruptcy and Insolvency Act (Canada), the Companies’
Creditors Arrangement Act (Canada), the Winding-Up and Restructuring Act (Canada), and all regulations thereto, as such legislation may be amended or replaced from time to time. 

Canadian Base Rate Loan shall mean any Canadian Loan which bears interest at or by reference to the Base Rate. 

Canadian Benefit Plan means all employee benefit plans of any nature or kind whatsoever that are not Canadian Pension
Plans and are maintained or contributed to by any Loan Party or any Subsidiary thereof having employees in Canada, but excluding the Canadian 

  
 4 

 
Pension Plans and any statutory benefit plans which any Loan Party or any Subsidiary thereof having employees in Canada is required to participate in or comply with, including without limitation,
the Canada Pension Plan, the Quebec Pension Plan and plans administered pursuant to applicable health, tax, workplace safety insurance and employment insurance legislation. 

Canadian Borrowers means LiftKing Canada and any other Canadian Borrower added to this Agreement pursuant to a joinder
agreement after the date hereof. 
 Canadian Domestic Operating Account means account number 2415607 maintained by
Canadian Borrower at PrivateBank. 
 Canadian Letter of Credit Obligations shall mean, as of any date of
determination, the sum of (i) the aggregate undrawn face amount of all Letters of Credit issued on behalf of any Canadian Borrower, and (ii) the aggregate unreimbursed amount of all drawn Letters of Credit issued on behalf of any Canadian
Borrower not already converted to Loans hereunder. Notwithstanding the foregoing, all Letters of Credit issued hereunder on behalf of any Canadian Borrower denominated in Canadian Dollars shall be converted to the US Dollar Equivalent for purposes
of determining the aggregate amount of Canadian Letter of Credit Obligations hereunder. 
 Canadian LIBOR Loans means
any LIBOR Loan made to a Canadian Borrower. 
 Canadian Loan Party shall mean a Canadian Borrower and each other
person who is or shall become primarily or secondarily liable for any of the Canadian Obligations. 
 Canadian Loans
means all Loans made to the Canadian Borrowers. 
 Canadian Obligations shall mean any and all obligations,
liabilities and indebtedness of each Canadian Loan Party to Administrative Agent and each Lender or to any Affiliate of a Lender of any and every kind and nature pursuant to any Loan Document, howsoever created, arising or evidenced and howsoever
owned, held or acquired, whether now or hereafter existing, whether now due or to become due, whether primary, secondary, direct, indirect, absolute, contingent or otherwise (including, without limitation, obligations of performance and Bank Product
Obligations), whether several, joint or joint and several; provided, however, that the Canadian Obligations shall not include Excluded Swap Obligations or any US Obligations. 

Canadian Operating Account means a deposit account to be established at the Canadian Bank after the date hereof by one
or more of the Canadian Borrowers. 
 Canadian Pension Plans means any registered pension plan as such term is
defined under the Income Tax Act (Canada) and that is maintained, contributed to or required to be contributed to by any Loan Party or any of its Subsidiaries for which any Loan Party or such Subsidiary has any obligations, rights or
liabilities, contingent or otherwise. 
 Canadian Priority Claims means the aggregate of any amounts accrued or
payable (including interest and penalties) which arise by the operation of any applicable law and rank prior to or pari passu with any Lien held by Administrative Agent, including, without limitation, in respect of wages, salaries, commissions or
other remuneration, vacation pay, pension plan 

  
 5 

 
contributions and/or obligations, including without limitation, under the Wage Earner Protection Program Act (Canada), amounts required to be withheld from payments to employees or other persons
for federal and provincial income taxes, employee Canada Pension Plan contributions and employee employment insurance premiums and additional amounts payable on account of employer Canada Pension Plan contributions and employer employment insurance
premiums, federal or provincial goods and services or excise tax, or other sales or consumption taxes, employer health tax, amounts payable under the Workplace Safety and Insurance Act, 1997 (Ontario) or similar legislation in other applicable
jurisdiction (all as may be amended or replaced from time to time), arrears of rent, utilities or other amounts payable in respect of the use of any real property, amounts payable for repair, storage, transportation or construction or other services
which may give rise to a possessory or registerable Lien. 
 Canadian Revolving Loan Availability shall mean an
amount up to the lesser of (A) the sum of the following sublimits: (i) eighty-five percent (85%) of the face amount of the Eligible Canadian Accounts, plus (ii) the lower of (x) sixty percent (60%) (the
“Inventory Advance Rate”) of the lower of cost or market value of the Canadian Borrowers’ Eligible Canadian Inventory and (y) Eight Million Five Hundred Thousand Dollars ($8,500,000) (provided, however, that such limit
shall be decreased from Eight Million Five Hundred Thousand Dollars ($8,500,000) to Seven Million Dollars ($7,000,000) on the date that is ninety (90) days after the date hereof); plus (iii) the lesser of (x) up to
(x) eighty-five percent (85%) of Eligible Bill and Hold Receivables of the Canadian Borrower and (y) $10,000,000 minus the aggregate amount of Eligible Bill and Hold Receivables of the US Borrowers; minus (iv) such
other reserves as Administrative Agent elects, in its Permitted Discretion, determined in good faith, to establish from time to time, including, without limitation, reserves with respect to Bank Products Obligations, Hedging Obligations, Canadian
Priority Claims and reclamation claims relating to the mining activities of the Canadian Borrowers or (B) Twelve Million Dollars ($12,000,000). Notwithstanding the foregoing, the aggregate amount of Canadian Revolving Loan Availability
comprised of Eligible Canadian Inventory of the Canadian Borrowers set forth in subsection (ii) above comprised of work-in-process Inventory of the Canadian Borrowers shall not exceed Three Million Dollars ($3,000,000) at any time. Further, the
Inventory Advance Rate shall be reduced by one percent (1.0%) on the last day of each month beginning December 31, 2016 through September 30, 2017, resulting in an Inventory Advance Rate of fifty percent (50%) effective
September 30, 2017. 
 Canadian Revolving Loan Sublimit shall mean Twelve Million Dollars ($12,000,000). 

Canadian Revolving Loans shall have the meaning specified in Section 2.1.2 hereof. 

Capital Expenditures shall mean with respect to any period, the aggregate of all expenditures (including expenditures
for Capital Lease obligations) by Borrowers during such period that are required by generally accepted accounting principles, consistently applied, to be included in or reflected by the property, plant and equipment or similar fixed asset accounts
(or intangible accounts subject to amortization) on the balance sheet of Borrowers. 
 Capital Lease means, with
respect to any Person, any lease of (or other agreement conveying the right to use) any real or personal property by such Person that, in conformity with GAAP, is accounted for as a capital lease on the balance sheet of such Person. 

  
 6 

 Capital Securities means, with respect to any Person, all shares,
interests, participations or other equivalents (however designated, whether voting or non-voting) of such Person’s capital, whether now outstanding or issued or acquired after the Closing Date, including common shares, preferred shares,
membership interests in a limited liability company, limited or general partnership interests in a partnership, interests in a trust, interests in other unincorporated organizations or any other equivalent of such ownership interest. 

Cash Collateralize means to deliver cash collateral to the L/C Issuer, to be held as cash collateral for outstanding
Letters of Credit, pursuant to documentation satisfactory to such L/C Issuer and in an amount satisfactory to such L/C Issuer, but which amount shall not exceed 105% of the maximum amount that may be available to be drawn at any time prior to the
stated expiry of all outstanding Letters of Credit. Derivatives of such term have corresponding meanings. 
 Cash
Equivalent Investment means, at any time, (a) any evidence of debt, maturing not more than one year after such time, issued or guaranteed by the United States Government or any agency thereof, (b) commercial paper, maturing not more
than one year from the date of issue, or corporate demand notes, in each case (unless issued by a Lender or its holding company) rated at least A-1 by Standard & Poor’s Financial Services LLC, a wholly-owned subsidiary of McGraw-Hill
Financial, Inc. or P-1 by Moody’s Investors Service, Inc., (c) any certificate of deposit, time deposit or banker’s acceptance, maturing not more than one year after such time, or any overnight Federal Funds transaction that is issued
or sold by a Lender or its holding company (or by a commercial banking institution that is a member of the Federal Reserve System and has a combined capital and surplus and undivided profits of not less than $500,000,000), (d) any repurchase
agreement entered into with a Lender (or commercial banking institution of the nature referred to in clause (c)) which (i) is secured by a fully perfected security interest in any obligation of the type described in any of clauses
(a) through (c) above and (ii) has a market value at the time such repurchase agreement is entered into of not less than 100% of the repurchase obligation of a Lender (or other commercial banking institution) thereunder and
(e) money market accounts or mutual funds which invest exclusively in assets satisfying the foregoing requirements, and (f) other short term liquid investments approved in writing by Administrative Agent. 

CFC means a “controlled foreign corporation” as defined in Section 957(a) of the Code. 

Chattel Paper shall have the meaning ascribed to such term in the UCC and the PPSA, as the case may be. 

Change of Control shall mean an event or services of events by which: 

(a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act,
but excluding any employee benefit plan of its Subsidiaries and any Person acting in its capacity as trustee, agent, or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and
13d-5 under the Securities Exchange Act), directly or indirectly, of voting stock of Manitex International representing more than 50% or more of the outstanding voting stock of Manitex International; or 

  
 7 

 (b) during any period of twenty-four (24) consecutive months, a majority of
the members of the board of directors of Manitex International cease to be composed of individuals (i) who were members of that board on the first day of such period, (ii) whose election or nomination to that board was approved by
individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or (iii) whose election or nomination to that board was approved by individuals referred to in
clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board. 

Closing Date shall have the meaning set forth in Section 17.1. 

Code shall mean the Internal Revenue Code of 1986, as amended. 

Collateral shall mean all of the property of Borrowers described in Section 5.1 hereof, together with all
other real or personal property of any Loan Party or any other Person now or hereafter pledged to Administrative Agent to secure, either directly or indirectly, repayment of any of the Obligations. 

Commercial Tort Claims shall have the meaning ascribed to such term in the UCC. 

Commitment shall mean with respect to each Lender, the commitment of such Lender to make its Pro Rata Share of
Revolving Loans. 
 Commodity Exchange Act means the Commodity Exchange Act (7 U.S.C. §1 et seq.), as amended
from time to time, and any successor statute. 
 Computation Period means each period of twelve consecutive months
ending on the last day of a calendar quarter. 
 Controlled Group shall mean members of a controlled group of
corporations, all members of a controlled group of trades or businesses (whether or not incorporated) under common control and all members of an affiliated service group which, together with Borrowers or any of their Subsidiaries, are treated as a
single employer under Section 414 of the Code or Section 4001 of ERISA. 
 Default shall mean the
occurrence of an event which, with the passage of time will become an Event of Default if not cured or otherwise remedied during such time, giving effect to any applicable grace period. 

Defaulting Lender shall mean any Lender that (a) has failed to fund any portion of the Loans, participations in
Letters of Credit or participations in Swing Line Loans required to be funded by it hereunder within one Business Day of the date required to be funded by it hereunder (including by settlement pursuant to Section 2.9), (b) has
otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within one Business Day of the date when due, unless the subject of a good faith dispute, (c) has been deemed or
has a parent company that has been deemed insolvent or become the subject of a bankruptcy or insolvency proceeding, (d) has notified Borrowers, the Administrative Agent, any L/C Issuer or any Lender that it does not intend to comply with any of
its funding obligations 

  
 8 

 
under this Agreement or has made a public statement to the effect that it does not intend to comply with its funding obligations under this Agreement or under other agreements in which it commits
to extend credit or (e) has failed to confirm within three Business Days of a request by the Administrative Agent that it will comply with the terms of this Agreement relating to its obligations to fund prospective Revolving Loans and
participations in then outstanding Letters of Credit and Swing Line Loans. 
 Deposit Accounts shall have the meaning
ascribed to such term in the UCC. 
 Dilution shall mean, with respect to any period, the percentage obtained by
dividing (i) the sum of non-cash credits against Accounts (including, but not limited to returns, adjustments and rebates) of Borrowers for such period, plus pending or probable, but not yet applied, non-cash credits against Accounts of
Borrowers for such period, as determined by Administrative Agent in its sole discretion by (ii) gross invoiced sales of Borrowers for such period. 

Disqualified Capital Stock shall mean any Capital Security which, by its terms (or by the terms of any security into
which it is convertible or for which it is exchangeable), or upon the happening of any event, (a) matures (excluding any maturity as the result of an optional redemption by the issuer thereof) or is mandatorily redeemable, pursuant to a sinking
fund obligation or otherwise, or is redeemable at the option of the holder thereof, in whole or in part, or requires the payment of any cash dividend or any other cash payment, in each case at any time on or prior to the 365th day following the
Maturity Date and in each case except to the extent that payment thereof may be made solely with Capital Securities that are not themselves Disqualified Capital Stock, or (b) is convertible into or exchangeable (unless at the sole option of the
issuer thereof) for (i) debt or (ii) any Capital Security referred to in clause (a) above at any time on or prior to the 365th day following the Maturity Date. 

Documents shall have the meaning ascribed to such term in the UCC. 

Documents of Title shall have the meaning ascribed to such term in the PPSA. 

EBITDA shall mean, with respect to any period, Borrowers’ (i) net income after Taxes for such period
(excluding any after-tax gains or losses on the sale of assets (other than the sale of Inventory in the ordinary course of business) and excluding other after-tax extraordinary gains or losses), plus (ii) tax refunds paid to Borrowers
with respect to any Fiscal Year before and including Fiscal Year 2015, plus (iii) Interest Expense (whether paid or accrued), (iv) income tax expense (whether paid or accrued), (v) depreciation and (vi) amortization
(including amortization of goodwill, debt issuance costs and amortization and any non-cash impairment of tangibles) for such period, plus (vii) upon approval by Administrative Agent, any fees, expenses or other costs incurred in
connection with the sale of any Subsidiary, plus or minus (viii) any other non-cash charges or gains which have been subtracted or added in calculating net income after Taxes for such period, less (ix) management fees that are
charged but unpaid by non-Borrower Subsidiaries not to exceed $500,000 per Fiscal Year. 
 Electronic Chattel Paper
shall have the meaning ascribed to such term in the UCC. 

  
 9 

 Eligible Bill and Hold Receivable shall mean an Account, which meets all
criteria for Eligible Accounts with the exception that such Account arises from the sale or lease of goods and such goods have been accepted by the Account Debtor but have not been shipped or delivered to the Account Debtor under such Account. Such
Account shall also be subject to a written agreement between the Account Debtor and applicable Borrower providing such goods shall be held by the applicable Borrower until the final ship-to location has been communicated by the Account Debtor to the
Borrower. 
 Eligible Canadian Account shall mean an Account owing to a Canadian Borrower which is acceptable to
Administrative Agent in its Permitted Discretion determined in good faith for lending purposes. Without limiting Administrative Agent’s discretion, Administrative Agent shall, in general, consider an Account to be an Eligible Account if it
meets, and so long as it continues to meet, the following requirements: 
 (i) it is genuine and in all
respects what it purports to be; 
 (ii) it is owned by such Canadian Borrower, such Canadian Borrower has
the right to subject it to a security interest in favor of Administrative Agent or assign it to Administrative Agent and it is subject to a first priority perfected security interest in favor of Administrative Agent and to no other claim, lien,
security interest or encumbrance whatsoever, other than Permitted Liens; 
 (iii) it arises from (A) the
performance of services by such Canadian Borrower in the ordinary course of such Canadian Borrower’s business, and such services have been fully performed and acknowledged and accepted by the Account Debtor thereunder; or (B) the sale or
lease of Goods by such Canadian Borrower in the ordinary course of such Canadian Borrower’s business, and (x) such Goods have been completed in accordance with the Account Debtor’s specifications (if any) and delivered to the Account
Debtor, (y) such Account Debtor has not refused to accept, returned or offered to return, any of the Goods which are the subject of such Account, and (z) such Canadian Borrower has possession of, or such Canadian Borrower has delivered to
Administrative Agent (at Administrative Agent’s request) shipping and delivery receipts evidencing delivery of such Goods; 

(iv) it is evidenced by an invoice rendered to the Account Debtor thereunder, is due and payable within
ninety (90) days after the date of the invoice and does not remain unpaid ninety (90) days past the invoice date thereof; provided, however, that if more than twenty-five percent (25%) of the aggregate dollar amount of invoices owing
by a particular Account Debtor remain unpaid ninety (90) days after the respective invoice dates thereof, then all Accounts owing by that Account Debtor shall be deemed ineligible; 

(v) it is a valid, legally enforceable and unconditional obligation of the Account Debtor thereunder, and it
shall not be an Eligible Account to the extent of any setoff, counterclaim, credit, allowance or adjustment by such Account Debtor, or if it is subject to any claim by such Account Debtor denying liability thereunder in whole or in part; 

  
 10 

 (vi) it does not arise out of a contract or order which fails in
any material respect to comply with the requirements of applicable law; 
 (vii) it is not an Account arising
as a result of any retention maintained by an Account Debtor to assure completion of a particular project; 

(viii) it is not a billing in excess of cost or a billing for Goods fabricated and not shipped and/or accepted
by the Account Debtor; 
 (ix) the Account Debtor thereunder is not a director, officer, employee or agent of
a Loan Party, or a Subsidiary, Parent or Affiliate of a Loan Party; 
 (x) other than with respect to
Accounts owing by a Permitted Governmental Authority, it is not an Account with respect to which the Account Debtor is the United States of America or any governmental authority of Canada, or any department, agency or instrumentality thereof, unless
such Canadian Borrower assigns its right to payment of such Account to Administrative Agent pursuant to, and in full compliance with, the Assignment of Claims Act of 1940, as amended, or any comparable provincial, state or local law, as applicable;
provided, however, that the Administrative Agent reserves the right to require assignment of all such rights to payment with respect to such Accounts payable by a Permitted Governmental Authority in compliance with such laws or regulations in the
future; 
 (xi) it is not an Account with respect to which the Account Debtor is located in a jurisdiction
which requires such Canadian Borrower, as a precondition to commencing or maintaining an action in the courts of that jurisdiction, either to (A) receive a certificate of authority to do business or similar certificate or evidence of
registration with such jurisdiction’s corporate authority for the purpose of doing business in such jurisdiction, and be in good standing in such jurisdiction; or (B) file a notice of business activities report or similar report with such
jurisdiction’s taxing authority, unless (x) such Canadian Borrower has taken one of the actions described in clauses (A) or (B); (y) the failure to take one of the actions described in either clause (A) or (B) may be
cured retroactively by such Canadian Borrower at its election; or (z) such Canadian Borrower has proven, to Administrative Agent’s satisfaction, that it is exempt from any such requirements under any such jurisdiction’s laws; 

(xii) the Account Debtor is located within the United States of America or Canada unless the Account is
supported by a letter of credit, banker’s acceptance, trade credit insurance or other credit support terms satisfactory to Administrative Agent in its sole discretion; 

(xiii) other than Eligible Bill and Hold Receivables, it is not an Account with respect to which the Account
Debtor’s obligation to pay is subject to any repurchase obligation or return right, as with sales made on a bill-and-hold, guaranteed sale, sale on approval, sale or return or consignment basis; 

  
 11 

 (xiv) it is not an Account (A) with respect to which any
representation or warranty contained in this Agreement is untrue in any material respect; or (B) which violates any of the covenants of Canadian Borrowers contained in this Agreement; 

(xv) it is not an Account which, when added to a particular Account Debtor’s other indebtedness to
Canadian Borrowers, exceeds twenty-five percent (25%) (the “Concentration Limit”) of all Accounts of Canadian Borrowers or a credit limit determined by Administrative Agent in its Permitted Discretion determined in good faith
for that Account Debtor (except that Accounts excluded from Eligible Accounts solely by reason of this clause (xiii) shall be Eligible Accounts to the extent of such credit limit), provided that Administrative Agent shall give Canadian
Borrowers written notice of any such credit limit; provided, however, that such Concentration Limit shall be increased to seventy-five percent (75%) for a Permitted Governmental Authority; and 

(xvi) it is not an Account with respect to which the prospect of payment or performance by the Account Debtor
is or will be impaired, as determined by Administrative Agent in its Permitted Discretion determined in good faith. 

Eligible Canadian Inventory shall mean Inventory of a Canadian Borrower which is acceptable on a commercially
reasonable basis to Administrative Agent in its Permitted Discretion determined in good faith for lending purposes. Without limiting Administrative Agent’s discretion, Administrative Agent shall, in general, consider raw materials to be
Eligible Inventory if it meets, and so long as it continues to meet, the following requirements: 
 (i) it is
owned by such Canadian Borrower, such Canadian Borrower has the right to subject it to a security interest in favor of Administrative Agent and it is subject to a first priority perfected security interest in favor of Administrative Agent and to no
other claim, lien, security interest or encumbrance whatsoever, other than Permitted Liens set forth under subsections (ii), (v), (vi), (vii), (ix), (x), (xi) and (xii) of such definition; 

(ii) it is located on one of the premises listed on Schedule 11.2 (or other locations of which
Administrative Agent has been advised in writing pursuant to Section 12.2.1 hereof), such locations are within the United States or Canada and is not in transit; 

(iii) if held for sale or lease or furnishing under contracts of service, it is free from defects which would,
in Administrative Agent’s commercially reasonable determination determined in good faith, affect its market value; 

(iv) it is not stored with a bailee, consignee, warehouseman, processor or similar party unless Administrative
Agent has given its prior written approval and such Canadian Borrower has caused any such bailee, consignee, warehouseman, processor or similar party to issue and deliver to Administrative Agent, in form and substance reasonably acceptable to
Administrative Agent, such UCC or PPSA financing statements, warehouse receipts, waivers and other documents as Administrative Agent shall require; 

  
 12 

 (v) it complies in all material respects with all standards
imposed by any applicable governmental entity having authority over the disposition, manufacture or use of that Inventory; 

(vi) Administrative Agent has not determined in good faith, on a commercially reasonable basis, in accordance
with Administrative Agent’s customary business practices, that it is unacceptable due to age, type, category or quantity; and 

(vii) it is not Inventory (A) with respect to which any of the representations and warranties contained in
this Agreement are untrue in any material respect; or (B) which violates any of the covenants of Canadian Borrowers contained in this Agreement. 

Eligible Chassis Inventory means all US Inventory of a US Borrower consisting of chassis which satisfy all of the
requirements of Eligible US Inventory (including the requirement that all such chassis are fully paid for and all titles related thereto that are in the possession of the US Borrower); provided however that Eligible Chassis Inventory shall not
exceed $1,000,000 at any time. Borrowers covenant and agree to deliver all chassis titles to the Administrative Agent promptly on demand and take all steps required by the Administrative Agent to perfect the Administrative Agent’s lien thereon
upon request by Administrative Agent. 
 Eligible US Account shall mean an Account owing to a US Borrower which is
acceptable to Administrative Agent in its Permitted Discretion determined in good faith for lending purposes. Without limiting Administrative Agent’s discretion, Administrative Agent shall, in general, consider an Account to be an Eligible
Account if it meets, and so long as it continues to meet, the following requirements: 
 (i) it is genuine
and in all respects what it purports to be; 
 (ii) it is owned by such US Borrower, such US Borrower has the
right to subject it to a security interest in favor of Administrative Agent or assign it to Administrative Agent and it is subject to a first priority perfected security interest in favor of Administrative Agent and to no other claim, lien, security
interest or encumbrance whatsoever, other than Permitted Liens; 
 (iii) it arises from (A) the
performance of services by such US Borrower in the ordinary course of such Borrower’s business, and such services have been fully performed and acknowledged and accepted by the Account Debtor thereunder; or (B) the sale or lease of Goods
by such US Borrower in the ordinary course of such Borrower’s business, and (x) such Goods have been completed in accordance with the Account Debtor’s specifications (if any) and delivered to the Account Debtor, (y) such Account
Debtor has not refused to accept, returned or offered to return, any of the Goods which are the subject of such Account, and (z) such US Borrower has possession of, or such Borrower has delivered to Administrative Agent (at Administrative
Agent’s reasonable request) shipping and delivery receipts evidencing delivery of such Goods; 
 (iv) it
is evidenced by an invoice rendered to the Account Debtor thereunder, is due and payable within ninety (90) days after the date of the invoice and 

  
 13 

 
does not remain unpaid ninety (90) days past the invoice date thereof; provided, however, that if more than twenty-five percent (25%) of the aggregate dollar amount of invoices owing by
a particular Account Debtor remain unpaid ninety (90) days after the respective invoice dates thereof, then all Accounts owing by that Account Debtor shall be deemed ineligible; 

(v) it is a valid, legally enforceable and unconditional obligation of the Account Debtor thereunder, and it
shall not be an Eligible Account to the extent of any setoff, counterclaim, credit, allowance or adjustment by such Account Debtor, or if it is subject to any claim by such Account Debtor denying liability thereunder in whole or in part; 

(vi) it does not arise out of a contract or order which fails in any material respect to comply with the
requirements of applicable law; 
 (vii) it is not an Account arising as a result of any retention maintained
by an Account Debtor to assure completion of a particular project; 
 (viii) it is not a billing in excess of
cost or a billing for Goods fabricated and not shipped and/or accepted by the Account Debtor; 
 (ix) the
Account Debtor thereunder is not a director, officer, employee or agent of a Loan Party, Parent or Affiliate of a Loan Party. 

(x) other than with respect to Accounts owing by a Permitted Governmental Authority, it is not an Account with
respect to which the Account Debtor is the United States of America or any state or local government, or any department, agency or instrumentality thereof, unless such Borrower assigns its right to payment of such Account to Administrative Agent
pursuant to, and in full compliance with, the Assignment of Claims Act of 1940, as amended, or any comparable state or local law, as applicable; provided, however, that the Administrative Agent reserves the right to require assignment of all such
rights to payment with respect to such Accounts payable by a Permitted Governmental Authority in compliance with such laws or regulations in the future; 

(xi) it is not an Account with respect to which the Account Debtor is located in a state which requires such US
Borrower, as a precondition to commencing or maintaining an action in the courts of that state, either to (A) receive a certificate of authority to do business and be in good standing in such state; or (B) file a notice of business
activities report or similar report with such state’s taxing authority, unless (x) such US Borrower has taken one of the actions described in clauses (A) or (B); (y) the failure to take one of the actions described in either
clause (A) or (B) may be cured retroactively by such Borrower at its election; or (z) such Borrower has proven, to Administrative Agent’s satisfaction, that it is exempt from any such requirements under any such state’s
laws; 
 (xii) the Account Debtor is located within the United States of America or Canada unless the Account
is supported by a letter of credit, banker’s acceptance, trade credit insurance or other credit support terms satisfactory to Administrative Agent in its sole discretion; 

  
 14 

 (xiii) it is not an Account with respect to which the Account
Debtor’s obligation to pay is subject to any repurchase obligation or return right, as with sales made on a bill and hold, guaranteed sale, sale on approval, sale or return or consignment basis; 

(xiv) it is not an Account (A) with respect to which any representation or warranty contained in this
Agreement is untrue; or (B) which violates any of the covenants of US Borrowers contained in this Agreement; 

(xv) it is not an Account which, when added to a particular Account Debtor’s other indebtedness to US
Borrowers, exceeds twenty-five percent (25%) of all Accounts of US Borrowers or a credit limit determined by Administrative Agent in its Permitted Discretion determined in good faith for that Account Debtor (except that Accounts excluded from
Eligible Accounts solely by reason of this clause (xiii) shall be Eligible Accounts to the extent of such credit limit), provided that Administrative Agent shall give US Borrowers written notice of any such credit limit; and 

(xvi) it is not an Account with respect to which the prospect of payment or performance by the Account Debtor
is or will be impaired, as determined by Administrative Agent in its Permitted Discretion determined in good faith. 

Eligible US Inventory shall mean Inventory of a US Borrower which is acceptable to Administrative Agent in its
Permitted Discretion determined in good faith for lending purposes. Without limiting Administrative Agent’s discretion, Administrative Agent shall, in general, consider raw materials to be Eligible Inventory if it meets, and so long as it
continues to meet, the following requirements: 
 (i) it is owned by such US Borrower, such US Borrower has
the right to subject it to a security interest in favor of Administrative Agent and it is subject to a first priority perfected security interest in favor of Administrative Agent and to no other claim, lien, security interest or encumbrance
whatsoever, other than Permitted Liens; 
 (ii) it is located on one of the premises listed on
Schedule 11.2 (or other locations of which Administrative Agent has been advised in writing pursuant to Section 12.2.1 hereof), such locations are within the United States or Canada and is not in transit; 

(iii) if held for sale or lease or furnishing under contracts of service, it is free from defects which would,
in Administrative Agent’s commercially reasonable determination determined in good faith, affect its market value; 

(iv) it is not stored with a bailee, consignee, warehouseman, processor or similar party unless Administrative
Agent has given its prior written approval and such US Borrower has caused any such bailee, consignee, warehouseman, processor or similar party to issue and deliver to Administrative Agent, in form and substance acceptable to Administrative Agent,
such UCC or PPSA financing statements, warehouse receipts, waivers and other documents as Administrative Agent shall require; 

  
 15 

 (v) it is produced in compliance with the Fair Labor Standards
Act and is not subject to the “hot goods” provisions contained in 29 USC 215(a)(i), and otherwise complies in all material respects with all standards imposed by any applicable governmental entity having authority over the
disposition, manufacture or use of that Inventory; 
 (vi) Administrative Agent has not determined in good
faith, in accordance with Administrative Agent’s customary business practices, that it is unacceptable due to age, type, category or quantity; and 

(vii) it is not Inventory (A) with respect to which any of the representations and warranties contained in
this Agreement are untrue in any material respect; or (B) which violates any of the covenants of US Borrowers contained in this Agreement. 

Environmental Laws shall mean all federal, provincial, state, district, local and foreign laws, rules, regulations,
ordinances, and consent decrees relating to health, safety, hazardous substances, pollution and environmental matters, as now or at any time hereafter in effect, applicable to a Borrower’s business or facilities owned or operated by a Borrower,
including laws relating to emissions, discharges, releases or threatened releases of pollutants, contamination, chemicals, or hazardous, toxic or dangerous substances, materials or wastes into the environment (including, without limitation, ambient
air, surface water, ground water, land surface or subsurface strata) or otherwise relating to the generation, manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials. 

Equipment shall have the meaning ascribed to such term in the UCC and the PPSA, as the case may be. 

ERISA shall mean the Employee Retirement Income Security Act of 1974, as amended, modified or restated from time to
time. 
 Event of Default shall have the meaning set forth in Section 15 hereof. 

Excess Availability shall mean, as of any date of determination by Administrative Agent, the lesser of (i) the
Total Revolving Loan Commitment less the sum of the outstanding Revolving Loans and Letter of Credit Obligations and (ii) the Total Revolving Loan Availability less the sum of the outstanding Revolving Loans and Letter of Credit Obligations, in
each case as of the close of business on such date and assuming, for purposes of calculation, that all accounts payable which remain unpaid more than forty-five (45) days after the due dates thereof as the close of business on such date are
treated as additional Revolving Loans outstanding on such date. 
 Exchange Rate means the prevailing spot rate of
exchange of the Administrative Agent for the purpose of conversion of one currency to another, at or around 12:00 p.m. Chicago time on the date on which any such conversion of currency is to be made under this Agreement. 

  
 16 

 Excluded Deposit Accounts means (a) trust accounts, (b) payroll
accounts, (c) employee wage and benefit accounts, (d) health savings accounts and worker’s compensation accounts, (e) deposit accounts or securities accounts for the sole purpose of holding cash that serves solely as collateral
or security under any letter of credit or other obligation issued or incurred prior to the Closing Date in the ordinary course of business, and (f) deposit accounts and securities accounts with balances or assets which shall not at any time
exceed $100,000 in the aggregate for all such accounts at any one time. 
 Excluded Swap Obligation means, with
respect to any guarantor of a Swap Obligation, including the grant of a security interest to secure the guaranty of such Swap Obligation, any Swap Obligation if, and to the extent that, such Swap Obligation is or becomes illegal under the Commodity
Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such guarantor’s failure for any reason to constitute an “eligible
contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the guaranty or grant of such security interest becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under
a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Swap Obligation or security interest is or becomes illegal. 

Excluded Taxes shall mean (i) taxes based upon, or measured by, a Lender’s or the Administrative Agent’s
(or a branch of a Lender’s or Administrative Agent’s) overall net income, overall net receipts, or overall net profits (including franchise taxes imposed in lieu of such taxes), but only to the extent such taxes are imposed by a taxing
authority (a) in a jurisdiction in which such Lender or the Administrative Agent is organized, (b) in a jurisdiction which a Lenders or the Administrative Agent’s principal office is located, or (c) in a jurisdiction in which a
Lender’s or the Administrative Agent’s lending office (or branch) in respect of which payments under this Agreement are made is located, (ii) in the case of a Foreign Lender, any US federal withholding tax that is imposed on amounts
payable to or for the account of such Foreign Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect at the time such Foreign Lender acquires such interest in the Loan or Commitment (or designates a new
lending office), (iii) any US federal withholding taxes imposed under FATCA, (iv) any Other Connection Taxes, (v) withholding Taxes imposed on amounts payable to or for the account of Lender with respect to a Loan pursuant to a law in
effect on the date on which (a) Lender acquires an interest in the Loan or Commitment, or (b) such Lender changes its lending office, and (vi) any Canadian federal withholding Taxes imposed on the payment as a result of having been
made to a Lender or other recipient that, at the time of making such payment, (a) is a person with which a Borrower does not deal at arm’s length (for the purposes of the Income Tax Act (Canada)), or (b) is a “specified
shareholder” (as defined in subsection 18(5) of the Income Tax Act (Canada)) of a Borrower or does not deal at arm’s length (for the purposes of the Income Tax Act (Canada)) with such a “specified shareholder”. 

FATCA shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreement entered into pursuant to Section 1471(b) of the Code. 

  
 17 

 Federal Funds Rate shall mean for any day, a fluctuating interest rate
equal for each day during such period to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published for such day (or, if such day is not a
Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by
Administrative Agent from three Federal funds brokers of recognized standing selected by Administrative Agent. Administrative Agent’s determination of such rate shall be binding and conclusive absent manifest error. 

Fiscal Year shall mean each twelve (12) month accounting period of Borrowers, which ends on December 31 of
each year. 
 Fixed Charges shall mean for any period, without duplication, (i) all scheduled payments of
principal paid in cash during the applicable period with respect to all indebtedness of Borrowers, for borrowed money (excluding all principal payments made on indebtedness on the Closing Date), plus (ii) all scheduled payments of
principal paid in cash during the applicable period with respect to all Capital Lease obligations of Borrowers paid in cash, plus (iii) all scheduled payments of interest paid in cash during the applicable period with respect to all
indebtedness of Borrowers for borrowed money including Capital Lease obligations, plus (iv) all dividends or other distributions by Manitex to equityholders of Manitex during the applicable period, plus (v) payments during
the applicable period paid in cash in respect of income or franchise taxes of Borrowers. 
 Fixtures shall have the
meaning ascribed to such term in the UCC. 
 Foreign Lender shall mean any Lender that is organized under the laws of
a jurisdiction other than the jurisdiction where the Borrower is resident for tax purposes. Under this definition, the United States of America, each State thereof and the District of Columbia are considered to be one jurisdiction. 

Foreign Subsidiary means any Subsidiary of a Loan Party that is not organized under the laws of a jurisdiction within
the United States. 
 FRB shall mean the Board of Governors of the Federal Reserve System or any successor thereto.

 GAAP shall mean generally accepted accounting principles set forth from time to time in the opinions and
pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and
authority within the U.S. accounting profession) and the Securities and Exchange Commission, which are applicable to the circumstances as of the date of determination. 

General Intangibles shall have the meaning ascribed to such term in the UCC. 

Goods shall have the meaning ascribed to such term in the UCC and the PPSA, as the case may be. 

  
 18 

 Governmental Obligations shall mean noncallable direct general obligations
of the United States of America, Canada or obligations the payment of principal of and interest on which is unconditionally guaranteed by the United States of America or Canada. 

Group shall have the meaning set forth in Section 2.4.1. 

Hazardous Materials shall mean any hazardous, toxic or dangerous substance, materials and wastes, including, without
limitation, hydrocarbons (including naturally occurring or man-made petroleum and hydrocarbons), flammable explosives, asbestos, urea formaldehyde insulation, radioactive materials, biological substances, polychlorinated biphenyls, pesticides,
herbicides and any other kind and/or type of pollutants or contaminants (including, without limitation, materials which include hazardous constituents), sewage, sludge, industrial slag, solvents and/or any other similar substances, materials, or
wastes and including any other substances, materials or wastes that are or become regulated under any Environmental Law (including, without limitation any that are or become classified as hazardous or toxic under any Environmental Law). 

Hedging Agreement shall mean any agreement with respect to any swap, collar, cap, future, forward or derivative
transaction, whether exchange traded, over the counter or otherwise, including any involving, or settled by reference to, one or more interest rates, currencies, commodities, equity or debt instruments, any economic, financial or pricing index or
basis, or any similar transaction, including any option with respect to any of these transactions and any combinations of these transactions. 

Hedging Obligation shall mean, with respect to any Person, any liability of such Person under any Hedging Agreement,
including any and all cancellations, buy backs, reversals, terminations or assignments under any Hedging Agreement. 

Indemnified Liabilities shall have the meaning set forth in Section 19.4 hereof. 

Instruments shall have the meaning ascribed to such term in the UCC and the PPSA, as the case may be. 

Intangibles shall the meaning ascribed to such term in the PPSA. 

Interest Expense means for any period the consolidated interest expense of Loan Parties for such period (including all
imputed interest on Capital Leases). 
 Interest Period shall mean, as to any LIBOR Loan, the period commencing on
the date such Loan is borrowed or continued as, or converted into, a LIBOR Loan and ending on the date one, two or three thereafter as selected by a Borrower pursuant to Section 2.4.2 or 2.4.3, as the case may be; provided that:

 (a) if any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be
extended to the following Business Day unless the result of such extension would be to carry such Interest Period into another calendar month, in which event such Interest Period shall end on the preceding Business Day; 

  
 19 

 (b) any Interest Period that begins on a day for which there is no numerically
corresponding day in the calendar month at the end of such Interest Period shall end on the last Business Day of the calendar month at the end of such Interest Period; 

(c) No Borrower may select any Interest Period for a Revolving Loan which would extend beyond the scheduled Maturity Date; and

 (d) No Borrower may select any Interest Period for the Term Loan if, after giving effect to such selection, the aggregate
principal amount the Term Loan having an Interest Period ending after any date on which an installment of the Term Loan is scheduled to be repaid would exceed the aggregate principal amount of the Term Loan scheduled to be outstanding after giving
effect to such repayment. 
 Inventory shall have the meaning ascribed to such term in the UCC. 

Investment means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means
of (a) the purchase or other acquisition of any of the Capital Securities of another Person, (b) a loan, advance or capital contribution to, guarantee or assumption of debt of, or purchase or other acquisition of any other debt or equity
participation or interest in, another Person, or (c) an Acquisition. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value
of such Investment. 
 Investment Property shall have the meaning ascribed to such term in the UCC and the PPSA, as
the case may be. 
 Investor shall mean collectively, MI Convert Holdings LLC, a Delaware limited liability company,
and Invemed Associates LLC, a New York limited liability company. 
 Investor Note Purchase Agreement shall mean the
Note Purchase Agreement dated as of January 7, 2015, by and between Manitex International and Investor. 
 Investor
Subordinated Note means that certain unsecured subordinated convertible note dated as of January 7, 2015 in the maximum aggregate amount of $15,000,000 payable by Manitex International to the Investor. 

Investor Subordination Agreement means that certain Subordination Agreement of even date herewith between
Administrative Agent and Investor, as amended, modified or restated from time to time. 
 L/C Application shall mean
with respect to any request for the issuance of a Letter of Credit, a letter of credit application in the form being used by the L/C Issuer at the time of such request for the type of Letter of Credit requested. 

L/C Issuer shall mean PrivateBank in its capacity as the issuer of Letters of Credit hereunder, any Affiliate of
PrivateBank that may issue Letters of Credit hereunder, or any other financial institution that Administrative Agent may cause to issue Letters of Credit hereunder, and each of their successors and assigns. 

  
 20 

 Lender shall have the meaning set forth in the preamble of this Agreement.
References to the “Lenders” shall include the L/C Issuer(s); for purposes of clarification only, to the extent that PrivateBank (or any successor L/C Issuer) may have any rights or obligations in addition to those of the other
Lenders due to its status as L/C Issuer, its status as such will be specifically referenced. In addition to the foregoing, for the purpose of identifying the Persons entitled to share in the Collateral and the proceeds thereof under, and in
accordance with the provisions of, this Agreement and the Collateral Documents, the term “Lender” shall include Affiliates of a Lender providing a Bank Product. 

Lender Party shall have the meaning set forth in Section 19.4 hereof. 

Letter of Credit shall mean any Letter of Credit issued on behalf of a US Borrower in accordance with this Agreement.

 Letter of Credit Obligations shall mean, as of any date of determination, the sum of (i) the aggregate
undrawn face amount of all Letters of Credit issued on behalf of any US Borrower, and (ii) the aggregate unreimbursed amount of all drawn Letters of Credit issued on behalf of any US Borrower not already converted to Loans hereunder. 

Letter-of-Credit Right shall have the meaning ascribed to such term in the UCC. 

LIBOR Loans shall mean the Loans bearing interest with reference to the LIBOR Rate. 

LIBOR Office shall mean with respect to any Lender the office or offices of such Lender which shall be making or
maintaining the LIBOR Loans of such Lender hereunder. A LIBOR Office of a Lender may be, at the option of such Lender, either a domestic or foreign office. 

LIBOR Rate shall mean a rate of interest equal to (i) the per annum rate of interest published by ICE Benchmark
Administration Limited (or its successor) at which United States dollar deposits for a period equal to the relevant Interest Period are offered in the London Interbank Eurodollar market at 11:00 A.M. (London time) two (2) Business Days
prior to the commencement of such Interest Period (or three (3) Business Days prior to the commencement of such Interest Period if banks in London, England were not open and dealing in offshore United States dollars on such second preceding
Business Day), as displayed in the Bloomberg Financial Markets system (or other authoritative source selected by Administrative Agent in its sole discretion), divided by (ii) a number determined by subtracting from 1.00 the then stated
maximum reserve percentage for determining reserves to be maintained by member banks of the Federal Reserve System for Eurocurrency funding or liabilities as defined in Regulation D (or any successor category of liabilities under Regulation D),
or as LIBOR is otherwise determined by Administrative Agent in its sole and absolute discretion. Administrative Agent’s determination of the LIBOR Rate shall be conclusive, absent manifest error and shall remain fixed during such Interest
Period. If at any time the LIBOR Rate is less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

Lift Ventures shall mean Lift Ventures LLC, a Delaware limited liability company. 

Loan Documents shall mean all agreements, instruments and documents, including, without limitation, guaranties,
mortgages, trust deeds, pledges, powers of attorney, consents, 

  
 21 

 
assignments, contracts, notices, security agreements, leases, financing statements, Hedging Agreements, Bank Product Agreements and all other writings heretofore, now or from time to time
hereafter executed by or on behalf of a Borrower or any other Person and delivered to Administrative Agent or any Lender or to any parent, Affiliate or Subsidiary of Administrative Agent or any Lender in connection with the Obligations or the
transactions contemplated hereby, as each of the same may be amended, modified or supplemented from time to time. 
 Loan
Party shall mean each Borrower, and each other person who is or shall become primarily or secondarily liable for any of the Obligations. 

Loans shall mean all loans and advances made by Administrative Agent and Lenders to or on behalf of Borrowers
hereunder. 
 Lockbox and Lockbox Account shall have the meanings set forth Section 8.1 hereof. 

Master Letter of Credit Agreement shall mean, at any time, with respect to the issuance of Letters of Credit, a master
letter of credit agreement or reimbursement agreement in the form being used by the L/C Issuer at such time. 
 Material
Adverse Effect shall mean (i) a material adverse change in, or a material adverse effect on the business, property, assets, or operations of the Loan Parties taken as a whole, (ii) a material impairment of the ability of any Loan
Parties taken as a whole to perform any of obligations under this Agreement and the other Loan Documents in any material respect, (iii) a material adverse effect upon a material portion of the Collateral, or (iv) a material impairment of
(a) the enforceability or priority of Administrative Agent’s liens upon a material portion of the Collateral or (b) the legality, validity, binding effect or enforceability of this Agreement and the other Loan Documents, in each case
as determined by Administrative Agent in its Permitted Discretion, determined in good faith; provided, however, that none of the following shall constitute, or shall be considered in determining whether there has occurred, and no event,
circumstance, change or effect resulting from or arising out of any of the following shall constitute, a Material Adverse Effect: (A) the failure, in and of itself, of the Company to meet any published or internally prepared estimates of
revenues, earnings or other financial projections, performance measures or operating statistics; and (B) a decline in the price, or a change in the trading volume, of Manitex International’s common stock on any national stock exchange.

 Maturity Date shall mean July 20, 2019. 

Maximum Aggregate Loan Amount shall mean Forty-Five Million and No/100 Dollars ($45,000,000). 

Money shall have the meaning ascribed to such term in the PPSA. 

Mortgages shall mean the mortgages, deeds of trust or analogous documents heretofore or hereafter executed by a Loan
Party in favor of Administrative Agent, for its benefit and the benefit of Lenders, by which such Loan Party has granted to Administrative Agent, as security for the Liabilities, a lien upon the real property of such Loan Party together with all
mortgages, deeds of trust and comparable documents now or at any time hereafter securing the whole or any part of the Obligations. 

  
 22 

 Non-Consenting Lender shall have the meaning set forth in
Section 20.1 hereof. 
 Non-U.S. Participant shall have the meaning set forth in
Section 4.4(d) hereof. 
 Note shall have the meaning set forth in Section 2.6 hereof. 

Notice of Borrowing shall have the meaning set forth in Section 2.4.2 hereof. 

Notice of Conversion/Continuation shall have the meaning set forth in Section 2.4.3 hereof. 

Obligations shall mean, collectively, all US Obligations and all Canadian Obligations. 

OFAC shall have the meaning set forth in Section 12.11 hereof. 

Other Connection Taxes shall mean, with respect to any Lender or any other recipient of any payment to be made by or on
account of any obligation of any Borrower hereunder or under any other Loan Document, Taxes imposed as a result of a present or former connection between such Lender or recipient and the jurisdiction imposing such Taxes (other than a connection
arising from such Lender or recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to, or
enforced, any Loan Document, or sold or assigned an interest in any Loan, Letter of Credit or any Loan Document). 

Overadvance shall have the meaning set forth in Section 2.1.2 hereof. 

Parent shall mean any Person now or at any time or times hereafter owning or controlling (alone or with any other
Person) at least a majority of the issued and outstanding equity of a Borrower and, if a Borrower is a partnership, the general partner of such Borrower. 

Participant shall have the meaning set forth in Section 19.1.2 hereof. 

PBGC shall have the meaning set forth in Section 12.2.5 hereof. 

Permitted Discretion means a determination made in good faith and in the exercise of reasonable (from the perspective
of a secured asset-based lender) business judgment. 
 Permitted Governmental Authority shall mean any of:
(i) the United Nations, (ii) the North Atlantic Treaty Organization, (iii) the Canadian Department of National Defence, (iv) the Province of Ontario, Canada, (v) the Canadian Commercial Corporation, (vi) any branch of
the United States military, or (vii) the United State Defense Logistics Agency. 
 Permitted Guarantee
Obligations shall mean 
 (i) any guarantees in favor of the Administrative Agent or any Lender, 

  
 23 

 (ii) the unsecured guaranties from Manitex International in support of the
indebtedness of CVS Ferrari S.R.L. to foreign banks, including but not limited to such guaranties existing on September 30, 2014, provided that such guarantee obligation shall not to exceed the lesser of $9,000,000 or the amount of such foreign
indebtedness of CVS Ferrari S.R.L., and 
 (iii) the performance guaranty provided by Manitex International in support of
LiftKing Canada’s military contract. 
 Permitted Investments shall mean with respect to any Person: 

(i) Governmental Obligations; 

(ii) Obligations of a state or commonwealth of the United States or the obligations of the District of Columbia or any
possession of the United States, or any political subdivision of any of the foregoing, which are described in Section 103(a) of the Internal Revenue Code and are graded in any of the highest three (3) major grades as determined by at least
one Rating Agency; or secured, as to payments of principal and interest, by a letter of credit provided by a financial institution or insurance provided by a bond insurance company which in each case is itself or its debt is rated in one of the
highest three (3) major grades as determined by at least one Rating Agency; 
 (iii) Investments in obligations issued
by the Government of Canada, or an instrumentality or agency of Canada, maturing within 365 days of the date of acquisition of such obligation, and guaranteed fully as to principal, premium, if any, and interest by the Government of Canada; 

(iv) Investments in certificates of deposits issued or acceptances accepted by or guaranteed by any bank to which the Bank Act
(Canada) applies or by any company licensed to carry on the business of a trust company in one or more provinces of Canada or by the bank or trust company organized under the laws of the United States or any state thereof or the District of Columbia
whose deposits are insured by the Federal Deposit Insurance Corporation and whose reported capital and surplus equal at least $250,000,000 or the Equivalent Amount in Canadian Dollars with respect to such Investments in Canada, provided that such
minimum capital and surplus requirement shall not apply to demand deposit accounts maintained by any Credit Party in the ordinary course of business, maturing within 365 days of the date of purchase; 

(v) Commercial paper rated at the time of purchase within the two highest classifications established by not less than two
Rating Agencies in Canada or the United States, as applicable, and which matures within 270 days after the date of issue; 

(vi) Secured repurchase agreements against obligations itemized in paragraph (a) above, and executed by a bank or trust
company or by members of the association of primary dealers or other recognized dealers in United States government securities, or Canadian government securities, the market value of which must be maintained at levels at least equal to the amounts
advanced; and 
 (vii) Any fund or other pooling arrangement which exclusively purchases and holds the investments itemized
in (i) through (vi) above. 

  
 24 

 Permitted Liens shall mean (i) statutory liens of landlords,
carriers, warehousemen, processors, mechanics, materialmen or suppliers incurred in the ordinary course of business and securing amounts not yet due or declared to be due by the claimant thereunder or amounts which are being contested in good faith
and by appropriate proceedings and for which the applicable Borrower has maintained adequate reserves; (ii) liens or security interests in favor of Administrative Agent; (iii) liens for Taxes, assessments and governmental charges not yet
due and payable or which are being contested in good faith and by appropriate proceedings and the applicable Borrower is in compliance with clauses (i) and (iii) of Section 12.8 hereof; (iv) zoning restrictions and
easements, licenses, covenants and other restrictions affecting the use of real property that do not individually or in the aggregate have a material adverse effect on the applicable Borrower’s ability to use such real property for its intended
purpose in connection with such Borrower’s business; (v) liens in connection with purchase money indebtedness and capitalized leases otherwise permitted pursuant to this Agreement, provided, that such liens attach only to the assets the
purchase of which was financed by such purchase money indebtedness or which are the subject of such capitalized leases; (vi) liens set forth on Schedule 1; (vii) liens specifically permitted by Required Lenders in writing;
(viii) involuntary liens securing amounts less than $1,000,000 and which are released or for which a bond acceptable to Administrative Agent in its Permitted Discretion, determined in good faith, has been posted within twenty (20) days of
its creation; (ix) normal and customary rights of setoff upon deposits of cash in favor of banks or other depository institutions holding such deposits; (x) pledges or deposits in the ordinary course of business in connection with
workers’ compensation, unemployment insurance and other social security legislation, other than any Lien imposed by ERISA, (xi) Rental Fleet Debt Liens; and (xii) liens incurred in the ordinary course of business to secure the
performance of statutory obligations arising in connection with progress payments or advance payments due under contracts with the United States government or any agency thereof entered into in the ordinary course of business. 

Person shall mean any individual, sole proprietorship, partnership, joint venture, trust, unincorporated organization,
association, corporation, limited liability company, institution, entity, party or foreign or United States or Canadian government (whether federal, provincial, state, county, city, municipal or otherwise), including, without limitation, any
instrumentality, division, agency, body or department thereof. 
 Plan shall have the meaning set forth in
Section 12.2.5 hereof. 
 PPSA means the Personal Property Security Act (Ontario), as such
legislation may be amended or replaced from time to time. 
 Pre-Settlement Determination Date shall have the meaning
set forth in Section 2.9 hereof. 
 Prime Rate shall mean, for any day, the rate of interest in effect
for such day as publicly announced from time to time by Administrative Agent as its prime rate (whether or not such rate is actually charged by Administrative Agent), which is not intended to be Administrative Agent’s lowest or most favorable
rate of interest at any one time. Any change in the Prime Rate announced by Administrative Agent shall take effect at the opening of business on the day specified in the public announcement of such change; provided that Administrative Agent shall
not be obligated to give notice of any change in the Prime Rate. 

  
 25 

 PrivateBank shall have the meaning set forth in the preamble hereof. 

Pro Rata Share shall mean: 

(a) with respect to a Lender’s obligation to make Revolving Loans, participate in Letters of Credit, reimburse the L/C
Issuer(s), and receive payments of principal, interest, fees, costs, and expenses with respect thereto, (x) prior to the Total Revolving Loan Commitment being terminated or reduced to zero, the percentage obtained by dividing (i) such
Lender’s Revolving Loan Commitment, by (ii) the Total Revolving Loan Commitment and (y) from and after the time the Total Revolving Loan Commitment has been terminated or reduced to zero, the percentage obtained by dividing
(i) the aggregate unpaid principal amount of such Lender’s Revolving Loans (after settlement and repayment of all Swing Line Loans and Agent Advances by the Lenders) by (ii) the aggregate unpaid principal amount of all Revolving
Loans; 
 (b) with respect to all other matters as to a particular Lender, the percentage obtained by dividing (i) such
Lender’s Revolving Loan Commitment by (ii) the Total Revolving Loan Commitment of all Lenders; provided that in the event the Commitments have been terminated or reduced to zero, Pro Rata Share shall be the percentage obtained by dividing
(A) the principal amount of such Lender’s Revolving Loans (after settlement and repayment of all Swing Line Loans and Agent Advances by the Lenders), by (B) the principal amount of all outstanding Revolving Loans. 

Proceeds shall have the meaning ascribed to such term in the UCC and the PPSA, as the case may be. 

Receiver shall have the meaning set forth in Section 16.2 hereof. 

Register shall have the meaning set forth in Section 19.2 hereof. 

Regulation D shall mean Regulation D of the FRB. 

Regulation U shall mean Regulation U of the FRB. 

Rental Fleet Debt shall mean the indebtedness or Capital Lease obligations of a Borrower pursuant to a lease or
purchase agreement to incurred finance the acquisition of equipment or vehicle chassis, whether pursuant to a loan or a Capital Lease, provided that both at the time of and immediately after giving effect to the incurrence thereof (i) no
Default or Event of Default shall have occurred and be continuing, (ii) the aggregate amount of all such Rental Fleet Debt at any one time outstanding in respect of equipment shall not exceed $4,000,000, or the equivalent amount in Canadian
Dollars, and (iii) any renewals or refinancings of such Debt shall be on terms substantially the same or better than those in effect at the time of the original incurrence of such indebtedness. 

Rental Fleet Debt Liens shall mean liens securing Rental Fleet Debt; provided that (i) any such lien is created
solely for the purpose of securing indebtedness representing or incurred to finance the cost of the acquisition of the item of property subject thereto, (ii) the principal amount of the indebtedness secured by any such lien shall at no time
exceed 100% of the sum of the purchase price or cost of the applicable property, equipment or improvements and the related 

  
 26 

 
costs and charges imposed by the vendors thereof, and (iii) the lien does not cover any property other than the equipment or vehicle chassis acquired; for the avoidance of doubt, notice
filings made by lessors with respect to operating lease obligations with respect to a lease of equipment or vehicle chassis shall be specifically permitted. 

Representative shall mean Manitex International. 

Required Lenders shall mean, at any time, (i) if there are less than three (3) Lenders, all Lenders and
(ii) at all other times, Lenders whose Pro Rata Shares in the aggregate exceed 66 2⁄3% as determined pursuant to clause (ii) of the definition of Pro
Rata Shares provided, that the Pro Rata Shares held or deemed held by any Defaulting Lender shall be excluded for purposes of making a determination of Required Lender. 

Reportable Event means a reportable event as defined in Section 4043 of ERISA and the regulations issued
thereunder as to which the PBGC has not waived the notification requirement of Section 4043(a), or the failure of a Plan to meet the minimum funding standards of Section 412 of the Code (without regard to whether the Plan is a plan
described in Section 4021(a)(2) of ERISA) or under Section 302 of ERISA. 
 Revolving Loan Commitment of
any Lender shall mean the amount set forth next to such Lender’s name on Annex 1, except as such amount may, during the existence of an Event of Default, be decreased by the Required Lenders in their sole discretion. 

Revolving Loans shall have the meaning set forth in Section 2.1 hereof. 

Securities shall have the meaning ascribed to such term in the PPSA. 

Securities Entitlement shall have the meaning ascribed to such term in the PPSA. 

Senior Leverage Ratio shall have the meaning set forth in Section 14.2 hereof. 

Settlement Date shall have the meaning set forth in Section 2.9 hereof. 

Subordinated Debt means (i) the Investor Subordinated Note, (ii) Terex Subordinated Note and (iii) any
unsecured debt of the Borrowers that has subordination terms, covenants, pricing and other terms that have been approved in writing by the Required Lenders in their sole discretion. 

Subordinated Debt Documents means (i) the Investor Subordination Agreement, (ii) the Terex Subordination
Agreement, and (iii) all other documents and instruments relating to the Subordinated Debt and all amendments and modifications thereof approved by Administrative Agent in its sole discretion. 

Subsidiary shall mean, with respect to any Person, a corporation of which such Person owns, directly or indirectly,
more than fifty percent (50%) of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether at the time stock of any other class of such corporation
shall have or might have voting power by reason of the happening of any contingency) and any partnership, 

  
 27 

 
joint venture or limited liability company of which more than fifty percent (50%) of the outstanding equity interests are at the time, directly or indirectly, owned by such Person or any
partnership of which such Person is a general partner. Unless the context otherwise requires, each reference to Subsidiaries herein shall be a reference to Subsidiaries of Borrowers. Notwithstanding the foregoing, ASV and Lift Ventures shall not be
deemed to be Subsidiaries for purposes of this Agreement. 
 Supporting Obligations shall have the meaning set forth
in the UCC. 
 Swap Obligation means any Hedging Obligation that constitutes a “swap” within the meaning of
section 1a(47) of the Commodity Exchange Act, as amended from time to time. 
 Swing Line Lender means PrivateBank.

 Swing Line Loan means, collectively, all US Swing Line Loans. 

Tangible Chattel Paper shall have the meaning ascribed to such term in the UCC. 

Taxes shall mean any and all present and future taxes, duties, levies, imposts, deductions, assessments, charges or
withholdings and any and all liabilities (including interest and penalties and other additions to taxes) with respect to the foregoing, but excluding the Excluded Taxes. 

Terex shall mean Terex Corporation, a Delaware corporation. 

Terex Subordinated Note shall mean that certain unsecured subordinated convertible promissory note dated as of
December 19, 2014 in the maximum amount of $7,500,000, the proceeds of which were utilized to finance a portion of the purchase by Manitex International of 51% of the Capital Securities in ASV from Terex. 

Terex Subordination Agreement means that certain Subordination Agreement of even date herewith between Administrative
Agent and Terex, as amended, modified or restated from time to time. 
 Termination Event means, with respect to a
Plan that is subject to Title IV of ERISA, (a) a Reportable Event, (b) the withdrawal of a Borrower or any other member of the Controlled Group from such Plan during a plan year in which a Borrower or any other member of the Controlled
Group was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or was deemed such under Section 4068(f) of ERISA, (c) the termination of such Plan, the filing of a notice of intent to terminate the Plan or the
treatment of an amendment of such Plan as a termination under Section 4041 of ERISA, (d) the institution by the PBGC of proceedings to terminate such Pension Plan or (e) any event or condition that might constitute grounds under
Section 4042 of ERISA for the termination of, or appointment of a trustee to administer, such Plan. 
 Total Plan
Liability means, at any time, the present value of all vested and unvested accrued benefits under all Plans, determined as of the then most recent valuation date for each Plan, using PBGC actuarial assumptions for single employer plan
terminations. 

  
 28 

 Total Revolving Loan Availability shall mean an amount up to the lesser of
(A) the sum of (i) the Canadian Revolving Loan Availability plus (ii) the US Revolving Loan Availability or (B) Forty-Five Million Dollars in the aggregate for all Borrowers, whichever is less. 

Total Revolving Loan Commitment shall mean an amount equal to Forty-Five Million and No/100 Dollars ($45,000,000.00).

 UCC shall mean the Uniform Commercial Code as in effect in the State of Illinois. 

Unfunded Liability shall mean the amount (if any) by which the present value of all vested and unvested accrued
benefits under all Plans exceeds the fair market value of all assets allocable to those benefits, all determined as of the then most recent valuation date for each Plan, using PBGC actuarial assumptions for single employer plan terminations. 

Unused Line Fee shall have the meaning set forth in Section 4.3.3 hereof. 

US Dollars or $ means lawful currency of the United States of America. 

US Obligations shall mean any and all obligations, liabilities and indebtedness of each US Loan Party to Administrative
Agent and each Lender or to any Affiliate of a Lender of any and every kind and nature pursuant to any Loan Document, howsoever created, arising or evidenced and howsoever owned, held or acquired, whether now or hereafter existing, whether now due
or to become due, whether primary, secondary, direct, indirect, absolute, contingent or otherwise (including, without limitation, obligations of performance and Bank Product Obligations), whether several, joint or joint and several; provided,
however, that the US Obligations shall not include Excluded Swap Obligations. 
 US Revolving Loan Availability shall
mean with respect to Borrowers an amount up to the lesser of the sum of the following sublimits: (i) up to eighty-five percent (85%) of the face amount (less maximum discounts, credits and allowances which may be taken by or granted to
Account Debtors in connection therewith in the ordinary course of Borrowers’ business) of US Borrowers’ Eligible US Accounts (it being understood and agreed that such advance rate shall be reduced by one (1) percentage point for each
whole or partial percentage point by which Dilution (as determined by Administrative Agent in good faith based on the results of the most recent twelve (12) month period for which Administrative Agent has conducted a field audit of Borrowers)
exceeds five percent (5%)), plus (ii) up to fifty percent (50%) of the lower of cost or market value of US Borrowers’ Eligible US Inventory and Eligible Chassis Inventory up to a maximum aggregate amount of Twenty-Five Million
Dollars ($25,000,000), plus (iii) up to eighty percent (80%) of the lower of cost or market value of US Borrowers’ Used Equipment Purchased for Resale or Rent up to a maximum aggregate amount of Two Million Dollars
($2,000,000), plus (iv) lesser of (x) eighty-five percent (85%) of Eligible Bill and Hold Receivables of the US Borrowers and (y) $10,000,000 minus the aggregate amount of Eligible Bill and Hold Receivables of the
Canadian Borrower, minus (v) such reserves as Administrative Agent elects, in its Permitted Discretion, determined in good faith, to establish from time to time, including, without limitation, reserves with respect to Bank Products
Obligations and Hedging Obligations. 
 US Revolving Loans shall have the meaning specified in
Section 2.1.1 hereof. 

  
 29 

 US Revolving Note shall have the meaning set forth in
Section 2.5 hereof. 
 US Swing Line Availability means the lesser of (a) the US Swing Line
Commitment Amount and (b) the amount by which the lesser of (x) US Revolving Loan Availability and (y) the total amount of the US Revolving Loan Commitment that exceeds the sum of the outstanding US Revolving Loans plus US
Letter of Credit Obligations. 
 US Swing Line Commitment Amount means $5,000,000, as reduced from time to time
pursuant to Section 6.1, which commitment constitutes a subfacility of the Revolving Commitment of the Swing Line Lender. 

US Swing Line Loan is defined in Section 2.2. 

USA Patriot Act shall have the meaning set forth in Section 19.3 hereof. 

Used Equipment Purchased for Resale or Rent shall mean all used equipment held by the Borrowers as inventory for the
purpose of reselling or renting which is acceptable to Administrative Agent in its Permitted Discretion. 
  

	SECTION 2	 LOANS. 

2.1 Revolving Loans. Subject to the terms and conditions of this Agreement and the other Loan Documents, prior to the
Maturity Date, each Lender shall, absent the occurrence and continuance of an Event of Default, make its Pro Rata Share of revolving loans and advances (the “Revolving Loans”) in an amount up to its Revolving Loan Commitment upon
request of the Representative; provided that the aggregate unpaid principal balance of the US Revolving Loans plus the amount of any US Swing Line Loans outstanding plus the amount of the Canadian Loans at such time shall not at any
time exceed the lesser of (i) the Total Revolving Loan Availability minus the Letter of Credit Obligations and (ii) the aggregate amount of the Revolving Loan Commitment minus the Letter of Credit Obligations (the
“Maximum Available Loan Amount”). Further, the outstanding aggregate amount of Canadian Loans shall not exceed the Canadian Revolving Loan Sublimit at any time. All US Revolving Loans and Canadian Revolving Loans shall be made in US
Dollars and shall be utilized solely for (i) operations of the Borrowers and (ii) for intercompany loans, including between US Borrowers and Canadian Borrowers. 

2.1.1 Repayments of Overadvances; Overadvances. 

(a) The aggregate unpaid principal balance of the US Revolving Loans plus the amount of US Swing Line Loans outstanding
at any such time shall not at any time exceed the lesser of (i) US Revolving Loan Availability minus the US Letter of Credit Obligations and (ii) the aggregate amount of the US Revolving Loan Commitment minus the US Letter of Credit
Obligations. 
 (b) The aggregate unpaid principal balance of the Canadian Revolving Loans outstanding at any such time
shall not at any time exceed the lesser of (i) Canadian Revolving Loan Availability minus the Canadian Letter of Credit Obligations and (ii) the Canadian Revolving Loan Sublimit. 

  
 30 

 If at any time the principal amount of the outstanding Revolving Loans for either
the US Revolving Loan Commitment or the Canadian Revolving Loan Sublimit exceeds either the US or Canadian Revolving Loan Availability, as applicable, or the total amount of such Revolving Loan Commitment, in each case, minus the applicable Letter
of Credit Obligations under such Revolving Loan Commitment, as applicable, or any portion of the Revolving Loans and Letter of Credit Obligations exceeds any applicable sublimit within the Revolving Loan Availability for such Revolving Loan
Commitment or sublimit, as applicable, Borrowers shall immediately, and without the necessity of demand by Administrative Agent, pay to Administrative Agent such amount as may be necessary to eliminate such excess and Administrative Agent shall
apply such payment to the applicable Revolving Loans outstanding under the applicable Revolving Loan Commitment or sublimit, as applicable, to eliminate such excess; provided that Administrative Agent may, in its sole discretion, permit such excess
(the “Overadvance”) to remain outstanding and continue to cause Revolving Loans to be advanced to Borrowers (including by the Swing Line Lender) without the consent of any Lender for a period of up to thirty (30) calendar days,
so long as (i) the amount of the Overadvances does not exceed at any time Five Million Dollars ($5,000,000) in the aggregate, (ii) the aggregate outstanding principal balance of the US Revolving Loans or Canadian Revolving Loans, as
applicable, does not exceed the total amount of the applicable Revolving Loan Commitment, and (iii) Administrative Agent has not been notified by Required Lenders to cease making such Revolving Loans. If any Overadvance is not repaid in full
within thirty (30) days after the initial occurrence of such Overadvance, no future advances may be made to Borrower without the consent of Required Lenders until the Overadvance is repaid in full. 

2.1.2 Agent Advances. Subject to the limitations set forth in this subsection, Administrative Agent is hereby
authorized by Borrowers and Lenders, from time to time in Administrative Agent’s sole discretion (and subject to the terms of this paragraph, the making of each Agent Advance shall be deemed to be a request by Borrowers and the Lenders to make
such Agent Advance), (i) after the occurrence of an Event of Default or an event which, with the passage of time or giving of notice, will become an Event of Default, or (ii) at any time that any of the other applicable conditions
precedent set forth in Section 17.2 hereof have not been satisfied (including without limitation the conditions precedent that the aggregate principal amount of all outstanding Revolving Loans and Letter of Credit Obligations under the
Revolving Loan Commitment do not exceed Total Revolving Loan Availability under the Revolving Loan Commitment), to make Revolving Loans to Borrowers on behalf of Lenders which Administrative Agent, in its Permitted Discretion, determined in good
faith deems necessary or desirable (A) to preserve or protect the business conducted by any Loan Party, the Collateral, or any portion thereof, (B) to enhance the likelihood of, or maximize the amount of, repayment of the Loans and other
Obligations, or (C) to pay any amount chargeable to any Borrower pursuant to the terms of this Agreement or the other Loan Documents (any of the advances described in this subsection being hereafter referred to as “Agent
Advances”); provided, that (x) the outstanding aggregate amount of Agent Advances does not exceed at any time Two Million Dollars ($2,000,000), (y) the aggregate outstanding principal balance of the Revolving Loans and Letter of
Credit Obligations under the Revolving Loan Commitment does not exceed the total aggregate amount of the Total Revolving Loan Commitment, and (z) Administrative Agent has not been notified by Required Lenders to cease making such Agent
Advances. For all purposes in this Agreement, Agent Advances shall be treated as Revolving Loans under the Revolving Loan Commitment specified by Administrative Agent and shall constitute Base Rate Loans. Agent Advances shall be repaid on demand by
Administrative Agent. 

  
 31 

 2.2 Reserved. 

2.3 Swing Line Facilities. 

(a) Administrative Agent shall notify the Swing Line Lender upon Administrative Agent’s receipt of any Notice of Borrowing
requesting a US Swing Line Loan. Subject to the terms and conditions hereof, the Swing Line Lender may, in its sole discretion, make available from time to time until the Maturity Date, advances under the US Revolving Loan Commitment (each, a
“US Swing Line Loan”) in accordance with any such notice, notwithstanding that after making a requested US Swing Line Loan, the sum of the Swing Line Lender’s Pro Rata Share of the US Revolving Loans, participation interests in
US Letters of Credit and all outstanding US Swing Line Loans, may exceed the Swing Line Lender’s Pro Rata Share of the Revolving Loan Commitment. The provisions of this Section 2.3.1 shall not relieve Lenders of their obligations to
make Revolving Loans under Section 2.1; provided that if the Swing Line Lender makes a US Swing Line Loan pursuant to any such notice, such US Swing Line Loan shall be in lieu of any US Revolving Loan that otherwise may be made by the
Lenders pursuant to such notice. The aggregate amount of US Swing Line Loans outstanding shall not exceed at any time US Swing Line Availability. Until the Maturity Date, Borrowers may from time to time borrow, repay and reborrow under this
Section 2.3. Each US Swing Line Loan shall be made pursuant to a Notice of Borrowing delivered by US Borrowers to Administrative Agent in accordance with this Section. Any such notice must be given no later than 11:00 A.M., Chicago
time, on the Business Day of the proposed US Swing Line Loan. Unless the Swing Line Lender has received at least one Business Day’s prior written notice from the Required Lenders instructing it not to make a US Swing Line Loan, the Swing Line
Lender shall, notwithstanding the failure of any condition precedent set forth in Section 17.2, be entitled to fund that US Swing Line Loan, and to have Lenders settle in accordance with Section 2.9(a) or purchase
participating interests in accordance with Section 2.9(b). Notwithstanding any other provision of this Agreement or the other Loan Documents, each US Swing Line Loan shall constitute a Base Rate Loan. US Borrowers shall repay the
aggregate outstanding principal amount of each US Swing Line Loan upon demand therefor by Administrative Agent. 
 (b) The
entire unpaid balance of each US Swing Line Loan and all other noncontingent Obligations shall be immediately due and payable in full in immediately available funds on the Maturity Date if not sooner paid in full. 

2.4 Loan Procedures. 

2.4.1 Various Types of Loans. Each Revolving Loan shall be either a Base Rate Loan or a LIBOR Loan (each a
“type” of Loan), as Borrowers shall specify in the related notice of borrowing or conversion pursuant to Section 2.4.2 or 2.4.3. LIBOR Loans having the same Interest Period which expire on the same day are
sometimes called a “Group” or collectively “Groups.” Base Rate Loans and LIBOR Loans may be outstanding at the same time, provided that not more than four (4) different Groups of LIBOR Loans shall be
outstanding at any one time. 

  
 32 

 2.4.2 Borrowing Procedures. 

(a) The Representative shall give written notice (each such written notice, a “Notice of Borrowing”)
substantially in the form of Exhibit B or telephonic notice (followed immediately by a Notice of Borrowing) to Administrative Agent of each proposed Base Rate or LIBOR borrowing not later than (a) in the case of a Base Rate
borrowing, 11:00 A.M., Chicago time, on the proposed date of such borrowing, and (b) in the case of a LIBOR borrowing, 11:00 A.M., Chicago time, at least three (3) Business Days prior to the proposed date of such borrowing. Each such
notice shall be effective upon receipt by Administrative Agent, shall be irrevocable, and shall specify the date, amount and type of borrowing, in the case of a LIBOR borrowing, the initial Interest Period therefor, whether such Revolving Loan will
be a Canadian Revolving Loan or a US Revolving Loan, and, for purposes of all Canadian Loans, whether the proceeds of such Canadian Revolving Loan will be funded to the Canadian Operating Account or to the Canadian Domestic Operating Account. Each
borrowing shall be on a Business Day. Each LIBOR borrowing shall be in an aggregate amount of at least $1,000,000 and an integral multiple of at least $500,000. 

(b) Borrowers hereby authorize Administrative Agent in its sole discretion, to advance: (i) US Revolving Loans as Base
Rate Loans to pay any Obligations (whether principal, interest, fees or other charges when due), and any such Obligations becoming due shall be deemed a request for a Base Rate borrowing of a US Revolving Loan on the due date, in the amount of such
Obligations; and (ii) Canadian Revolving Loans as Canadian Base Rate Loans to pay any Canadian Obligations whether principal, interest, fees or other charges when due), and any such Canadian Obligations becoming due shall be deemed a request
for a Base Rate borrowing of a Canadian Revolving Loan on the due date, in the amount of such Canadian Obligations. The proceeds of such US Revolving Loans shall be disbursed as direct payment of the relevant Obligation as determined by
Administrative Agent. The proceeds of such Canadian Revolving Loans shall be disbursed as direct payment of the relevant Canadian Obligation. In addition, Administrative Agent may, at its option, charge such Obligations against any operating,
investment or other account of any Borrower maintained with Administrative Agent or any of its Affiliates. 
 2.4.3
Conversion and Continuation Procedures. (a) Subject to Section 2.4.1, the Representative may, upon irrevocable written notice to Administrative Agent in accordance with clause (b) below: 

(i) elect, as of any Business Day, to convert any Loans (or any part thereof in an aggregate amount not less
than $1,000,000 and a higher integral multiple of $500,000) into Loans of the other type; or 
 (ii) elect,
as of the last day of the applicable Interest Period, to continue any LIBOR Loans having Interest Periods expiring on such day (or any part thereof in an aggregate amount not less than $1,000,000 or a higher integral multiple of $500,000) for a new
Interest Period; 
 provided that after giving effect to any prepayment, conversion or continuation, the aggregate principal amount
of each Group of LIBOR Loans under the applicable Revolving Loan Commitment under which such LIBOR Loan was advanced shall be at least $1,000,000 and an integral multiple of $500,000. 

  
 33 

 (b) The Representative shall give written notice (each such written notice, a
“Notice of Conversion/Continuation”) substantially in the form of Exhibit C or telephonic notice (followed immediately by a Notice of Conversion/Continuation) to Administrative Agent of each proposed conversion or
continuation not later than (i) in the case of conversion into Base Rate Loans, 11:00 A.M., Chicago time, on the proposed date of such conversion, and (ii) in the case of conversion into or continuation of LIBOR Loans, 11:00 A.M., Chicago
time, at least three (3) Business Days prior to the proposed date of such conversion or continuation, specifying in each case: 

(i) the proposed date of conversion or continuation; 

(ii) the aggregate amount of Loans to be converted or continued; 

(iii) the type of Loans resulting from the proposed conversion or continuation; and 

(iv) in the case of conversion into, or continuation of, LIBOR Loans, the duration of the requested Interest
Period therefor. 
 (c) If upon the expiration of any Interest Period applicable to LIBOR Loans, Representative has failed
to select timely a new Interest Period to be applicable to such LIBOR Loans, Borrowers shall be deemed to have elected to reborrow such LIBOR Loans as LIBOR Loans with an Interest Period of one month effective on the last day of such Interest
Period. 
 Any conversion of a LIBOR Loan on a day other than the last day of an Interest Period therefor shall be subject
to Section 4.2.4. 
 2.5 Repayments. The Revolving Loans and all other Obligations shall be repaid on the
Maturity Date. 
 2.5.1 Making of Payments. All payments of principal or interest on the Note(s), and of all fees,
shall be made by Borrowers to Administrative Agent in immediately available funds in US Dollars at the office specified by Administrative Agent not later than noon, Chicago time, on the date due; and funds received after that hour shall be deemed to
have been received by Administrative Agent on the following Business Day. Subject to Section 2.7 and Section 2.8 and Section 2.9 hereof, Administrative Agent shall promptly remit to each Lender its share of all
such payments received in collected funds by Administrative Agent for the account of such Lender. All payments under Section 4.2.1 shall be made by Borrowers directly to the Lender entitled thereto without setoff, counterclaim or other
defense. 
 2.5.2 Application of Certain Payments. So long as no Default or Event of Default has occurred and is
continuing, payments matching specific scheduled payments then due shall be applied to those scheduled payments under each applicable Note. After the occurrence and during the continuance of a Default or an Event of Default, all amounts collected or
received by Administrative Agent or any Lender as proceeds from the sale of, or other 

  
 34 

 
realization upon, all or any part of the Collateral shall be applied as Administrative Agent shall determine in its discretion or, in the absence of a specific determination by Administrative
Agent in the order set forth in Section 16.2. Concurrently with each remittance to any Lender of its share of any such payment, Administrative Agent shall advise such Lender as to the application of such payment. 

2.5.3 Setoff. With respect to all amounts owing by the Borrowers and each other Loan Party, each Borrower, for itself
and each other Loan Party, agrees that Administrative Agent and each Lender have all rights of set-off and bankers’ lien provided by applicable law, and in addition thereto, each Borrower, for itself and each other Loan Party, agrees that at
any time any Event of Default exists, Administrative Agent and each Lender may apply to the payment of any Obligations of Borrowers and each other Loan Party hereunder, whether or not then due, any and all balances, credits, deposits, accounts or
moneys of Borrowers and each other Loan Party then or thereafter with Administrative Agent or such Lender. The exercise of the right to setoff shall be subject to the provisions of Section 18.12. 

2.5.4 Proration of Payments. Except as provided in Section 2.8, if any Lender shall obtain any payment or
other recovery (whether voluntary, involuntary, by application of offset or otherwise), on account of (a) principal of or interest on any Loan (but excluding (i) any payment pursuant to Section 4.2 or 19.1 and
(ii) payments of interest on any Affected Loan) or (b) its participation in any Letter of Credit in excess of its applicable Pro Rata Share of payments and other recoveries obtained by all Lenders on account of principal of and interest on
the Loans (or such participation) then held by them, then such Lender shall purchase from the other Lenders such participations in the Loans (or sub-participations in Letters of Credit) held by them as shall be necessary to cause such purchasing
Lender to share the excess payment or other recovery ratably with each of the other Lenders; provided that if all or any portion of the excess payment or other recovery is thereafter recovered from such purchasing Lender, the purchase shall be
rescinded and the purchase price restored to the extent of such recovery. 
 2.6 Notes. The Loans shall, in each
Lender’s sole discretion, be evidenced by one or more promissory notes in form and substance satisfactory to such Lender evidencing all Revolving Loans. However, if such Loans are not so evidenced, such Loans may be evidenced solely by entries
upon the books and records maintained by Administrative Agent. 
 2.7 Recordkeeping. Administrative Agent shall
record in its records the date and amount of each Loan made by Administrative Agent, each repayment or conversion thereof and, in the case of each LIBOR Loan, the dates on which each Interest Period for such Loan shall begin and end. The aggregate
unpaid principal amount so recorded shall be rebuttably presumptive evidence of the principal amount of the Loans owing and unpaid. The failure to so record any such amount or any error in so recording any such amount shall not, however, limit or
otherwise affect the Obligations of Borrowers hereunder or under any Note to repay the principal amount of the Loans hereunder, together with all interest accruing thereon. 

  
 35 

 2.8 Defaulting Lenders. Notwithstanding any provision of this Agreement to
the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 

2.8.1 fees shall cease to accrue on the unfunded portion of the Revolving Loan Commitment of such Defaulting Lender pursuant
to Section 4.3.3 and the Borrower shall not be required to pay any such fees to such Defaulting Lender; 
 2.8.2
if any Swing Line Loans, Agent Advances or Letters of Credit are outstanding at the time that a Lender becomes a Defaulting Lender then: 

(a) all or any part of the Defaulting Lender’s obligation to participate in Swing Line Loans, Agent Advances and
participate in Letters of Credit shall be reallocated among the non-Defaulting Lenders in accordance with their respective Pro Rata Shares as determined pursuant to clause (a) of the definition of “Pro Rata Share” but only to the
extent (x) the sum of all non-Defaulting Lenders’ Revolving Loans and participations in Letter of Credit Obligation plus such Defaulting Lender’s obligation to participate in Swing Line Loans, Agent Advances and participate in Letters
of Credit does not exceed the total of all non-Defaulting Lenders’ Revolving Loan Commitments and (y) the conditions set forth in Section 17.2 are satisfied at such time; and 

(b) if the reallocation described in clause (a) above cannot, or can only partially, be effected, the Borrowers shall
within one Business Day following notice by Administrative Agent (x) first, prepay such Defaulting Lender’s outstanding obligation to participate in Swing Line Loans and Agent Advances and (y) second, Cash Collateralize such
Defaulting Lender’s obligation to participate in Letters of Credit (after giving effect to any partial reallocation pursuant to clause (a) above) in accordance with the procedures set forth in Section 3.4 for so long as such
obligation to participate in Letters of Credit is outstanding; 
 (c) if the Borrowers Cash Collateralize any portion of
such Defaulting Lender’s obligation to participate in Letters of Credit pursuant to Section 3.4, the Borrowers shall not be required to pay any fees to such Defaulting Lender pursuant to Section 3.1 with respect to such
Defaulting Lender’s obligation to participate in Letters of Credit during the period such Defaulting Lender’s obligation to participate in Letters of Credit is Cash Collateralized; 

(d) if the obligation to participate in Letters of Credit of the non-Defaulting Lenders is reallocated pursuant to this
Section 2.8.2, then the fees payable to the Lenders pursuant to Section 4.3.2 and Section 4.3.3 and shall be adjusted in accordance with such non-Defaulting Lenders’ Pro Rata Shares (as determined pursuant to
clause (a) of the definition of “Pro Rata Share”); or 
 (e) if any Defaulting Lender’s obligation to
participate in Letters of Credit is neither Cash Collateralized nor reallocated pursuant to Section 2.8.2, then, without prejudice to any rights or remedies of any L/C Issuer or any Lender hereunder, all letter of credit fees payable
under Section 3.1 with respect to such Defaulting Lender’s obligation to participate in Letters of Credit shall be payable to the applicable L/C Issuer until such obligation to participate in Letters of Credit is cash collateralized
and/or reallocated; and 
 2.8.3 so long as any Lender is a Defaulting Lender, the Swing Line Lender shall not be required
to fund any Swing Line Loan and no L/C Issuer shall be required to issue, 

  
 36 

 
amend or increase any Letter of Credit, unless it is satisfied that the related exposure will be 100% covered by the Revolving Loan Commitments of the non-Defaulting Lenders and/or Cash
Collateral will be provided by the Borrowers in accordance with Section 2.8.2, and participating interests in any such newly issued or increased Letter of Credit or newly made Swing Line Loan shall be allocated among non-Defaulting
Lenders in a manner consistent with Section 2.8.2(a) (and Defaulting Lenders shall not participate therein). 

2.8.4 If Administrative Agent, Borrowers, the applicable L/C Issuer(s) and the Swing Line Lender each agrees that a Defaulting
Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the obligations to participate in Swing Line Loans, Agent Advances and the obligations to participate in Letters of Credit of the Lenders shall be
readjusted to reflect the inclusion of such Lender’s Revolving Loan Commitments and on such date such Lender shall purchase at par such of the Loans of the other Lenders (other than Swing Line Loans) as Administrative Agent shall determine may
be necessary in order for such Lender to hold such Loans in accordance with its Pro Rata Share (as determined pursuant to clause (a) of the definition of “Pro Rata Share”). 

2.8.5 Any amount payable to a Defaulting Lender hereunder (whether on account of principal, interest, fees or otherwise and
including any amount that would otherwise be payable to such Defaulting Lender pursuant to Section 2.9 or Section 2.5.7 but excluding Section 4.2.7(b)) shall, in lieu of being distributed to such Defaulting
Lender, be retained by Administrative Agent in a segregated account and, subject to any applicable requirements of law, be applied at such time or times as may be determined by Administrative Agent (i) first, to the payment of any amounts owing
by such Defaulting Lender to Administrative Agent hereunder, (ii) second, pro rata, to the payment of any amounts owing by such Defaulting Lender to the L/C Issuer(s) or Swing Line Lender hereunder, (iii) third, to the funding of any
Revolving Loan or the funding or Cash Collateralization of any participating interest in any Swing Line Loan or Agent Advance, any amounts which may be due pursuant to Section 2.9 or any Letter of Credit in respect of which such
Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by Administrative Agent, (iv) fourth, if so determined by Administrative Agent and the Borrowers, held in such account as Cash Collateral for
future funding obligations of the Defaulting Lender under this Agreement, (v) fifth, pro rata, to the payment of any amounts owing to the Borrowers or the Lenders as a result of any judgment of a court of competent jurisdiction obtained by the
Borrowers or any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement, and (vi) sixth, to such Defaulting Lender or as otherwise directed by a court of competent
jurisdiction; provided, that if such payment is (x) a prepayment of the principal amount of any Loans or reimbursement obligations in respect of draws under Letters of Credit with respect to which the L/C Issuer has funded its participation
obligations and (y) made at a time when the conditions set forth in Section 17.2 are satisfied, such payment shall be applied solely to prepay the Loans of, and reimbursement obligations owed to, all Revolving Lenders that are not
Defaulting Lenders pro rata prior to being applied to the prepayment of any Loans, or reimbursement obligations owed to, any Defaulting Lender. 

2.8.6 No Defaulting Lender shall have any right to approve or disapprove any amendment, waiver, consent or any other action
the Lenders or the Required Lenders have taken or may take hereunder (including any consent to any amendment or waiver pursuant to 

  
 37 

 
Section 20.1), provided that (a) the Revolving Loan Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (b) any
waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender in any materially adverse manner relative to other affected Lenders shall require the consent of such
Defaulting Lender. 
 2.9 Settlements. 

(a) On a weekly basis (or more frequently if requested by Administrative Agent or Swing Line Lender), and on the last Business
Day of each calendar quarter (each, a “Settlement Date”), Administrative Agent shall provide each Lender with a statement of the outstanding balance of the Revolving Loans and Swing Line Loans under each Revolving Loan Commitment as
of the end of the Business Day immediately preceding the Settlement Date (the “Pre-Settlement Determination Date”) and the current balance of the Revolving Loans funded by each Lender (whether made directly by such Lender to
Borrowers or constituting a settlement by such Lender of a previous Swing Line Loan or Agent Advance under each Revolving Loan Commitment), in each case in US Dollars or the US Dollar Equivalent thereof. If such statement discloses that such
Lender’s current balance of the Revolving Loans as of the Pre-Settlement Determination Date exceeds such Lender’s Pro Rata Share of the aggregate of the Revolving Loans outstanding as of the Pre-Settlement Determination Date, then
Administrative Agent shall, on the Settlement Date, transfer, by wire transfer, the net amount due to such Lender in accordance with such Lender’s instructions, and if such statement discloses that such Lender’s current balance of the
aggregate of the Revolving Loans, Swing Line Loans and Agent Advances as of the Pre-Settlement Determination Date is less than such Lender’s Pro Rata Share of the Revolving Loans outstanding as of the Pre-Settlement Determination Date, then
Borrowers shall be deemed to have requested a Revolving Loan and such Lender shall, on the Settlement Date make a Revolving Loan, transfer, by wire transfer the net amount due to Administrative Agent or Swing Line Lender, as applicable in accordance
with Administrative Agent’s instructions to repay the Swing Line Loan or Agent Advances under the applicable Revolving Loan Commitment. 

(b) If, prior to settling pursuant to clause (a) above, one of the events described in Section 15.6 or
15.7 has occurred, then each Lender shall, on the date such Revolving Loan was to have been made for the benefit of Borrowers to settle outstanding Swing Line Loans or Agent Advances, purchase from the Swing Line Lender or Administrative
Agent, as applicable, an undivided participation interest in the Swing Line Loan or Agent Advance in an amount equal to its Pro Rata Share of such Swing Line Loan or Agent Advance. Upon request, each Lender shall promptly transfer to the Swing Line
Lender, in immediately available funds, the amount of its participation interest. 
 (c) Each Lender’s obligation to
make Revolving Loans in accordance with Section 2.9(a) and to purchase participation interests in accordance with Section 2.9(b) shall be absolute and unconditional and shall not be affected by any circumstance, including
(i) any setoff, counterclaim, recoupment, defense or other right that such Lender may have against the Swing Line Lender or Administrative Agent, Borrowers or any other Person for any reason whatsoever; (ii) the occurrence or continuance
of any Default or Event of Default; (iii) any inability of Borrowers to satisfy the conditions precedent to borrowing set forth in this 

  
 38 

 
Agreement at any time or (iv) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. If and to the extent any Lender shall not have made such
amount available to Administrative Agent or the Swing Line Lender, as applicable, by 2:00 P.M., Chicago time, the amount required pursuant to Sections 2.1.1 or 2.9(b), as the case may be, on the Business Day on which such
Lender receives notice from Administrative Agent of such payment or disbursement (it being understood that any such notice received after noon, Chicago time, on any Business Day shall be deemed to have been received on the next following Business
Day), such Lender agrees to pay interest on such amount to Administrative Agent for the Swing Line Lender’s account forthwith on demand, for each day from the date such amount was to have been delivered to Administrative Agent to the date such
amount is paid, at a rate per annum equal to (a) for the first three days after demand, the Federal Funds Rate from time to time in effect and (b) thereafter, the Base Rate from time to time in effect. 

2.10 Commitments Several. The failure of any Lender to make a requested loan on any date shall not relieve any other
Lender of its obligation (if any) to make a Loan on such date, but no Lender shall be responsible for the failure of any other Lender to make any Loan to be made by such other Lender. 

 

	SECTION 3	 LETTERS OF CREDIT. 

3.1 General Terms. Subject to the terms and conditions of this Agreement and the other Loan Document prior to the
Maturity Date, Administrative Agent may from time to time cause to be issued by an L/C Issuer and co-sign for or otherwise guarantee, upon a Borrower’s request, commercial and/or standby Letters of Credit on behalf of any Borrower; provided,
that the aggregate undrawn face amount of all such Letters of Credit shall at no time exceed Three Million and No/100 Dollars ($3,000,000) in the aggregate for all Borrowers. Payments made by the L/C Issuer to any Person on account of any Letter of
Credit shall be immediately payable by Borrowers without notice, presentment or demand and each Borrower agrees that each payment made by the L/C Issuer in respect of a Letter of Credit shall constitute a request by such Borrower for a Loan to
reimburse L/C Issuer. In the event such Loan is not advanced by Administrative Agent, Swing Line Lender or Lenders for any reason, such reimbursement obligations (whether owing to the L/C Issuer or Administrative Agent if Administrative Agent is not
the L/C Issuer) shall become part of the Obligations hereunder and shall bear interest at the rate then applicable to Revolving Loans constituting Base Rate Loans until repaid. Borrowers shall remit to Administrative Agent, for the ratable benefit
of Lenders having Revolving Loan Commitments, a Letter of Credit fee equal to three percent (3.00%) per annum on the aggregate undrawn face amount of all Letters of Credit outstanding, which fee shall be payable in advance for the term of the
Letter of Credit. Upon the occurrence of an Event of Default and during the continuance thereof, the Letter of Credit fee shall be increased to an amount equal to two percent (2%) per annum in excess of the Letter of Credit fee otherwise
payable thereon, which fee shall be payable on demand. Said fee shall be calculated on the basis of a 360 day year. Each Borrower shall also pay on demand the normal and customary administrative charges of L/C Issuer for issuance, amendment,
negotiation, renewal or extension of any Letter of Credit. 

  
 39 

 3.2 Letter of Credit Procedures. 

3.2.1 L/C Applications. Each Borrower shall execute and deliver to the L/C Issuer the Master Letter of Credit Agreement
from time to time in effect. Each Borrower shall give notice to Administrative Agent and the L/C Issuer of the proposed issuance of each Letter of Credit on a Business Day which is at least three Business Days (or such lesser number of days as the
L/C Issuer and Administrative Agent shall agree in any particular instance in their sole discretion) prior to the proposed date of issuance of such Letter of Credit. Each such notice shall be accompanied by an L/C Application, duly executed by
Borrowers and in all respects satisfactory to the L/C Issuer, together with such other documentation as the L/C Issuer may request in support thereof, it being understood that each L/C Application shall specify, among other things, the date on which
the proposed Letter of Credit is to be issued, the expiration date of such Letter of Credit (which shall not be later than the scheduled Maturity Date (unless such Letter of Credit is Cash Collateralized)) and whether such Letter of Credit is to be
transferable in whole or in part. Any Letter of Credit outstanding after the scheduled Maturity Date which is Cash Collateralized for the benefit of the L/C Issuer shall be the sole responsibility of the L/C Issuer. In the event of any inconsistency
between the terms of the Master Letter of Credit Agreement, any L/C Application and the terms of this Agreement, the terms of this Agreement shall control. 

3.2.2 Reimbursement Obligations Unconditional. Borrowers’ reimbursement obligations hereunder shall be irrevocable
and unconditional under all circumstances, including (a) any lack of validity or enforceability of any Letter of Credit, this Agreement or any other Loan Document, (b) the existence of any claim, set-off, defense or other right which any
Loan Party may have at any time against a beneficiary named in a Letter of Credit, any transferee of any Letter of Credit (or any Person for whom any such transferee may be acting), the L/C Issuer or any other Person, whether in connection with any
Letter of Credit, this Agreement, any other Loan Document, the transactions contemplated herein or any unrelated transactions (including any underlying transaction between any Loan Party and the beneficiary named in any Letter of Credit),
(c) the validity, sufficiency or genuineness of any document which the L/C Issuer has reasonably determined complies on its face with the terms of the applicable Letter of Credit, even if such document should later prove to have been forged,
fraudulent, invalid or insufficient in any material respect or any statement therein shall have been untrue or inaccurate in any respect, or (d) the surrender or impairment of any security for the performance or observance of any of the terms
hereof. Without limiting the foregoing, no action or omission whatsoever by Administrative Agent or any Lender under or in connection with any Letter of Credit or any related matters (other than as the result of gross negligence or willful
misconduct on the part of the Administrative Agent as determined by a final, nonappealable judgment by a court of competent jurisdiction) shall result in any liability of Administrative Agent or any Lender to any Borrower, or relieve any Borrower of
any of its obligations hereunder to any such Person. 
 3.3 Expiration Dates of Letters of Credit. The expiration
date of each Letter of Credit shall be no later than the earlier of (i) one (1) year from the date of issuance and (ii) the thirtieth (30th) day prior to the Maturity Date. Notwithstanding the foregoing, a Letter of Credit may
provide for automatic extensions of its expiration date for one or more one (1) year periods, so long as the issuer thereof has the right to terminate the Letter of Credit at the end of each one (1) year period and no extension period
extends past the thirtieth (30th) day prior to the Maturity Date. 

  
 40 

 3.4 Participations in Letters of Credit. Concurrently with the issuance of
each Letter of Credit, the applicable L/C Issuer shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from
such L/C Issuer, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and Borrowers’ reimbursement obligations with respect thereto. If a Borrower
does not pay any reimbursement obligation when due, such Borrower shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations in
accordance with Section 3.1. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.4.2, Section 17.2 or
otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the applicable L/C Issuer for the account of Borrowers in
satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the applicable L/C Issuer’s “participation” therein. Each L/C Issuer hereby
agrees to notify the Administrative Agent of the issuance of any Letter of Credit and, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued
by such L/C Issuer, together with such information related thereto as the Administrative Agent or such Lender may reasonably request. 
  

	SECTION 4	 INTEREST, FEES AND CHARGES. 

4.1 Interest Rate. Subject to the terms and conditions set forth below, the Loans shall bear interest at the per annum
rate of interest set forth in subsection (a), (b) or (c) below. 
 (a) With respect to Base Rate Loans, the
Base Rate in effect from time to time plus the Applicable Margin for Base Rate Loans, payable on the first Business Day of each month in arrears for interest through the last day of the prior month. Said rate of interest shall increase or
decrease by an amount equal to each increase or decrease in the Base Rate effective on the effective date of each such change in the Base Rate. 

(b) With respect to LIBOR Loans, the LIBOR Rate for the applicable Interest Period plus the Applicable Margin for LIBOR
Loans, such rate to remain fixed for such Interest Period. Interest shall be payable on the last Business Day of such Interest Period and, with respect to two (2) and three (3) month Interest Periods, on the same date of each month as the
initial date of the Interest Period during such Interest Period. 
 (c) Upon the occurrence of an Event of Default and
during the continuance thereof, the Loans shall bear interest at the rate of two percent (2.0%) per annum plus the interest rate otherwise payable thereon, which interest shall be payable on demand. All interest shall be computed for the actual
number of days elapsed on the basis of a 360 day year. For purposes of the Interest Act (Canada), the yearly rate of interest to which any rate calculated on the basis of a 

  
 41 

 
period of time different from the actual number of days in the year (360 days, for example) is equivalent is the stated rate multiplied by the actual number of days in the year (365 or 366 days)
and divided by the number of days in the shorter period (360 days, for example). 
 (d) The applicable LIBOR Rate for each
Interest Period shall be reasonably determined by the Administrative Agent, and notice thereof shall be given by Administrative Agent promptly to Borrowers. Each determination of the applicable LIBOR Rate by Administrative Agent shall be conclusive
and binding upon the parties hereto, in the absence of demonstrable error. Administrative Agent shall, upon written request of a Borrower, deliver to Borrowers a statement showing the computations used by Administrative Agent in determining any
applicable LIBOR Rate hereunder. 
 4.2 Increased Costs; Special Provisions For LIBOR Loans. 

4.2.1 Increased Costs. 

(a) If, after the Closing Date, the adoption of, or any change in, any applicable law, rule or regulation, or any change in the
interpretation or administration of any applicable law, rule or regulation by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any Lender with any request or
directive (whether or not having the force of law) of any such authority, central bank or comparable agency: (i) shall impose, modify or deem applicable any reserve (including any reserve imposed by the FRB, but excluding any reserve included
in the determination of the LIBOR Rate pursuant to Section 4), special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by Lender; or (ii) shall impose on any Lender any other
condition affecting its LIBOR Loans, its Note or its obligation to make LIBOR Loans; and the result of anything described in clauses (i) and (ii) above is to increase the cost to (or to impose a cost on) any Lender (or any LIBOR Office of
such Lender) of making or maintaining any LIBOR Loan, or to reduce the amount of any sum received or receivable by any Lender (or its LIBOR Office) under this Agreement or under its Note with respect thereto, then upon demand by such Lender (which
demand shall be accompanied by a statement setting forth the basis for such demand and a calculation of the amount thereof in reasonable detail), Borrowers shall pay directly to such Lender such additional amount as will compensate such Lender for
such increased cost or such reduction, so long as such amounts have accrued on or after the day whole is 180 days prior to the date on which such Lender first made demand therefor. 

(b) If any Lender shall reasonably determine that any change in, or the adoption or phase-in of, any applicable law, rule or
regulation regarding capital adequacy, or any change in the interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or the compliance by any
Lender or any Person controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) of any such authority, central bank or comparable agency, has or would have the effect of reducing the
rate of return on such Lender’s or such controlling Person’s capital as a consequence of such Lender’s obligations hereunder or under any Letter of Credit to a level below that which such Lender or such controlling Person could have
achieved but for such change, adoption, phase-in or compliance 

  
 42 

 
(taking into consideration such Lender’s or such controlling Person’s policies with respect to capital adequacy) by an amount deemed by such Lender or such controlling Person to be
material, then from time to time, upon demand by such Lender (which demand shall be accompanied by a statement setting forth the basis for such demand and a calculation of the amount thereof in reasonable detail), Borrowers shall pay to such Lender
such additional amount as will compensate such Lender or such controlling Person for such reduction, so long as such amounts have accrued on or after the day which is 180 days prior to the date on which such Lender first made demand therefor. 

4.2.2 Basis for Determining Interest Rate Inadequate or Unfair. If: 

(a) The Administrative Agent reasonably determines (which determination shall be binding and conclusive on Borrowers) that by
reason of circumstances affecting the interbank LIBOR market adequate and reasonable means do not exist for ascertaining the applicable LIBOR Rate; or 

(b) the LIBOR Rate as reasonably determined by Administrative Agent will not adequately and fairly reflect the cost to any
Lenders of maintaining or funding LIBOR Loans for such Interest Period or that the making or funding of LIBOR Loans has become impracticable as a result of an event occurring after the date of this Agreement which in the opinion of such Lender
materially affects such Loans; 
 then Administrative Agent shall promptly notify Borrowers and, so long as such circumstances shall
continue, (i) no Lender shall be under any obligation to make or convert any Base Rate Loans into LIBOR Loans and (ii) on the last day of the current Interest Period for each LIBOR Loan, such Loan shall, unless then repaid in full,
automatically convert to a Base Rate Loan. 
 4.2.3 Changes in Law Rendering LIBOR Loans Unlawful. If any change in,
or the adoption of any new, law or regulation, or any change in the interpretation of any applicable law or regulation by any governmental or other regulatory body charged with the administration thereof, should make it (or in the good faith
judgment of any Lender cause a substantial question as to whether it is) unlawful for any Lender to make, maintain or fund LIBOR Loans, then such Lender shall promptly notify each of the other parties hereto and, so long as such circumstances shall
continue, (a) such Lender shall have no obligation to make or convert any Base Rate Loan into a LIBOR Loan (but shall make Base Rate Loans concurrently with the making of or conversion of Base Rate Loans into LIBOR Loans by such Lender which
are not so affected, in each case in an amount equal to the amount of LIBOR Loans which would be made or converted into by such Lender at such time in the absence of such circumstances) and (b) on the last day of the current Interest Period for
each LIBOR Loan of such Lender (or, in any event, on such earlier date as may be required by the relevant law, regulation or interpretation), such LIBOR Loan shall, unless then repaid in full, automatically convert to a Base Rate Loan. Each Base
Rate Loan made by a Lender which, but for the circumstances described in the foregoing sentence, would be a LIBOR Loan (an “Affected Loan”) shall remain outstanding for the period corresponding to the Group of LIBOR Loans of which
such Affected Loan would be a part absent such circumstances. 

  
 43 

 4.2.4 Funding Losses. Each Borrower hereby agrees that upon demand by any
Lender (which demand shall be accompanied by a statement setting forth the basis for the amount being claimed, a copy of which shall be furnished to Administrative Agent) Borrowers will indemnify such Lender against any net loss or expense which
such Lender may sustain or incur (including any net loss or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund or maintain any LIBOR Loan), as reasonably determined by such
Lender, as a result of (a) any payment, prepayment or conversion of any LIBOR Loan of such Lender on a date other than the last day of an Interest Period for such Loan (including any conversion pursuant to Section 2.4.3) or
(b) any failure of Borrowers to borrow, prepay, convert or continue any Loan on a date specified therefor in a notice of borrowing, prepayment, conversion or continuation pursuant to this Agreement. For this purpose, all notices to
Administrative Agent pursuant to this Agreement shall be deemed to be irrevocable. 
 4.2.5 Right of Lenders to Fund
through Other Offices. Each Lender may, if it so elects, fulfill its commitment as to any LIBOR Loan by causing a foreign branch or Affiliate of such Lender to make such Loan; provided that in such event for the purposes of this Agreement such
Loan shall be deemed to have been made by such Lender and the obligation of Borrowers to repay such Loan shall nevertheless be to such Lender and shall be deemed held by it, to the extent of such Loan, for the account of such branch or Affiliate.

 4.2.6 Discretion of Lenders as to Manner of Funding. Notwithstanding any provision of this Agreement to the
contrary, each Lender shall be entitled to fund and maintain its funding of all or any part of its Loans in any manner it sees fit, it being understood, however, that for the purposes of this Agreement all determinations hereunder shall be made as
if such Lender had actually funded and maintained each LIBOR Loan during each Interest Period for such Loan through the purchase of deposits having a maturity corresponding to such Interest Period and bearing an interest rate equal to the LIBOR Rate
for such Interest Period. 
 4.2.7 Mitigation of Circumstances; Replacement of Lender. 

(a) Each Lender shall promptly notify Borrowers and Administrative Agent of any event of which it has knowledge which will
result in, and will use reasonable commercial efforts available to it (and not, in such Lender’s sole judgment, otherwise disadvantageous to such Lender) to mitigate or avoid, (i) any obligation by Borrowers to pay any amount pursuant to
Sections 4.2.1 or 4.4 or (ii) the occurrence of any circumstances described in Sections 4.2.2 or 4.2.3 (and, if such Lender has given notice of any such event described in clause (i) or (ii) above
and thereafter such event ceases to exist, such Lender shall promptly so notify Borrowers and Administrative Agent). Without limiting the foregoing, each Lender will designate a different funding office if such designation will avoid (or reduce the
cost to Borrowers of) any event described in clause (i) or (ii) above and such designation will not, in Lender’s sole judgment, be otherwise disadvantageous to such Lender. 

(b) If Borrowers become obligated to pay additional amounts to any Lender pursuant to Sections 4.2.1 or
4.4, or any Lender gives notice of the occurrence of any circumstances described in Sections 4.2.2 or 4.2.3, or any Lender becomes a Defaulting Lender, Borrowers may designate another bank which is acceptable to the
Administrative Agent and the 

  
 44 

 
L/C Issuer in their reasonable discretion (such other bank being called a “Replacement Lender”) to purchase the Loans of such Lender and such Lender’s rights hereunder,
without recourse to or warranty by, or expense to, such Lender, for a purchase price equal to the outstanding principal amount of the Loans payable to such Lender plus any accrued but unpaid interest on such Loans and all accrued but unpaid fees
owed to such Lender and any other amounts payable to such Lender under this Agreement, and to assume all the obligations of such Lender hereunder, and, upon such purchase and assumption (pursuant to an Assignment Agreement), such Lender shall no
longer be a party hereto or have any rights hereunder (other than rights with respect to indemnities and similar rights applicable to such Lender prior to the date of such purchase and assumption) and shall be relieved from all obligations to
Borrowers hereunder, and the Replacement Lender shall succeed to the rights and obligations of such Lender hereunder. 

4.2.8 Conclusiveness of Statements; Survival of Provisions. Determinations and statements of a Lender pursuant to
Sections 4.2.1, 4.2.2, 4.2.3 or 4.2.4 shall be conclusive absent demonstrable error. Each Lender may use reasonable averaging and attribution methods in determining compensation under Sections 4.2.1 and
4.2.4, and the provisions of such Sections shall survive repayment of the Obligations, cancellation of any Notes, expiration or termination of the Letters of Credit and termination of this Agreement. 

4.3 Fees and Charges. 

4.3.1 Collateral Management Fee. Borrowers jointly and severally agree to pay to Administrative Agent, for its own
account, an annual Collateral Management Fee in accordance with the terms of the Fee Letter. 
 4.3.2 Closing Fee.
Borrowers jointly and severally agree to pay to Administrative Agent, a closing fee in accordance with the terms of the Fee Letter. 

4.3.3 Unused Line Fee. Borrowers jointly and severally agree to pay to Administrative Agent, for the ratable benefit of
Lenders having Revolving Loan Commitments, an unused line fee of 0.50% of the difference between the Total Revolving Loan Commitment and the average daily balance of the Revolving Loans plus the Letter of Credit Obligations for each month
(the “Unused Line Fee”) which Unused Line Fee shall be fully earned by such Lenders on the first day of each month and payable monthly in arrears on the first Business Day of each month with respect to all activity through the last
day of the prior month. Said fee shall be calculated on the basis of a 360 day year. 
 4.3.4 Costs and Expenses.
Borrowers jointly and severally agree to reimburse Administrative Agent, for all reasonable, documented out-of-pocket costs and expenses, including, without limitation, Attorney Costs incurred by Administrative Agent in connection with the
(i) documentation and consummation of this transaction and any other transactions among a Borrower, Administrative Agent and Lender including, without limitation, UCC, PPSA and other public record searches and filings, overnight courier or
other express or messenger delivery, appraisal costs, surveys, title insurance and environmental audit or review costs; (ii) collection, protection or enforcement of any rights in or to the Collateral; (iii) collection of any Obligations;
and (iv) administration and enforcement of any of Administrative Agent’s and Lenders rights under this Agreement or any other Loan Document (including, without limitation, 

  
 45 

 
any costs and expenses of any third party provider engaged by Lender for such purposes). Borrowers jointly and severally agree to also pay all normal service charges with respect to all accounts
maintained by a Borrower with Administrative Agent and any additional services requested by a Borrower from Administrative Agent. 

4.4 Taxes. 

(a) All payments made by a Borrower hereunder or under any Loan Documents shall be made without setoff, counterclaim, or other
defense. To the extent permitted by applicable law, all payments hereunder or under the Loan Documents (including any payment of principal, interest, or fees) to, or for the benefit, of any person shall be made by Borrowers free and clear of and
without deduction or withholding for, or account of, any Taxes now or hereinafter imposed by any taxing authority. 
 (b) If
a Borrower makes any payment hereunder or under any Loan Document in respect of which it is required by applicable law to deduct or withhold any Taxes, Borrowers shall increase the payment hereunder or under any such Loan Document such that after
the reduction for the amount of Taxes withheld (and any taxes withheld or imposed with respect to the additional payments required under this Section 4.4(b)), the amount paid to Lenders or the Administrative Agent equals the amount that
was payable hereunder or under any such Loan Document without regard to this Section 4.4(b). To the extent a Borrower withholds any Taxes on payments hereunder or under any Loan Document, such Borrower shall pay the full amount deducted
to the relevant taxing authority within the time allowed for payment under applicable law and shall deliver to Administrative Agent within 30 days after it has made payment to such authority a receipt issued by such authority (or other evidence
satisfactory to Lenders and the Administrative Agent) evidencing the payment of all amounts so required to be deducted or withheld from such payment. 

(c) If any Lender or Administrative Agent is required by law to make any payments of any Taxes on or in relation to any
amounts received or receivable hereunder or under any other Loan Document, or any Tax is assessed against a Lender or Administrative Agent with respect to amounts received or receivable hereunder or under any other Loan Document, Borrowers will
indemnify such person against (i) such Tax (and any reasonable counsel fees and expenses associated with such Tax) and (ii) any Taxes imposed as a result of the receipt of the payment under this Section 4.4. A certificate
prepared in good faith as to the amount of such payment by such Lender or Administrative Agent shall, absent manifest error, be final, conclusive, and binding on all parties. 

(d) (i) To the extent permitted by applicable law, each Lender that is not a United States person within the
meaning of Code Section 7701(a)(30) (a “Non-U.S. Participant”) shall deliver to Borrowers and the Administrative Agent on or prior to the Closing Date (or in the case of a Lender that is an Assignee, on the date of such
assignment to such Lender) two accurate and complete original signed copies of IRS Form W-8BEN, W-8ECI, or W-8IMY (or any successor or other applicable form prescribed by the IRS) certifying to such Lender’s entitlement to a complete exemption
from, or a reduced rate in, United States withholding tax on interest payments to be made hereunder or any Loan. If a Lender that is a Non-U.S. Participant is claiming a complete 

  
 46 

 
exemption from withholding on interest pursuant to Code Sections 871(h) or 881(c), such Lender shall deliver (along with two accurate and complete original signed copies of IRS Form W-8BEN)
a certificate in form and substance reasonably acceptable to Administrative Agent (any such certificate, a “Withholding Certificate”). In addition, each Lender that is a Non-U.S. Participant agrees that from time to time after the
Closing Date, (or in the case of a Lender that is an Assignee, after the date of the assignment to such Lender), when a lapse in time (or change in circumstances occurs) renders the prior certificates hereunder obsolete or inaccurate in any material
respect, such Lender shall, to the extent permitted under applicable law, deliver to Borrowers and the Administrative Agent two new and accurate and complete original signed copies of an IRS Form W 8BEN, W-8ECI, or W-8IMY (or any successor or other
applicable forms prescribed by the IRS), and if applicable, a new Withholding Certificate, to confirm or establish the entitlement of such Lender or the Administrative Agent to an exemption from, or reduction in, United States withholding tax on
interest payments to be made hereunder or any Loan. 
 (ii) Each Lender that is not a Non-U.S. Participant
(other than any such Lender which is taxed as a corporation for U.S. federal income tax purposes) shall provide two properly completed and duly executed copies of IRS Form W-9 (or any successor or other applicable form) to Borrowers and the
Administrative Agent certifying that such Lender is exempt from United States backup withholding tax. To the extent that a form provided pursuant to this Section 4.4(d)(ii) is rendered obsolete or inaccurate in any material respect as
result of change in circumstances with respect to the status of a Lender, such Lender shall, to the extent permitted by applicable law, deliver to Borrowers and the Administrative Agent revised forms necessary to confirm or establish the entitlement
to such Lender’s or Administrative Agent’s exemption from United States backup withholding tax. 

(iii) Borrowers shall not be required to pay additional amounts to a Lender, or indemnify any Lender, under
this Section 4.4 to the extent that such obligations would not have arisen but for the failure of such Lender to comply with Section 4.4(d). 

(iv) Each Lender agrees to indemnify the Administrative Agent and hold the Administrative Agent harmless for
the full amount of any and all present or future Taxes and related liabilities (including penalties, interest, additions to tax and expenses, and any Taxes imposed by any jurisdiction on amounts payable to the Administrative Agent under this
Section 4.4) which are imposed on or with respect to principal, interest or fees payable to such Lender hereunder and which are not paid by Borrowers pursuant to this Section 4.4, whether or not such Taxes or related
liabilities were correctly or legally asserted. This indemnification shall be made within 30 days from the date the Administrative Agent makes written demand therefor. 

4.5 Maximum Interest. It is the intent of the parties that the rate of interest and other charges to Borrowers under
this Agreement and the other Loan Documents shall be lawful; therefore, if for any reason the interest or other charges payable under this Agreement are found by a court of competent jurisdiction, in a final determination, to exceed the limit which
a Lender 

  
 47 

 
may lawfully charge a Borrower, then the obligation to pay interest and other charges shall automatically be reduced to such limit and, if any amount in excess of such limit shall have been paid,
then such amount shall be refunded to such Borrower. 
  

	SECTION 5	 COLLATERAL. 

5.1 Grant of Security Interest to Administrative Agent. 

5.1.1 US Borrowers. As security for the payment of all Loans now or in the future made by Administrative Agent and
Lenders to the Borrowers hereunder and for the payment, performance or other satisfaction of all other Obligations (in the aggregate which includes all US Obligations and Canadian Obligations) owing to Administrative Agent, Lenders and, to the
extent constituting Obligations hereunder, any Affiliate of any Lender, each of the US Borrowers hereby assigns to Administrative Agent, for the benefit of itself, the Lenders and their applicable Affiliates, and grants to Administrative Agent, for
the benefit of itself, the Lenders and their applicable Affiliates, a continuing security interest in the following property of each US Borrower, whether now or hereafter owned, existing, acquired or arising and wherever now or hereafter located:
(a) all Accounts (whether or not Eligible Accounts) and all Goods whose sale, lease or other disposition by such Borrower has given rise to Accounts and have been returned to, or repossessed or stopped in transit by, such Borrower; (b) all
Chattel Paper, Instruments, Documents and General Intangibles (including, without limitation, all patents, patent applications, trademarks, trademark applications, trade names, trade secrets, goodwill, copyrights, copyright applications,
registrations, licenses, software, franchises, customer lists, tax refund claims, claims against carriers and shippers, guarantee claims, contract rights, payment intangibles, security interests, security deposits and rights to indemnification);
(c) all Inventory (whether or not eligible for borrowing hereunder); (d) all Goods (other than Inventory), including, without limitation, Equipment, vehicles and Fixtures; (e) all Investment Property; (f) all Deposit Accounts,
bank accounts, deposits and cash; (g) all Letter-of-Credit Rights; (h) Commercial Tort Claims listed on Exhibit F hereto (i) all Supporting Obligations; (j) any other property of such Borrower now or hereafter in the
possession, custody or control of Administrative Agent or any Lender or any agent or any parent, affiliate or subsidiary of Administrative Agent or any Lender or any participant with Administrative Agent or any Lender in the Loans, for any purpose
(whether for safekeeping, deposit, collection, custody, pledge, transmission or otherwise) and (k) all additions and accessions to, substitutions for, and replacements, products and Proceeds of the foregoing property, including, without
limitation, proceeds of all insurance policies insuring the foregoing property, and all of such Borrower’s books and records relating to any of the foregoing and to such Borrower’s business. 

5.1.2 Canadian Borrowers. As security for the payment of all Canadian Loans now or in the future made by Administrative
Agent and Lenders to Canadian Borrowers hereunder and for the payment, performance or other satisfaction of all other Canadian Obligations owing to Administrative Agent, Lenders and, to the extent constituting Canadian Obligations hereunder, any
Affiliate of any Lender, each of the Canadian Borrowers hereby assigns to Administrative Agent, for the benefit of itself, the Lenders and their applicable Affiliates, and grants to Administrative Agent, for the benefit of itself, the Lenders and
their applicable Affiliates, a continuing security interest in the following property of each Canadian Borrower, whether now or hereafter owned, existing, acquired or arising and wherever now or 

  
 48 

 
hereafter located: (a) all Accounts (whether or not an Eligible Canadian Account) and all Goods whose sale, lease or other disposition by such Borrower has given rise to Accounts and have
been returned to, or repossessed or stopped in transit by, such Borrower; (b) all Chattel Paper, Instruments, documents, Documents of Title and Intangibles (including, without limitation, all patents, patent applications, trademarks, trademark
applications, trade names, trade secrets, goodwill, copyrights, copyright applications, registrations, licenses, software, franchises, customer lists, tax refund claims, claims against carriers and shippers, guarantee claims, contract rights,
payment intangibles, security interests, security deposits and rights to indemnification); (c) all Inventory (whether or not eligible for borrowing hereunder); (d) all Goods (other than Inventory), including, without limitation, Equipment,
vehicles and fixtures; (e) all Investment Property; (f) all deposit accounts (other than Excluded Deposit Accounts), bank accounts, deposits and Money; (g) Securities and Securities Entitlements; (h) any other property of such
Borrower now or hereafter in the possession, custody or control of Administrative Agent or any Lender or any agent or any parent, affiliate or subsidiary of Administrative Agent or any Lender or any participant with Administrative Agent or any
Lender in the Loans, for any purpose (whether for safekeeping, deposit, collection, custody, pledge, transmission or otherwise) and (k) all additions and accessions to, substitutions for, and replacements, products and Proceeds of the foregoing
property, including, without limitation, proceeds of all insurance policies insuring the foregoing property, and all of such Borrower’s books and records relating to any of the foregoing and to such Borrower’s business. The parties
acknowledge that (a) the Canadian Borrowers have rights in the Collateral, (b) the Lenders have given value to the Canadian Borrowers, (c) the parties have not agreed to postpone the time for attachment of the security interest
granted hereunder, and (d) the security interest granted hereunder is intended to attach (i) as to Collateral in which the Canadian Borrowers now have rights, when the Canadian Borrowers execute this Agreement and (ii) as to
Collateral in which the Canadian Borrowers subsequently acquire rights, when the Canadian Borrowers first obtain those rights. 

Notwithstanding anything herein to the contrary, in no event shall the term “Collateral” include, and the security
interest granted hereunder shall not attach to: (a) the voting Capital Securities of any first tier Foreign Subsidiary that is a CFC in excess of 65%; (b) any assets or property (including any Capital Securities) owned by any Foreign
Subsidiary that is a CFC; (c) any rights or interests in any license, contract or agreement to which any Borrower is a party to the extent, but only to the extent, that such a grant would, under the terms of such license, contract or agreement,
result in a breach of the terms of, or constitute a default under, such license, contract or agreement (other than to the extent that any such term would be rendered ineffective pursuant to 9-406, 9-407 or 9-408 of the UCC or other applicable law);
provided, that (i) upon request of the Lender, such Borrower shall in good faith use commercially reasonable efforts to obtain any requisite consent for the creation of such security interest in favor of the Lender in such license,
contract or agreement, (ii) immediately upon the ineffectiveness, lapse or termination of any such restriction, the Collateral shall include, and such Borrower shall be deemed to have granted a security interest in, such license, contract or
agreement, as applicable, as of the Closing Date as if such restriction had never been in effect; and (iii) notwithstanding any such restriction, the Collateral shall, to the extent such restriction does not by its terms apply thereto, include
all rights incident or appurtenant to any such license, contract or agreement, and the right to receive all proceeds derived from, or in connection with the sale, assignment or transfer of, such license, contract or agreement; (d) any United
States intent-to-use trademark applications to the extent that, and solely during the period in which, the grant of a security 

  
 49 

 
interest therein would impair the validity or enforceability of such intent-to-use trademark applications under applicable federal law, provided that upon submission and acceptance by the United
States Patent and Trademark Office of an amendment to allege use pursuant to 15 U.S.C. Section 1060(a) (or any successor provision), such intent-to-use trademark application shall be considered Collateral; (e) the last day of the term
of any lease or sublease by a Canadian Borrower of any real property (but such Canadian Borrower shall stand possessed of that last day to assign and dispose of it as the Administrative Agent may direct); (f) any shares in the capital stock of
an unlimited liability company or unlimited liability corporation to the extent that the grant of a security interest in or pledge of such shares would result in the Administrative Agent or any Lender being deemed to be a member or shareholder of
any such company or corporation or be deemed to have control of any such company or corporation or otherwise be deemed to be liable for the obligations of any such company or corporation; and (g) the Capital Securities of any Borrower in ASV or
Lift Ventures (collectively, the “Excluded Property”); provided, however, that (y) any items set forth above (or any portion thereof) that cease to satisfy the criteria for Excluded Property (whether as a result
of a Borrower obtaining any necessary consent, any change in any applicable law, or otherwise) shall no longer be Excluded Property and the security interest granted hereunder shall attach immediately to such items (or portion thereof) at such time
and such Excluded Property shall then be deemed Collateral hereunder and (z) Excluded Property shall not include any Proceeds of any of the items referred to in this paragraph, and instead, all such Proceeds shall be Collateral. 

5.2 Other Security. Administrative Agent, in its sole discretion, without waiving or releasing (i) any obligation,
liability or duty of any Borrower under this Agreement or the other Loan Documents or (ii) any Event of Default, may at any time or times hereafter, but shall not be obligated to, pay, acquire or accept an assignment of any security interest,
lien, encumbrance or claim asserted by any Person in, upon or against the Collateral, provided, that Administrative Agent may take such actions with respect to Permitted Liens only after the occurrence and during the continuance of an Event of
Default. All sums paid by Administrative Agent in respect thereof and all costs, fees and expenses including, without limitation, Attorney Costs, all court costs and all other charges relating thereto incurred by Administrative Agent shall
constitute Obligations, payable by Borrowers to Administrative Agent on demand and, until paid, shall bear interest at the highest rate then applicable to Loans hereunder. 

5.3 Possessory Collateral. Immediately upon a Borrower’s receipt of any portion of the Collateral (other than
Excluded Property) evidenced by an agreement, Instrument or Document, including, without limitation, any Chattel Paper, Tangible Chattel Paper and any Investment Property consisting of certificated securities with a value in excess of $100,000 in
the aggregate, such Borrower shall deliver the original thereof to Administrative Agent together with an appropriate endorsement or other specific evidence of assignment thereof to Administrative Agent (in form and substance acceptable to
Administrative Agent). If an endorsement or assignment of any such items shall not be made for any reason, Administrative Agent is hereby irrevocably authorized, as each Borrower’s attorney and agent-in-fact, to endorse or assign the same on
such Borrower’s behalf. 
 5.4 Electronic Chattel Paper. To the extent that a Borrower obtains or maintains any
Electronic Chattel Paper exceeding $50,000 in the aggregate, such Borrower shall create, store and assign the record or records comprising the Electronic Chattel Paper in such a manner that 

  
 50 

 
(i) a single authoritative copy of the record or records exists which is unique, identifiable and except as otherwise provided in clauses (iv), (v) and (vi) below,
unalterable, (ii) the authoritative copy identifies Administrative Agent as the assignee of the record or records, (iii) the authoritative copy is communicated to and maintained by the Administrative Agent or its designated custodian,
(iv) copies or revisions that add or change an identified assignee of the authoritative copy can only be made with the participation of Administrative Agent, (v) each copy of the authoritative copy and any copy of a copy is readily
identifiable as a copy that is not the authoritative copy and (vi) any revision of the authoritative copy is readily identifiable as an authorized or unauthorized revision. 

5.5 Reserved. 

5.6 Insurance Proceeds. So long as no Event of Default has occurred and is continuing, the net proceeds of any casualty
insurance insuring the Collateral, after deducting all costs and expenses (including Attorney Costs) of collection, shall be applied toward replacing or restoring the Collateral. Following the occurrence and during the continuance of an Event of
Default, such proceeds shall be applied toward payment of the Obligations. In no event shall such application relieve any Borrower from payment in full of all installments of principal and interest which thereafter become due in the order of
maturity thereof. 
  

	SECTION 6	 PRESERVATION OF COLLATERAL AND PERFECTION OF SECURITY INTERESTS THEREIN. 

Each Borrower hereby irrevocably and unconditionally authorizes Administrative Agent to file, and if requested will deliver to
Administrative Agent, all financing statements as may from time to time be reasonably requested by Administrative Agent in order to maintain a first priority perfected security interest and lien in the Collateral, including, without limitation, (if
requested by Administrative Agent) financing statement amendments assigning to Administrative Agent any financing statements naming a Borrower as a secured party. Any financing statement filed by Administrative Agent may be filed in any filing
office in any UCC or PPSA jurisdiction deemed necessary or desirable by Administrative Agent and may contain such information as reasonably determined by Administrative Agent and permitted by applicable law. Each Borrower also agrees to furnish any
such information to Administrative Agent promptly upon its reasonable request. Each Borrower shall, at Administrative Agent’s request, at any time and from time to time, authenticate, execute and deliver to Administrative Agent such financing
statements, documents and other agreements and instruments (and pay the cost of filing or recording the same in all public offices deemed necessary or desirable by Administrative Agent) and do such other acts and things or cause third parties to do
such other acts and things as Administrative Agent may deem necessary or desirable in its Permitted Discretion in order to establish and maintain a valid, attached and perfected security interest in the Collateral in favor of Administrative Agent
(free and clear of all other liens, claims, encumbrances and rights of third parties whatsoever, whether voluntarily or involuntarily created, except Permitted Liens) to secure payment of the Obligations, and in order to facilitate the collection of
the Collateral. Each Borrower irrevocably hereby makes, constitutes and appoints Administrative Agent (and all Persons designated by Administrative Agent for that purpose) as such Borrower’s true and lawful attorney and agent-in-fact to execute
and file such financing statements, documents and other agreements and instruments and do such other acts 

  
 51 

 
and things as may be necessary to preserve and perfect Administrative Agent’s security interest in the Collateral. Each Borrower further ratifies and confirms the prior filing by
Administrative Agent of any and all financing statements which identify such Borrower as debtor, Administrative Agent as secured party and any or all Collateral as collateral. 

 

	SECTION 7	 POSSESSION OF COLLATERAL AND RELATED MATTERS. 

Until otherwise notified by Administrative Agent following the occurrence of an Event of Default, each Borrower shall have the
right, except as otherwise provided in this Agreement, in the ordinary course of such Borrower’s business, to (a) sell, lease or furnish under contracts of service in the ordinary course of business any of such Borrower’s Inventory
normally held by such Borrower for any such purpose; (b) use and consume any raw materials, work in process or other materials normally held by such Borrower for such purpose; and (c) dispose of obsolete or unuseful Equipment in the
ordinary course of business so long as all of the proceeds in excess of $1,000,000 in any fiscal year thereof are paid to Administrative Agent for application to the Obligations (except for such proceeds which are required to be delivered to the
holder of a Permitted Lien which is prior in right of payment); provided, however, that a sale in the ordinary course of business shall not include any transfer or sale in satisfaction, partial or complete, of a debt owed by such Borrower. 

 

	SECTION 8	 COLLECTIONS. 

8.1 Lockbox and Lockbox Account. Each US Borrower and Canadian Borrower shall direct all of its Account Debtors to make
all payments on the Accounts directly to a mailing address designated by, and under the exclusive control of Administrative Agent, at a financial institution acceptable to Administrative Agent (the “Lockbox”). Each Borrower shall
establish an account (the “Lockbox Account”) in such Borrower’s name, for the benefit of Administrative Agent, with The PrivateBank, into which all payments received in the Lockbox shall be deposited, and into which such
Borrower will immediately deposit all payments received by such Borrower on Accounts in the identical form in which such payments were received, whether by cash or check. If a Borrower, any Affiliate or Subsidiary, any shareholder, officer,
director, employee or agent of a Borrower or any Affiliate or Subsidiary, or any other Person acting for or in concert with a Borrower shall receive any monies, checks, notes, drafts or other payments relating to or as Proceeds of Accounts or other
Collateral, such Borrower and each such Person shall receive all such items in trust for, and as the sole and exclusive property of, Administrative Agent and, immediately upon receipt thereof, shall remit the same (or cause the same to be remitted)
in kind to the Lockbox Account in a manner satisfactory to Administrative Agent. The financial institution with which the Lockbox Account is established shall acknowledge and agree, in a manner satisfactory to Administrative Agent, that the checks,
instruments, and other property in such Lockbox and Lockbox Account are the sole and exclusive property of Administrative Agent, that such financial institution will follow the instructions of Administrative Agent with respect to disposition of
funds in the Lockbox and Lockbox Account without further consent from a Borrower, the financial institution will not accept instructions of a Borrower with respect to the Lockbox Account, that such financial institution has no right to setoff
against the Lockbox or Lockbox Account or against any other account maintained by such financial institution into which the contents of the Lockbox or Lockbox Account are transferred, and that such financial institution shall wire, or otherwise
transfer in immediately available funds 

  
 52 

 
to Administrative Agent in a manner satisfactory to Administrative Agent, funds deposited in the Lockbox Account on a daily basis as such funds are collected; provided that if the Lockbox Account
is at Administrative Agent, the daily ledger balance of such accounts as of the beginning of each Business Day shall be transferred to Administrative Agent each Business Day for application in accordance with Section 8.3. Each Borrower
agrees that all payments made to such Lockbox Account or otherwise received by Administrative Agent, whether in respect of the Accounts or as Proceeds of other Collateral or otherwise (except for proceeds of Collateral which are required to be
delivered to the holder of a Permitted Lien which is prior in right of payment), will be applied on account of the Obligations in accordance with the terms of this Agreement. Each Borrower agrees to pay all customary reasonable, documented
out-of-pocket fees, costs and expenses in connection with opening and maintaining the Lockbox and Lockbox Account. All of such fees, costs and expenses if not paid by a Borrower, may be paid by Administrative Agent (if at a financial institution
other than Administrative Agent) or otherwise charged to Borrowers and in such event all amounts paid by Administrative Agent or charged by Administrative Agent shall constitute Obligations hereunder, shall be payable to Administrative Agent by
Borrowers upon demand, and, until paid, shall bear interest at the highest rate then applicable to Loans hereunder. All checks, drafts, instruments and other items of payment or Proceeds of Collateral shall be endorsed by the applicable Borrower to
Administrative Agent, and, if that endorsement of any such item shall not be made for any reason, Administrative Agent is hereby irrevocably authorized to endorse the same on such Borrower’s behalf. For the purpose of this section, each
Borrower irrevocably hereby makes, constitutes and appoints Administrative Agent (and all Persons designated by Administrative Agent for that purpose) as Borrower’s true and lawful attorney and agent-in-fact, after the occurrence and during the
continuance of an Event of Default (i) to endorse such Borrower’s name upon said items of payment and/or Proceeds of Collateral and upon any Chattel Paper, Document, Document of Title, Instrument, invoice or similar document or agreement
relating to any Account of such Borrower or Goods pertaining thereto; (ii) to take control in any manner of any item of payment or Proceeds thereof and (iii) to have access to any lockbox or postal box into which any of such
Borrower’s mail is deposited, and open and process all mail addressed to such Borrower and deposited therein. 
 8.2
Administrative Agent’s Rights. Administrative Agent may, at any time and from time to time after the occurrence and during the continuance of an Event of Default, whether before or after notification to any Account Debtor and whether
before or after the maturity of any of the Obligations, (i) enforce collection of any of a Borrower’s Accounts or other amounts owed to a Borrower by suit or otherwise; (ii) exercise all of a Borrower’s rights and remedies with
respect to proceedings brought to collect any Accounts or other amounts owed to a Borrower; (iii) surrender, release or exchange all or any part of any Accounts or other amounts owed to a Borrower, or compromise or extend or renew for any
period (whether or not longer than the original period) any indebtedness thereunder; (iv) sell or assign any Account of a Borrower or other amount owed to a Borrower upon such terms, for such amount and at such time or times as Administrative
Agent deems advisable; (v) prepare, file and sign a Borrower’s name on any proof of claim in bankruptcy or other similar document against any Account Debtor or other Person obligated to a Borrower; (vi) appoint a Receiver of the
Collateral or any part thereof and (vii) do all other acts and things which are necessary, in Administrative Agent’s sole discretion, to fulfill a Borrower’s obligations under this Agreement and the other Loan Documents and to allow
Administrative Agent to collect the Accounts or other amounts owed to each Borrower. In addition to any other provision hereof, Administrative Agent may at any time, after the 

  
 53 

 
occurrence and during the continuance of an Event of Default, at Borrowers’ expense, notify any parties obligated on any of the Accounts to make payment directly to Administrative Agent of
any amounts due or to become due thereunder. 
 8.3 Application of Proceeds. For purposes of calculating interest and
fees, Administrative Agent shall, within one (1) Business Days after application of the opening daily ledger balance to the Obligations as set forth in the immediately following sentence, apply the whole or any part of such collections or
Proceeds against the Obligations in such order as Administrative Agent shall determine in its Permitted Discretion and in the absence of any determination, in accordance with the order set forth in Section 16.2. For purposes of
determining the amount of Loans available for borrowing purposes, Administrative Agent shall apply the opening daily ledger balance in the Lockbox Account as of the beginning of each Business Day in whole or in part against the Obligations, in such
order as Administrative Agent shall determine in its Permitted Discretion (and in the absence of any such determination, in the order set forth in Section 16.2), subject to actual collection. 

8.4 Account Statements. On a monthly basis, Administrative Agent shall deliver to Borrowers an account statement
showing all Loans, charges and payments, which shall be deemed final, binding and conclusive upon each Borrower unless a Borrower notifies Administrative Agent in writing, specifying any error therein, within thirty (30) days of the date such
account statement is sent to Borrowers and any such notice shall only constitute an objection to the items specifically identified. 
  

	SECTION 9	 COLLATERAL, AVAILABILITY AND FINANCIAL REPORTS AND SCHEDULES. 

9.1 Borrowing Base Reports. Each Borrower shall deliver to Administrative Agent and each Lender an executed loan report
and certificate in the form of Exhibit B hereto (a “Borrowing Base Certificate”) on a monthly basis (or more frequently to the extent requested by Administrative Agent) and in any event within fifteen (15) days
after the end of each month, which shall be accompanied by copies of Borrowers’ sales journal, cash receipts journal and credit memo journal for the relevant period. Such report shall reflect the activity of such Borrower with respect to
Accounts for the immediately preceding month, and shall be in a form and with such specificity as is satisfactory to Administrative Agent and shall contain such additional information concerning Accounts and Inventory as may be requested by
Administrative Agent including, without limitation, but only if specifically requested by Administrative Agent, copies of all invoices prepared in connection with such Accounts. Notwithstanding the foregoing, the Administrative Agent may request a
Borrowing Base Certificate more frequently in its Permitted Discretion. 
 9.2 Monthly Reports. Each Borrower shall
deliver to Administrative Agent, in addition to any other reports, as soon as practicable and in any event: within fifteen (15) days after the end of each month, (i) a detailed trial balance of such Borrower’s Accounts aged per
invoice date, in form and substance reasonably satisfactory to Administrative Agent including, without limitation, the names and addresses of all Account Debtors of such Borrower, (ii) a summary and detail of accounts payable (such Accounts and
accounts payable divided into such time intervals as Administrative Agent may require in its sole discretion), including a listing of 

  
 54 

 
any held checks; and (iii) the general ledger inventory account balance, a perpetual inventory report (to the extent maintained by such Borrower) and Administrative Agent’s standard
form of Inventory report then in effect or the form most recently requested from such Borrower by Administrative Agent, for such Borrower by each category of Inventory, together with a description of the monthly change in each category of Inventory.

 9.3 Financial Statements. Borrowers shall deliver to Administrative Agent the following financial information, all
of which shall be prepared in accordance with generally accepted accounting principles consistently applied, and shall be accompanied by a compliance certificate in the form of Exhibit C hereto: (i) no later than thirty (30)
days after each month which is not a calendar quarter end and forty-five (45) days after each quarter ending calendar month, copies of internally prepared financial statements, including, without limitation, (A) balance sheets and
statements of income of Borrowers, on a consolidating basis, (B) cash flow and statements of equity on a consolidated basis certified by the Chief Financial Officer of each Borrower; (ii) no later than forty-five (45) days after each
calendar quarter, a calculation of all financial covenants contained in this Agreement; and (iii) no later than one hundred twenty (120) days after the end of each of Borrowers’ Fiscal Years, audited annual financial statements with
an unqualified opinion by independent certified public accountants selected by Borrowers and reasonably satisfactory to Administrative Agent, which financial statements shall be accompanied by copies of any management letters sent to a Borrower by
such accountants. 
 9.4 Annual Projections. As soon as practicable and in any event prior to the beginning of each
Fiscal Year, Borrowers shall deliver to Administrative Agent projected balance sheets, statements of income and cash flow for Borrowers, a consolidated and consolidating basis for each of the twelve (12) months during such Fiscal Year, which
shall include the assumptions used therein, together with appropriate supporting details as reasonably requested by Administrative Agent. 

9.5 Explanation of Budgets and Projections. In conjunction with the delivery of the annual presentation of projections
or budgets referred to in Section 9.4 above, Borrowers shall deliver a letter signed by the President or a Vice President of each Borrower and by the Treasurer or Chief Financial Officer of each Borrower, describing, comparing and
analyzing, in detail, all changes and developments between the anticipated financial results included in such projections or budgets and the historical financial statements of Borrowers. 

9.6 Reserved. 

9.7 Other Information. Promptly following request therefor by Administrative Agent, such other business or financial
data, reports, appraisals and projections as Administrative Agent may reasonably request. 
  

	SECTION 10	 TERMINATION. 

Each Lender’s obligations under this Agreement shall be in effect from the Closing Date until the Maturity Date or such
earlier date that the Obligations are accelerated pursuant to Section 16 hereof. Upon the Maturity Date or the earlier acceleration of the Obligations as set forth above, neither Administrative Agent nor any Lender shall be obligated to
make any 

  
 55 

 
additional Loans on or after the date identified as the date on which the Obligations are to be repaid; and this Agreement shall terminate on the date thereafter that the Obligations are paid in
full (except for such provisions that by their terms survive the termination of this Agreement) and all Letters of Credit are returned to the L/C Issuer for cancellation or Cash Collateralized in a manner satisfactory to Administrative Agent and the
L/C Issuer. At such time as Borrowers have repaid all of the Obligations and all Letters of Credit are returned to L/C Issuer for cancellation or Cash Collateralized in a manner satisfactory to Administrative Agent and the L/C Issuer and this
Agreement has terminated, each Borrower shall deliver to Administrative Agent a release, in form and substance satisfactory to Administrative Agent, of all obligations and liabilities of Administrative Agent and each Lender and their officers,
directors, employees, agents, parents, Subsidiaries and Affiliates to such Borrower, and if Borrowers are obtaining new financing from another lender, each Borrower shall deliver such lender’s indemnification of Administrative Agent and
Lenders, in form and substance satisfactory to Administrative Agent, for checks or other amounts which Administrative Agent has credited to such Borrower’s account, but which subsequently are dishonored, returned or reversed for any reason or
for automatic clearinghouse or wire transfers not yet posted to such Borrower’s account. If, during the term of this Agreement, Borrowers prepay all of the Obligations, returns all Letters of Credit for cancellation or Cash Collateralizes such
Letters of Credit in a manner satisfactory to Administrative Agent and the L/C Issuer and this Agreement is terminated, Borrowers jointly and severally agree to pay to Administrative Agent, for the ratable benefit of Lenders as a prepayment fee, in
addition to the payment of all other Obligations, an amount equal to (i) two percent (2%) of the Maximum Aggregate Loan Amount if such prepayment occurs in the first (1st) year following the Closing Date, (ii) one
percent (1%) of the Maximum Aggregate Loan Amount if such prepayment occurs in the second (2nd) year following the Closing Date, or (iii) one-half of one percent (0.5%) of the Maximum Aggregate Loan Amount if such prepayment
occurs in the third (3rd) year following the Closing Date or less than one (1) year prior to the end of any subsequent renewal term after the original Maturity Date in effect on the date hereof. Notwithstanding the foregoing, no prepayment
fee shall be due and payable if such prepayment occurs within sixty (60) days of the Maturity Date or any renewal term thereafter. 
  

	SECTION 11	 REPRESENTATIONS AND WARRANTIES. 

Each Borrower hereby represents and warrants to Administrative Agent and Lenders, which representations and warranties (whether
appearing in this Section 11 or elsewhere) shall be true at the time of Borrowers’ execution hereof and the closing of the transactions described herein or related hereto, shall remain true and correct in all material respects
(except to the extent already qualified by materiality as a Material Adverse Effect which must be true and correct in all respects) until the repayment in full and satisfaction of all the Obligations and termination of this Agreement, and shall be
remade by each Borrower at the time each Loan is made pursuant to this Agreement, provided, that representations and warranties made as of a particular date shall be true and correct in all material respects (except to the extent already qualified
by materiality as a Material Adverse Effect which must be true and correct in all respects) as of such date. 
 11.1
Financial Statements and Other Information. The financial statements and other information delivered or to be delivered by Borrowers to Administrative Agent or any Lender at or prior to the date of this Agreement fairly present in all
material respects the financial condition of each Borrower, and there has been no material adverse change in the financial condition, the 

  
 56 

 
operations or any other status of any Borrower since the date of the financial statements delivered to Administrative Agent or any Lender most recently prior to the date of this Agreement. All
written information now or heretofore furnished by each Borrower to Administrative Agent or any Lender is true and correct in all material respects as of the date with respect to which such information was furnished. 

11.2 Locations. The office where each Borrower keeps its books, records and accounts (or copies thereof) concerning the
Collateral, each Borrower’s principal place of business and all of such Borrower’s other places of each business, locations of Collateral and post office boxes and locations of bank accounts are as set forth in Schedule 11.2
and at other locations within the continental United States of which Administrative Agent has been advised by a Borrower in accordance with Section 12.2.1. The Collateral, including, without limitation, the Equipment (except any part
thereof which a Borrower shall have advised Administrative Agent in writing consists of Collateral normally used in more than one state or province and Equipment that is held for rent or lease) is kept, or, in the case of vehicles, based, only at
the addresses set forth on Schedule 11.2, and at other locations within the continental United States and Canada of which Administrative Agent has been advised by a Borrower in writing in accordance with Section 12.2.1
hereof. 
 11.3 Loans by Borrowers. No Borrower has made any loans or advances to any Affiliate or other Person
except for (i) advances authorized hereunder to employees, officers and directors of a Borrower for travel and other expenses arising in the ordinary course of such Borrower’s business and loans permitted pursuant to
Section 13.6 and (ii) down-payments or deposits on purchases incurred in the ordinary course of business. 

11.4 Accounts and Inventory. Each Account or item of Inventory which a Borrower shall, expressly or by implication,
request Administrative Agent to classify as an Eligible Account or as Eligible Inventory, respectively, shall, as of the time when such request is made, conform in all respects to the requirements of such classification as set forth in the
respective definitions of Eligible Account and Eligible Inventory as set forth herein and as otherwise established by Administrative Agent from time to time. 

11.5 Liens. Each Borrower is the lawful owner of all Collateral now purportedly owned or hereafter purportedly acquired
by such Borrower, free from all liens, claims, security interests and encumbrances whatsoever, whether voluntarily or involuntarily created and whether or not perfected, other than the Permitted Liens. 

11.6 Organization, Authority and No Conflict. Manitex International is a corporation, duly organized, validly existing
and in good standing in the State of Michigan and its state organizational identification number is 10296D. Manitex is a corporation, duly organized, validly existing and in good standing in the State of Texas and its organizational identification
number is 0075051300. Sabre is a corporation, duly organized, validly existing and in good standing in the State of Michigan and its organizational identification number is 05206J. Badger is a corporation, duly organized, validly existing and in
good standing in the State of Minnesota and its organizational identification number is 12P-56. Crane and Machinery is a corporation, duly organized, validly existing and in good standing in the State of Illinois and its organizational
identification number is 6954-564-5. Crane and Machinery Leasing is a 

  
 57 

 
corporation, duly organized, validly existing and in good standing in the State of Illinois and its organizational identification number is 6954-565-3. LiftKing US is a corporation, duly
organized, validly existing and in good standing in the State of Michigan and its organizational identification number is 20-5992378. Manitex LLC is a limited liability company, duly organized, validly existing and in good standing the State of
Delaware and its organizational identification number is 81-0586641. LiftKing Canada is an unlimited liability corporation incorporated under the laws of the Province of Alberta, validly existing and in good standing under the laws of the Province
of Alberta. Each such Borrower is duly qualified and in good standing in all states or provinces, as applicable, where the nature and extent of the business transacted by it or the ownership of its assets makes such qualification necessary or, if
such Borrower is not so qualified, failure to so qualify could not reasonably be expected to result in a Material Adverse Effect. Each Borrower has the right and power and is duly authorized and empowered to enter into, execute and deliver this
Agreement and the other Loan Documents and perform its obligations hereunder and thereunder. Each Borrower’s execution, delivery and performance of this Agreement and the other Loan Documents does not conflict with the provisions of the
organizational documents of such Borrower, any statute, regulation, ordinance or rule of law, or any agreement, contract or other document which may now or hereafter be binding on such Borrower, except for conflicts with agreements, contracts or
other documents which would not have a Material Adverse Effect on such Borrower, and such Borrower’s execution, delivery and performance of this Agreement and the other Loan Documents shall not result in the imposition of any lien or other
encumbrance upon any of such Borrower’s property (other than Permitted Liens) under any existing indenture, mortgage, deed of trust, loan or credit agreement or other agreement or instrument by which such Borrower or any of its property may be
bound or affected. 
 11.7 Litigation. Except as disclosed on Schedule 11.7 hereto, there are no actions
or proceedings which are pending or, to the best of any Borrower’s knowledge, threatened against a Borrower which is, in the determination of Administrative Agent, reasonably likely to have a Material Adverse Effect on such Borrower. No
Borrower has any Commercial Tort Claims pending other than those set forth on Exhibit F hereto as Exhibit F may be amended from time to time. 

11.8 Compliance with Laws and Maintenance of Permits. Each Borrower has obtained all governmental consents, franchises,
certificates, licenses, authorizations, approvals and permits, the lack of which would have a Material Adverse Effect on such Borrower. Each Borrower is in compliance in all material respects with all applicable federal, provincial, state, local and
foreign statutes, orders, regulations, rules and ordinances (including, without limitation, Environmental Laws and statutes, orders, regulations, rules and ordinances relating to Taxes, employer and employee contributions and similar items,
securities, ERISA or employee health and safety) the failure to comply with which would have a Material Adverse Effect on such Borrower. 

11.9 Affiliate Transactions. Except as set forth on Schedule 11.9 hereto or as permitted pursuant to
Section 11.3 hereof, no Borrower is conducting, permitting or suffering to be conducted, transactions with any Affiliate other than transactions with Affiliates for the purchase or sale of Inventory or services in the ordinary course of
business pursuant to terms that are no less favorable to such Borrower than the terms upon which such transactions would have been made had they been made to or with a Person that is not an Affiliate. 

  
 58 

 11.10 Names and Trade Names. Borrower’s name has always been as set
forth on the first page of this Agreement and no Borrower uses any trade names, assumed names, fictitious names or division names in the operation of its business, except as set forth on Schedule 11.10 hereto. 

11.11 Equipment. Except for Permitted Liens, each Borrower has good and indefeasible and merchantable title to and
ownership of all Equipment. No Equipment is a Fixture to real estate unless such real estate is owned by a Borrower and is subject to a mortgage in favor of Administrative Agent, or if such real estate is leased, is subject to a landlord’s
agreement in favor of Administrative Agent on terms acceptable to Administrative Agent, or an accession to other personal property unless such personal property is subject to a first priority lien in favor of Administrative Agent. 

11.12 Enforceability. This Agreement and the other Loan Documents to which each Borrower is a party are the legal,
valid and binding obligations of such Borrower and are enforceable against such Borrower in accordance with their respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’
rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

11.13 Solvency. Each Borrower is, after giving effect to the transactions contemplated hereby, solvent, able to pay its
debts as they become due, has capital sufficient to carry on its business, now owns property having a value both at fair valuation and at present fair saleable value greater than the amount required to pay its debts, and will not be rendered
insolvent by the execution and delivery of this Agreement or any of the other Loan Documents or by completion of the transactions contemplated hereunder or thereunder. 

11.14 Indebtedness. Except for the indebtedness under Section 13.2 below and as set forth on
Schedule 11.14 hereto, no Borrower is obligated (directly or indirectly), for any loans or other indebtedness for borrowed money other than the Loans. 

11.15 Margin Security and Use of Proceeds. No Borrower owns any margin securities, and none of the proceeds of the
Loans hereunder shall be used for the purpose of purchasing or carrying any margin securities or for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase any margin securities or for any other purpose not
permitted by Regulation U of the Board of Governors of the Federal Reserve System as in effect from time to time. 
 11.16
Parent, Subsidiaries and Affiliates. Except as set forth on Schedule 11.16 hereto, no Borrower has any Parents, Subsidiaries or other Affiliates or divisions, nor is any Borrower engaged in any joint venture or partnership with
any other Person. 
 11.17 No Defaults. No Borrower is in default under any material contract, lease or commitment to
which it is a party or by which it is bound, which default could reasonably be expected to have a Material Adverse Effect on such Borrower, nor does any Borrower know of any dispute regarding any contract, lease or commitment which could reasonably
be expected to have a Material Adverse Effect on such Borrower. 

  
 59 

 11.18 Employee Matters. There are no controversies pending or threatened
between a Borrower and any of its employees, agents or independent contractors other than employee grievances arising in the ordinary course of business which would not, in the aggregate, have a Material Adverse Effect on such Borrower, and each
Borrower is in compliance with all federal, provincial and state laws respecting employment and employment terms, conditions and practices except for such non-compliance which would not have a Material Adverse Effect on such Borrower. 

11.19 Intellectual Property. Each Borrower possesses adequate licenses, patents, patent applications, copyrights,
service marks, trademarks, trademark applications, tradestyles and trade names to continue to conduct its business as heretofore conducted by it except to the extent that the failure to possess such items would not have a Material Adverse Effect on
such Borrower. 
 11.20 Environmental Matters. No Borrower has generated, used, stored, treated, transported,
manufactured, handled, produced or disposed of any Hazardous Materials, on or off its premises (whether or not owned by it) in any manner which at any time violates in any material respect any Environmental Law or any license, permit, certificate,
approval or similar authorization thereunder and the operations of each Borrower comply in all material respects with all Environmental Laws and all licenses, permits, certificates, approvals and similar authorizations thereunder. There has been no
investigation, proceeding, complaint, order, directive, claim, citation or notice by any governmental authority or any other Person, nor is any pending or to the best of each Borrower’s knowledge threatened with respect to any non-compliance
with or violation of the requirements of any Environmental Law by a Borrower or the release, spill or discharge, threatened or actual, of any Hazardous Materials or the generation, use, storage, treatment, transportation, manufacture, handling,
production or disposal of any Hazardous Materials or any other environmental, health or safety matter, which affects a Borrower in any material respect or its business, operations or assets or any properties at which a Borrower has transported,
stored or disposed of any Hazardous Materials. No Borrower has any liability (contingent or otherwise) in connection with a release, spill or discharge, threatened or actual, of any Hazardous Materials or the generation, use, storage, treatment,
transportation, manufacture, handling, production or disposal of any Hazardous Materials the existence of which would result in a Material Adverse Effect on such Borrower. 

11.21 ERISA Matters and Canadian Pension Plan. Each Borrower is in material compliance with all obligations and
liabilities arising under ERISA except to the extent that any noncompliance could not reasonably be expected to have a Material Adverse Effect on such Borrower. 

(a) The Unfunded Liability of all Plans does not in the aggregate exceed twenty percent (20%) of the Total Plan Liability
for all such Plans. Each Plan complies in all material respects with all applicable requirements of law and regulations. No contribution failure under Section 412 of the Code, Section 302 of ERISA or the terms of any Plan has occurred with
respect to any Plan, sufficient to give rise to a Lien under Section 302(f) of ERISA, or otherwise to have a Material Adverse Effect. There are no pending or, to the knowledge of each Borrower, 

  
 60 

 
threatened, claims, actions, investigations or lawsuits against any Plan, any fiduciary of any Plan, or a Borrower or other any member of the Controlled Group with respect to a Plan which could
reasonably be expected to have a Material Adverse Effect. Neither any Borrower nor any other member of the Controlled Group has engaged in any prohibited transaction (as defined in Section 4975 of the Code or Section 406 of ERISA) in
connection with any Plan which would subject that Person to any material liability. Within the past five years, neither any Borrower nor any other member of the Controlled Group has engaged in a transaction which resulted in a Plan with an Unfunded
Liability being transferred out of the Controlled Group, which could reasonably be expected to have a Material Adverse Effect. No Termination Event has occurred or is reasonably expected to occur with respect to any Pension Plan, which could
reasonably be expected to have a Material Adverse Effect. 
 (b) All contributions (if any) have been made to any Plan that
are required to be made by a Borrower or any other member of the Controlled Group under the terms of the plan or of any collective bargaining agreement or by applicable law; neither any Borrower nor any other member of the Controlled Group has
withdrawn or partially withdrawn from any Plan, incurred any withdrawal liability with respect to any such plan or received notice of any claim or demand for withdrawal liability or partial withdrawal liability from any such plan, and no condition
has occurred which, if continued, could result in a withdrawal or partial withdrawal from any such plan; and neither any Borrower nor any other member of the Controlled Group has received any notice that any Plan is in reorganization, that increased
contributions may be required to avoid a reduction in plan benefits or the imposition of any excise tax, that any such plan is or has been funded at a rate less than that required under Section 412 of the Code, that any such plan is or may be
terminated, or that any such plan is or may become insolvent. 
 (c) No Canadian Pension Plan is a (i) pension plan
providing defined benefits (as defined in the Pension Benefit Act (Ontario) or any similar law governing Canadian pension plans), or (ii) pension plan that is a multi-employer pension plan (as defined in the Pension Benefit Act
(Ontario) or any similar law governing Canadian pension plans). The Loan Parties are in compliance in all material respects with all contracts and all laws or guidelines that have the force of law and in respect of all obligations to or under any
Canadian Pension Plan. The Borrowers and Subsidiaries are in compliance in all material respects with all laws in respect to contributions to any Canadian Pension Plan. All liabilities under each Canadian Pension Plan are funded in accordance with
applicable law. No event has occurred and no conditions exist relating to any Canadian Pension Plan that has resulted or could reasonably be expected to result in any Canadian Pension Plan having its registration revoked or refused for the purposes
of any administration of any relevant pension benefits regulatory authority or being required to pay any taxes or penalties under applicable law. 

11.22 Investment Company Act. No Loan Party is an “investment company” or a company “controlled” by
an “investment company” or a “subsidiary” of an “investment company” within the meaning of the Investment Company Act of 1940. 

11.23 Anti-Terrorism Laws. 

(a) No Loan Party (and, to the knowledge of each Loan Party, no joint venture or subsidiary thereof) is in violation in any
material respects of any United States or Canadian 

  
 61 

 
requirements of law relating to terrorism, sanctions or money laundering (the “Anti-Terrorism Laws”), including the United States Executive Order No. 13224 on Terrorist
Financing (the “Anti-Terrorism Order”) and the USA Patriot Act. 
 (b) No Loan Party (and, to the knowledge
of each Loan Party, no joint venture or Subsidiary thereof) (i) is listed in the annex to, or is otherwise subject to the provisions of, the Anti-Terrorism Order, (ii) is owned or controlled by, or acting for or on behalf of, any person
listed in the annex to, or is otherwise subject to the provisions of, the Anti-Terrorism Order, (iii) commits, threatens or conspires to commit or supports “terrorism” as defined in the Anti-Terrorism Order or (iv) is named as a
“specially designated national and blocked person” in the most current list published by OFAC. 
 (c) No Loan
Party (and, to the knowledge of each Loan Party, no joint venture or Affiliate thereof) (i) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any person described in
clauses (b)(i) through (b)(iv) above, (ii) deals in, or otherwise engages in any transactions relating to, any property or interests in property blocked pursuant to the Anti-Terrorism Order or (iii) engages in or conspires to engage
in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law. 

11.24 Subordinated Debt. The subordination provisions of the Subordinated Debt are enforceable against the
holder of the Subordinated Debt by the Lender. All Obligations constitute senior indebtedness entitled to the benefits of the subordination provisions contained in the Subordinated Debt Documents. 

 

	SECTION 12	 AFFIRMATIVE COVENANTS. 

Until payment and satisfaction in full of all Obligations and termination of this Agreement, unless Borrowers obtains Required
Lenders’ prior written consent waiving or modifying any of Borrowers’ covenants hereunder in any specific instance, each Borrower covenants and agrees as follows: 

12.1 Maintenance of Records; Collateral Access Agreements. Each Borrower shall at all times keep accurate and complete
books, records and accounts with respect to all of such Borrower’s business activities, in accordance with sound accounting practices and GAAP consistently applied, and shall keep such books, records and accounts, and any copies thereof, only
at the addresses indicated for such purpose on Schedule 11.2. Each Borrower shall cause to be delivered to Lender a Collateral Access Agreement with respect to each landlord where any such books, records, accounts, and any copies
thereof, and any inventory is maintained. 
 12.2 Notices. Each Borrower shall: 

12.2.1 Locations. Promptly (but in no event less than ten (10) days prior to the occurrence thereof) notify
Administrative Agent of the proposed opening of any new place of business or new location of Collateral, the closing of any existing place of business or location of Collateral, any change of the location of such Borrower’s books, records and
accounts (or copies thereof), the opening or closing of any post office box, the opening or closing of any bank account or, if any of the Collateral consists of Goods of a type normally used in more than one

  
 62 

 
state, the use of any such Goods in any state or province other than a state or province in which such Borrower has previously advised Administrative Agent that such Goods will be used. For the
avoidance of doubt, Borrowers shall not be required to provide notice with respect to the movement of any Collateral, books, records or accounts among existing locations of Collateral or existing places of business, as applicable. 

12.2.2 Eligible Accounts and Inventory. Promptly upon becoming aware thereof, notify Administrative Agent if any
material Account or a material portion of any Inventory, identified by any Borrower to Administrative Agent as an Eligible Account or Eligible Inventory becomes ineligible for any reason. 

12.2.3 Litigation and Proceedings. Promptly upon becoming aware thereof, notify Administrative Agent of any actions or
proceedings which are pending or threatened against a Borrower which might have a Material Adverse Effect on such Borrower and of any Commercial Tort Claims of such Borrower which may arise, which notice shall constitute such Borrower’s
authorization to amend Exhibit F to add such Commercial Tort Claim. 
 12.2.4 Names and Trade Names.
Notify Administrative Agent within ten (10) days of the change of its name or the use of any trade name, assumed name, fictitious name or division name not previously disclosed to Administrative Agent in writing. 

12.2.5 ERISA Matters. Promptly notify Administrative Agent of (x) the occurrence of any Reportable Event which
might result in the termination by the Pension Benefit Guaranty Corporation (the “PBGC”) of any employee benefit plan (“Plan”) covering any officers or employees of such Borrower, any benefits of which are, or are
required to be, guaranteed by the PBGC, (y) receipt of any notice from the PBGC of its intention to seek termination of any Plan or appointment of a trustee therefor or (z) its intention to terminate or withdraw from any Plan. 

12.2.6 Environmental Matters. As promptly as is commercially reasonable, notify Administrative Agent upon becoming
aware of any investigation, proceeding, complaint, order, directive, claim, citation or notice with respect to any non-compliance with or violation of the requirements of any Environmental Law by such Borrower or the generation, use, storage,
treatment, transportation, manufacture handling, production or disposal of any Hazardous Materials or any other environmental, health or safety matter which affects such Borrower or its business operations or assets or any properties at which such
Borrower has transported, stored or disposed of any Hazardous Materials unless the foregoing could not reasonably be expected to have a Material Adverse Effect on such Borrower. 

12.2.7 Default; Material Adverse Change. Promptly advise Administrative Agent of the occurrence of any event having or
causing a Material Adverse Effect on any Loan Party, the occurrence of any Default or Event of Default hereunder. 
 12.2.8
Subordinated Debt Notices; Surety Reports. Promptly from time to time, furnish Lender with copies of any notices (including notices of default or acceleration) received from any holder of, under or with respect to any Subordinated Debt and
any Surety Debt. 

  
 63 

 12.2.9 Canadian Pension Plan Matters. Promptly notify the Administrative
Agent upon (a) the occurrence of any event that would reasonably be expected to give rise to the termination of any Canadian Pension Plan; (b) the failure of any Loan Party to make any required contribution to any Canadian Pension Plan
when due; or (c) any Loan Party becoming aware of any material increase in liability under any Canadian Pension Plan. 
 All of the foregoing notices
shall be provided by each Borrower to Administrative Agent in writing. 
 12.3 Compliance with Laws and Maintenance of
Permits. Each Borrower shall maintain all governmental consents, franchises, certificates, licenses, authorizations, approvals and permits, the lack of which would have a Material Adverse Effect on such Borrower and each Borrower shall remain in
compliance with all applicable federal, provincial, state, local and foreign statutes, orders, regulations, rules and ordinances (including, without limitation, Environmental Laws and statutes, orders, regulations, rules and ordinances relating to
Taxes, employer and employee contributions and similar items, securities, ERISA or employee health and safety) the failure with which to comply would have a Material Adverse Effect on such Borrower. Following any determination by Administrative
Agent that there is non-compliance, or any condition which requires any action by or on behalf of such Borrower in order to avoid non-compliance, with any Environmental Law, Borrower shall, at Borrowers’ expense, upon notification to
Administrative Agent, cause an independent environmental engineer acceptable to Administrative Agent to conduct such tests of the relevant site(s) as are appropriate and prepare and deliver a report setting forth the results of such tests, a
proposed plan for remediation and an estimate of the costs thereof. 
 12.4 Inspection and Audits. Each Borrower
shall permit Administrative Agent, or any Persons designated by it, to call at such Borrower’s places of business at any reasonable times, and, without hindrance or delay, to inspect the Collateral and to inspect, audit, check and make extracts
from such Borrower’s books, records, journals, orders, receipts and any correspondence and other data relating to such Borrower’s business, the Collateral or any transactions between the parties hereto, and shall have the right to make
such verification concerning such Borrower’s business as Administrative Agent may consider reasonable under the circumstances. Each Borrower shall furnish to Administrative Agent such information relevant to Administrative Agent’s rights
under this Agreement and the other Loan Documents as Administrative Agent shall at any time and from time to time request. Administrative Agent, through its officers, employees or agents shall have the right, at any time and from time to time, to
verify the validity, amount or any other matter relating to any of such Borrower’s Accounts, by mail, telephone, telecopy, electronic mail, or otherwise. Each Borrower authorizes Administrative Agent and its agents to discuss the affairs,
finances and business of such Borrower with any senior officers, or directors of such Borrower or with its Parent or any Affiliate or the senior officers or directors of its Parent or any Affiliate, and to discuss the financial condition of such
Borrower with such Borrower’s independent public accountants. Any such discussions shall be without liability to Administrative Agent or to such Borrower’s independent public accountants. Each Borrower shall pay to Administrative Agent all
customary fees and all reasonable, documented out-of-pocket costs and expenses incurred by Administrative Agent in the exercise of its rights hereunder, and all of such fees, costs and expenses shall constitute Obligations hereunder, shall be
payable on demand and, until paid, shall bear interest at the highest rate then applicable to 

  
 64 

 
Loans hereunder. Notwithstanding the foregoing, unless an Event of Default has occurred and is continuing, such inspections and audits shall not take place more than two times in any calendar
year. Any Lender may accompany Administrative Agent on any such audit or inspection at its own cost. 
 12.5
Insurance. Each Borrower shall: 
 12.5.1 Casualty Insurance; Business Interruption Insurance. Keep the
Collateral properly housed and insured for the full insurable value thereof against loss or damage by fire, theft, explosion, sprinklers, collision (in the case of motor vehicles) and such other risks as are customarily insured against by Persons
engaged in businesses similar to that of such Borrower, with such companies, in such amounts, with such deductibles, and under policies in such form, as shall be satisfactory to Administrative Agent. Copies of such policies of insurance have been or
shall be, within ninety (90) days of the Closing Date, delivered to Administrative Agent, together with evidence of payment of all premiums therefor, and shall contain an endorsement, in form and substance acceptable to Administrative Agent,
showing loss under such insurance policies payable to Administrative Agent. Such endorsement, or an independent instrument furnished to Administrative Agent, shall provide that the insurance company shall give Administrative Agent at least
thirty (30) days written notice (or such other number of days approved by Administrative Agent) before any such policy of insurance is altered or canceled and that no act, whether willful or negligent, or default of such Borrower or any other
Person shall affect the right of Administrative Agent or Lenders to recover under such policy of insurance in case of loss or damage. In addition, each Borrower shall cause to be executed and delivered to Administrative Agent an assignment of
proceeds of its business interruption insurance policies. Each Borrower hereby directs all insurers under all policies of insurance to pay all proceeds payable thereunder directly to Administrative Agent. Each Borrower irrevocably makes, constitutes
and appoints Administrative Agent (and all officers, employees or agents designated by Administrative Agent) as Borrower’s true and lawful attorney (and agent-in-fact) for the purpose of making, settling and adjusting claims under such policies
of insurance, endorsing the name of such Borrower on any check, draft, instrument or other item of payment for the proceeds of such policies of insurance and making all determinations and decisions with respect to such policies of insurance,
provided however, that if no Event of Default shall have occurred and is continuing, such Borrower may make, settle and adjust claims involving less than $500,000 in the aggregate without Administrative Agent’s consent. 

12.5.2 Liability Insurance. Maintain, at its expense, such public liability and third party property damage insurance
as is customary for Persons engaged in businesses similar to that of such Borrower with such companies and in such amounts, with such deductibles and under policies in such form as shall be satisfactory to Administrative Agent and original (or
certified) copies of such policies have been or shall be, within ninety (90) days after the Closing Date, delivered to Administrative Agent, together with evidence of payment of all premiums therefor; each such policy shall contain an
endorsement showing Administrative Agent and Lenders as additional insured thereunder and providing that the insurance company shall give Administrative Agent at least thirty (30) days written notice before any such policy shall be altered or
canceled. 

  
 65 

 12.5.3 Administrative Agent May Purchase Insurance. If a Borrower at any
time or times hereafter shall fail to obtain or maintain any of the policies of insurance required above (and provide evidence thereof to Administrative Agent) or to pay any premium relating thereto, then Administrative Agent, without waiving or
releasing any obligation or default by Borrowers hereunder, may (but shall be under no obligation to) obtain and maintain such policies of insurance and pay such premiums and take such other actions with respect thereto as Administrative Agent deems
advisable upon notice to Borrowers. Such insurance, if obtained by Administrative Agent, may, but need not, protect any Borrower’s interests or pay any claim made by or against a Borrower with respect to the Collateral. Such insurance may be
more expensive than the cost of insurance such Borrower may be able to obtain on its own and may be cancelled only upon Borrowers providing evidence that it has obtained the insurance as required above. All sums disbursed by Administrative Agent in
connection with any such actions, including, without limitation, court costs, expenses, other charges relating thereto and reasonable Attorney Costs, shall constitute Loans hereunder, shall be payable on demand by Borrowers to Administrative Agent
and, until paid, shall bear interest at the highest rate then applicable to Loans hereunder. This provision shall constitute the notice to Borrowers required pursuant to paragraph (3) of section 180/10 of Chapter 815 of the Illinois Compiled
Statutes (2004). 
 12.6 Collateral. Each Borrower shall keep the Collateral in good condition, repair and order and
shall make all necessary repairs to the Equipment and replacements thereof so that the operating efficiency and the value thereof shall at all times be preserved and maintained in all material respects; provided, however, Borrowers shall not be
required to maintain or repair any Equipment it determines, in its Permitted Discretion, to be worn-out or obsolete. Each Borrower shall permit Administrative Agent to examine any of the Collateral at any time and wherever the Collateral may be
located and, such Borrower shall, immediately upon request therefor by Administrative Agent, deliver to Administrative Agent any and all evidence of ownership of any of the Equipment including, without limitation, certificates of title and
applications of title. Each Borrower shall, at the request of Administrative Agent, indicate on its records concerning the Collateral a notation, in form satisfactory to Administrative Agent, of the security interest of Administrative Agent
hereunder. 
 12.7 Use of Proceeds. All monies and other property obtained by each Borrower from Administrative Agent
and Lenders pursuant to this Agreement shall be used solely for working capital purposes, to refinance the debt of Borrowers and their Subsidiaries, and for other business purposes of Borrowers. 

12.8 Taxes. Each Borrower shall file all required tax returns and pay all of its federal, provincial, state, municipal
and other material Taxes when due, subject to any extensions granted by the applicable taxing authority, including, without limitation, Taxes imposed by federal, provincial, state or municipal agencies, and shall cause any liens for Taxes to be
promptly released; provided, that each Borrower shall have the right to contest the payment of such Taxes in good faith by appropriate proceedings so long as (i) the amount so contested is shown on such Borrower’s financial statements;
(ii) the contesting of any such payment does not give rise to a lien for Taxes; (iii) such Borrower keeps on deposit with Administrative Agent (such deposit to be held without interest) or a reserve is maintained against Borrowers’
availability to borrow money under Section 2.1, in either case, in an amount of money which, in the sole judgment of Administrative Agent, is sufficient to pay such Taxes and any interest or penalties that may

  
 66 

 
accrue thereon; and (iv) if such Borrower fails to prosecute such contest with reasonable diligence, Administrative Agent may apply the money so deposited in payment of such Taxes. If such
Borrower fails to pay any such Taxes and in the absence of any such contest by such Borrower, Administrative Agent may (but shall be under no obligation to) advance and pay any sums required to pay any such Taxes and/or to secure the release of any
lien therefor, and any sums so advanced by Administrative Agent shall constitute Loans hereunder, shall be payable by Borrowers to Administrative Agent on demand, and, until paid, shall bear interest at the highest rate then applicable to Loans
hereunder. 
 12.9 Intellectual Property. Each Borrower shall maintain adequate licenses, patents, patent
applications, copyrights, service marks, trademarks, trademark applications, tradestyles and trade names to continue its business as heretofore conducted by it or as hereafter conducted by it unless the failure to maintain any of the foregoing could
not reasonably be expected to have a Material Adverse Effect on such Borrower. 
 12.10 Checking Accounts and Cash
Management Services. Unless Administrative Agent otherwise consents in writing, in order to facilitate Administrative Agent’s maintenance and monitoring of the Collateral within ninety (90) days after the Closing Date, each Borrower
shall maintain, and shall cause each of its Subsidiaries to maintain its general checking/controlled disbursement account and all of its other deposit accounts (except with respect to Excluded Accounts) with Administrative Agent. Each Borrower shall
be responsible for all normal charges assessed thereon. 
 12.11 USA Patriot Act, Bank Secrecy Act and Office of Foreign
Asset Control. (a) Ensure, and cause each other Loan Party to ensure, that no Person who owns a controlling interest in or otherwise controls a Loan Party is or shall be (i) listed on the Specially Designated Nationals and Blocked
Person List maintained by the Office of Foreign Assets Control (“OFAC”), Department of the Treasury, and/or any other similar lists maintained by OFAC pursuant to any authorizing statute, Executive Order or regulation or (ii) a
Person designated under Section 1(b), (c) or (d) of Executive Order No. 13224 (September 23, 2001), any related enabling legislation or any other similar Executive Orders, and (b) comply, and cause each other Loan Party
to comply, with all applicable Bank Secrecy Act (“BSA”) and anti-money laundering laws and regulations, including, without limitation, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada). 

 

	SECTION 13	 NEGATIVE COVENANTS. 

Until payment and satisfaction in full of all Obligations and termination of this Agreement, unless Borrowers obtain Required
Lenders’ prior written consent waiving or modifying any of Borrowers’ covenants hereunder in any specific instance, each Borrower agrees as follows: 

13.1 Guaranties. Other than with respect to the Permitted Guarantee Obligations, no Borrower shall, nor shall it permit
any other Loan Party to assume, guarantee or endorse, or otherwise become liable in connection with, the obligations of any Person, except by endorsement of instruments for deposit or collection or similar transactions in the ordinary course of
business. 

  
 67 

 13.2 Indebtedness. No Borrower shall, nor shall it permit any other Loan
Party to create, incur, assume or become obligated (directly or indirectly), for any loans or other indebtedness for borrowed money other than the Loans, except: 

(a) Obligations under this Agreement and the other Loan Documents; 

(b) debt secured by liens permitted by clause (v) of the definition of “Permitted Liens”, and
refinancings and extensions of any such debt, provided that (i) such debt when incurred shall not exceed the purchase price of the asset(s) financed, (ii) no such debt shall be refinanced for a principal amount in excess of the
principal balance outstanding thereon at the time of such refinancing, and (iii) the total amount of all such debt at any time outstanding shall not exceed $500,000 in the aggregate; 

(c) unsecured trade accounts payable to trade creditors incurred in the ordinary course of business; 

(d) Subordinated Debt in effect on the date hereof set forth on Schedule 11.14 and other Subordinated Debt in an
amount not to exceed $500,000 at any time outstanding following the date hereof, provided that both before and after giving effect to the incurrence of such debt, no Event of Default shall have occurred and be continuing; 

(e) hedging obligations approved by Administrative Agent and incurred in favor of Lender or an Affiliate of Lender for bona
fide hedging purposes and not for speculation; 
 (f) unsecured debt described on Schedule 11.14 and refinancings and
extensions of any such unsecured debt if the representations, warranties, covenants, events of default and other material terms and conditions thereof are not materially less favorable to the obligor thereon or to the Administrative Agent than the
unsecured debt being refinanced or extended, and the average life to maturity thereof is greater than or equal to that of the unsecured debt being refinanced or extended, provided, such unsecured debt permitted under this clause (f)
shall not (i) include debt of an obligor that was not an obligor with respect to the Indebtedness being extended, renewed, or refinanced or (ii) exceed in a principal amount the unsecured debt being renewed, extended or refinanced; 

(g) other unsecured debt in an aggregate principal amount not to exceed $2,000,000 at any time outstanding; 

(h) indebtedness in respect of and in effect on the date hereof set forth on Schedule 11.14 and other Capital
Leases not to exceed $1,000,000 in the aggregate; 
 (i) Rental Fleet Debt; 

(j) indebtedness owing to a Person that is a Loan Party; 

(k) unsecured indebtedness consisting of Permitted Guarantee Obligations; 

  
 68 

 (l) the unsecured indebtedness of Manitex International to Terex in the aggregate
amount of $1,594,013 evidenced by a promissory note dated on or about December 19, 2014; 
 (m) unsecured indebtedness
owing from Manitex International to Terex pursuant to the Terex Subordinated Note; 
 (n) unsecured indebtedness owing from
Manitex International to Investor pursuant to the Investor Note Purchase Agreement in the maximum amount of $15,000,000; 

(o) unsecured indebtedness not otherwise described in paragraphs (i) through (viii) above, provided that both at the
time of and immediately after giving effect to the incurrence thereof (i) no Default or Event of Default shall have occurred and be continuing or result therefrom and (ii) the aggregate amount of all such indebtedness shall not exceed
$500,000, or the equivalent amount in Canadian Dollars at any one time outstanding; and 
 (p) indebtedness arising from
judgments or decrees not deemed to be a Default or Event of Default. 
 13.3 Liens. No Borrower shall, nor shall it
permit any other Loan Party to grant or permit to exist (voluntarily or involuntarily) any lien, claim, security interest or other encumbrance whatsoever on any of its assets, other than Permitted Liens. 

13.4 Mergers, Sales, Acquisitions, Subsidiaries and Other Transactions Outside the Ordinary Course of Business. No
Borrower shall, nor shall it permit any other Loan Party to (i) enter into any merger or consolidation; (ii) change the jurisdiction of such Borrower’s organization or enter into any transaction which has the effect of changing such
Borrower’s jurisdiction of organization; (iii) sell, lease or otherwise dispose of a material portion of its assets other than in the ordinary course of business; (iv) purchase the stock, other equity interests or all or a material
portion of the assets of any Person or division of such Person; or (v) enter into any other transaction outside the ordinary course of such Borrower’s business, including, without limitation, any purchase, redemption or retirement of any
shares of any class of its stock or any other equity interest, and any issuance of any shares of, or warrants or other rights to receive or purchase any shares of, any class of its stock or any other equity interest. No Borrower shall form any
Subsidiaries or enter into any joint ventures or partnerships with any other Person; provided, however, that the Borrower may form Subsidiaries upon approval by Administrative Agent and such Subsidiary becomes party to this Agreement as a Loan Party
pursuant to documentation in form and substance acceptable to the Administrative Agent. Notwithstanding the foregoing, the following transactions are permitted, (i) sales of Inventory in the ordinary course of business, (ii) any merger,
consolidation, sale, transfer, conveyance, lease or assignment of or by (x) any Loan Party with or into any other Loan Party so long as a Borrower is the survivor if a party, or (y) any wholly-owned Subsidiary into a Borrower,
(iii) sales and dispositions of worn-out or obsolete assets in an amount not to exceed $1,000,000 in the aggregate in any Fiscal Year or $2,500,000 in the aggregate during the term of this Agreement and (iv) the issuance of stock or other
equity interest pursuant to the terms of the convertible debentures as in effect on the date hereof identified on Schedule 13.4. 

  
 69 

 13.5 Dividends and Distributions. No Borrower shall declare or pay any
dividend or other distribution (whether in cash or in kind) on any class of its stock (if such Borrower is a corporation) or on account of any equity interest in such Borrower (if such Borrower is a partnership, limited liability company or other
type of entity) other than: 
 (a) each Loan Party other than Manitex International may pay cash distributions to its
Parent; 
 (b) Manitex may issue Capital Securities, warrants and/or options in satisfaction of (i) the convertible
debenture issued with respect to the ASV Joint Venture, (ii) the Investor Note Purchase Agreement and (iii) the Terex Subordinated Note; provided, however, that such Capital Securities shall not require any preferred return payable in cash
or contain any put provisions requiring the repurchase of such Capital Securities by Manitex International, and 
 (c) each
Loan Party may declare and make distributions payable in the Capital Securities of such Loan Party, provided that the issuance of such Capital Securities does not otherwise violate the terms of this Agreement and no Default or Event of Default has
occurred and is continuing at the time of making such distribution or would result from the making of such distribution; provided, however, that such Capital Securities shall not require any preferred return payable in cash or contain any put or
similar provisions requiring the repurchase of such Capital Securities by Manitex International. 
 13.6 Investments;
Loans. No Borrower shall, nor shall it permit any other Loan Party to make or permit to exist, any Investment except the following: 

(a) contributions by any Loan Party to any other Loan Party, so long as the recipient of any such capital contribution has
guaranteed the Obligations and such guaranty is secured by a pledge of all of its equity interests and substantially all of its real and personal property; 

(b) Investments constituting debt permitted by Section 13.1; 

(c) contingent liabilities constituting debt permitted by Section 13.1 or Permitted Liens; 

(d) Cash Equivalent Investments; 

(e) subject to Section 12.10, bank deposits in the ordinary course of business permitted by this Agreement; 

(f) Investments in securities of Account Debtors received pursuant to any plan of reorganization or similar arrangement upon
the bankruptcy or insolvency of such account debtors; 
 (g) accounts receivable created, acquired or made and trade credit
extended in each case in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; 

  
 70 

 (h) Investments existing as of the Closing Date and set forth in
Schedule 13.6 provided that the amount of such Investment is not increased after the Closing Date except in accordance with this Section 13.6; 

(i) loans to officers and employees in an aggregate principal amount not to exceed $500,000 at any time outstanding, so long
as the proceeds of such loans (a) constitute travel advances and employee relocation loans and other employee loans and advances in the ordinary course of business, or (b) are used by such officers and employees to purchase equity
interests in a Borrower; 
 (j) sales on open account in the ordinary course of business; 

(k) intercompany loans or intercompany Investments made by a Borrower into or for the benefit of another Borrower; provided,
however, that intercompany loans made by all US Borrowers to the Canadian Borrower will be limited to $12,000,000 in the aggregate at all times less the outstanding amount of all Canadian Revolving Loans; 

(l) Investments made by any Borrower in any Foreign Subsidiary; provided that in each case, (i) no Default or Event of
Default shall exist before and after giving effect to such Investment; (ii) the amount of such Investment shall not exceed $1,000,000 in the aggregate; (iii) no more than one (1) Investment may be made in each calendar quarter; and
(iv) each such Investment shall be returned to the applicable Borrower within sixty (60) days of the date each such Investment is made; 

(m) Investments in respect of Hedging Agreements provided that such transaction is entered into for risk management purposes
and not for speculative purposes; 
 (n) repurchase of Capital Securities in Manitex International held by employees in
amounts necessary to pay applicable withholding taxes not to exceed $250,000 in the aggregate in any Fiscal Year; and 
 (o)
Permitted Investments. 
 13.7 Fundamental Changes, Line of Business. No Borrower shall, nor shall it permit any
other Loan Party to (i) amend its organizational documents or change its Fiscal Year unless (w) such actions would not have a Material Adverse Effect on such Borrower; (x) such actions would not affect the obligations of such Borrower
or any Loan Party to Administrative Agent and Lenders; (y) such actions would not adversely affect the interpretation of any of the terms of this Agreement or the other Loan Documents and (z) Administrative Agent has received ten (10)
days prior written notice of such amendment or change or (ii) enter into a new line of business materially different from such Borrower’s current business. 

13.8 Equipment. No Borrower shall and shall not permit any other Loan Party to (i) permit any Equipment to become
a Fixture to real property unless such real property is owned by a Borrower or such Loan Party and is subject to a mortgage in favor of Administrative Agent, or if such real estate is leased, is subject to a landlord’s agreement in favor of
Administrative Agent on terms acceptable to Administrative Agent, or (ii) permit any Equipment to become an accession to any other personal property unless such personal property is subject to a first priority lien in favor of Administrative
Agent. 

  
 71 

 13.9 Affiliate Transactions. Except as set forth on
Schedule 11.9 hereto or as permitted pursuant to Section 11.3 hereof, no Borrower shall conduct, permit or suffer to be conducted, transactions with Affiliates other than transactions for the purchase or sale of Inventory or
services in the ordinary course of business pursuant to terms that are no less favorable to such Borrower than the terms upon which such transactions would have been made had they been made to or with a Person that is not an Affiliate. 

13.10 Settling of Accounts. No Borrower shall settle or adjust any Account identified by a Borrower as an Eligible
Account or with respect to which the Account Debtor is an Affiliate, in an aggregate amount exceeding $100,000 per calendar month, without the consent of Administrative Agent, provided, that following the occurrence and during the continuance of an
Event of Default, no Borrower shall settle or adjust any Account without the consent of Administrative Agent. 
 13.11
Reserved. 
 13.12 Subordinated Debt/Other Debt. No Loan Party shall, nor shall it permit any other Loan
Party, to (a) make any payment (whether for principal, interest or other amounts), redemption, prepayment, defeasance or repurchase of any Subordinated Debt, except in accordance with the applicable Subordination Agreement with respect to such
Subordinated Debt, (b) amend or otherwise modify, or waive any rights under, any terms or provisions of any Subordinated Debt, except that such terms and provisions may be amended solely to the extent permitted under any subordination agreement
relating to the Subordinated Debt Documents or (c) unless otherwise approved by the Administrative Agent in writing, make any payments under that certain Promissory Note dated December 19, 2014 in the original principal amount of
$1,594,013 payable by Manitex International to Terex, as amended, modified or restated from time to time. 
 13.13
Restriction of Amendments to Certain Documents. No Loan Party shall, nor shall it permit any Subsidiary to, amend or otherwise modify, or waive any rights under, any Subordinated Debt Documents (except to the extent permitted by the
Intercreditor Agreement), or Surety Debt Documents if, in any case, such amendment, modification or waiver could be adverse to the interests of Lenders. 
  

	SECTION 14	 FINANCIAL COVENANTS. 

Borrower shall maintain and keep in full force and effect each of the financial covenants set forth below: 

14.1 Fixed Charge Coverage. Borrowers shall not permit the ratio of (i) EBITDA minus (ii) all
unfinanced Capital Expenditures of Borrowers during the applicable period to (iii) Fixed Charges to be less than 1.20:1.0 for each period set forth below: 
  

			
	Period	  	Ratio
	 Six month period ended June 30, 2016
	  	1.20:1.0
	 Nine (9) month period ended September 30, 2016
	  	1.20:1.0
	 Twelve (12) month period ended December 31, 2016 and each Computation Period ended
thereafter
	  	1.20:1.0

  
 72 

	SECTION 15	 DEFAULT. 

The occurrence of any one or more of the following events shall constitute an “Event of Default” by Borrowers
hereunder: 
 15.1 Payment. The failure of any Loan Party to pay when due, declared due, or demanded by
Administrative Agent (at the request of Required Lenders), any of the Obligations. 
 15.2 Breach of this Agreement and
the other Loan Documents. The failure of any Loan Party to perform, keep or observe any of the covenants, conditions, promises, agreements or obligations of such Loan Party under this Agreement or any of the other Loan Documents; provided that
any such failure by a Borrower under subsections 12.1, 12.2.1, 12.2.4, 12.2.5, 12.2.6, 12.3 and 12.8 of this Agreement shall not constitute an Event of Default hereunder until the
twentieth (20th) day following the occurrence thereof. 
 15.3 Breaches of Other Obligations. The failure of any
Loan Party to perform, keep or observe (after any applicable notice and cure period) any of the covenants, conditions, promises, agreements or obligations of such Loan Party under any other agreement with any Person if such failure could be expected
to have a Material Adverse Effect on such Loan Party. 
 15.4 Breach of Representations and Warranties. The making or
furnishing by any Loan Party to Administrative Agent or any Lender of any representation, warranty, certificate, schedule, report or other communication within or in connection with this Agreement or the other Loan Documents which is untrue or
misleading in any material respect as of the date made. 
 15.5 Loss of Collateral. The loss, theft, damage or
destruction of any of the Collateral in an amount in excess of $750,000 in the aggregate for all such events during any Fiscal Year which is not covered by insurance as determined by Administrative Agent in its sole discretion determined in good
faith; provided, however, for all claims covered by insurance, the insurance company has acknowledged coverage of the full amount of such loss pursuant to a written acknowledgment in form and substance acceptable to Administrative Agent. 

15.6 Bankruptcy or Similar Proceedings. The commencement of any proceedings in bankruptcy by or against any Loan Party
or for the liquidation or reorganization of any Loan Party, or alleging that such Loan Party is insolvent or unable to pay its debts as they mature, or for the readjustment or arrangement of any Loan Party ‘s debts, whether under the United
States Bankruptcy Code, any Canadian Bankruptcy Law, or under any other bankruptcy or insolvency law, whether federal, provincial or state, now or hereafter existing, for the relief of debtors, or the commencement of any analogous statutory or
non-statutory proceedings involving any Loan Party; provided, however, that if such commencement of proceedings against such Loan Party is involuntary, such action shall not constitute an Event of Default unless such proceedings are not

  
 73 

 
dismissed or stayed within sixty (60) days after the commencement of such proceedings, though Administrative Agent and Lenders shall have no obligation to make Loans to or issue, or cause to
be issued, Letters of Credit on behalf of any Borrower during such sixty (60) day period or, if earlier, until such proceedings are dismissed or stayed. 

15.7 Appointment of Receiver. The appointment of a Receiver or trustee for any Loan Party, for any of the Collateral or
for any substantial part of any Loan Party’s assets or the institution of any proceedings for the dissolution, or the full or partial liquidation, or the merger or consolidation, of any Loan Party which is a corporation, limited liability
company or a partnership; provided, however, that if such appointment or commencement of proceedings against such Loan Party is involuntary, such action shall not constitute an Event of Default unless such appointment is not revoked or such
proceedings are not dismissed or stayed within sixty (60) days after the commencement of such proceedings, though Administrative Agent and Lenders shall have no obligation to make Loans to or issue, or cause to be issued, Letters of Credit on
behalf of any Borrower during such sixty (60) day period or, if earlier, until such appointment is revoked or such proceedings are dismissed or stayed. 

15.8 Judgment. The entry of any final, non-appealable judgment or order aggregating in excess of $750,000 not covered
by insurance against any Loan Party which remains unsatisfied or undischarged and in effect for thirty (30) days after such entry without a stay of enforcement or execution; provided, however, for all claims covered by insurance, the insurance
company has acknowledged coverage of the full amount of such judgment pursuant to a written acknowledgment in form and substance acceptable to Administrative Agent. 

15.9 Dissolution of Loan Party. The dissolution of any Loan Party which is a partnership, limited liability company,
corporation or other entity. 
 15.10 Criminal Proceedings. The institution in any court of a criminal proceeding
against any Loan Party, or the indictment of any Loan Party, for any crime, in either case which could reasonably be expected to have a Material Adverse Effect on such Loan Party. 

15.11 Change of Control. Any Change of Control shall occur. 

15.12 Investor Note Purchase Agreement. Any default or event of default (after all applicable cure periods) has
occurred under the Investor Note Purchase Agreement. 
 15.13 Material Adverse Effect. The occurrence of any event
which, in Administrative Agent’s Permitted Discretion, would reasonably be expected to have a Material Adverse Effect. 

15.14 Subordinated Debt. Any creditor party to any Subordination Agreement governing any Subordinated Debt shall
rescind or otherwise terminate any such Subordination Agreement. 
  

	SECTION 16	 REMEDIES UPON AN EVENT OF DEFAULT. 

16.1 Acceleration. Upon the occurrence and during the continuance of an Event of Default described in
Sections 15.6 or 15.7 hereof, all of the Obligations shall immediately and automatically become due and payable, without notice of any kind (provided, however, that notwithstanding the foregoing, Hedging Obligations shall only
terminate in accordance with the terms of the relevant Hedging Agreement). Upon the occurrence of any other Event of Default, and after giving effect to any applicable cure period, the Obligations may, at the option of Administrative Agent or at the
direction of Required Lenders, in whole or in part at Administrative Agent’s or Required Lenders’ sole discretion, and without demand, notice or legal process of any kind, be declared, and immediately shall become, due and payable. 

  
 74 

 16.2 Other Remedies. Upon the occurrence and during the continuance of an
Event of Default, Administrative Agent may, and at the direction of Required Lenders shall, exercise from time to time any rights and remedies available to it under the UCC, PPSA and any other applicable law in addition to, and not in lieu of, any
rights and remedies expressly granted in this Agreement or in any of the other Loan Documents and all of Administrative Agent’s and Lenders’ rights and remedies shall be cumulative and non-exclusive to the extent permitted by law. In
particular, but not by way of limitation of the foregoing, Administrative Agent may, and at the direction of Required Lenders shall, appoint, remove or reappoint by instrument in writing, any Person or Persons, whether an officer or officers or an
employee or employees of any Borrower or not, to be an interim receiver, receiver or receivers (hereinafter called a “Receiver,” which term when used herein shall include a receiver and manager) of such Collateral (including any
interest, income or profits therefrom). Any such Receiver shall, to the extent permitted by applicable law, be deemed the agent of such Borrower and not of Administrative Agent or any of the Lenders, and neither Administrative Agent or any of the
Lenders shall be in any way responsible for any misconduct, negligence or non-feasance on the part of any such Receiver or its servants, agents or employees. Subject to the provisions of the instrument appointing it, any such Receiver shall
(i) have such powers as have been granted to Administrative Agent or any of the Lenders under this Agreement and (ii) shall be entitled to exercise such powers at any time that such powers would otherwise be exercisable by Administrative
Agent or any of the Lenders under this Agreement, which powers shall include, but are not limited to, the power to take possession of the Collateral, to preserve the Collateral or its value, to carry on or concur in carrying on all or any part of
the business of any Borrower and to sell, lease, license or otherwise dispose of or concur in selling, leasing, licensing or otherwise disposing of the Collateral. To facilitate the foregoing powers, any such Receiver may, to the exclusion of all
others, including any Borrower, enter upon, use and occupy all premises owned or occupied by any Borrower wherein the Collateral may be situate, maintain the Collateral upon such premises, borrow money on a secured or unsecured basis and use the
Collateral directly in carrying on any Borrower’s business or as security for loans or advances to enable the Receiver to carry on any Borrower’s business or otherwise, as such Receiver shall, in its reasonable discretion, determine.
Except as may be otherwise directed by Administrative Agent or any of the Lenders, all money received from time to time by such Receiver in carrying out his/her/its appointment shall be received in trust for and be paid over to Administrative Agent
or any of the Lenders and any surplus shall be applied in accordance with applicable law. Every such Receiver may, in the discretion of Administrative Agent or any of the Lenders, be vested with, in addition to the rights set out herein, all or any
of the rights and powers of Administrative Agent or any of the Lenders described in this Agreement, the UCC, the PPSA, the United States Bankruptcy Code or Canadian Bankruptcy Law. In addition, but also not by way of limitation of the foregoing,
Administrative Agent may, and at the discretion of Required Lenders shall, without notice, demand or legal process of any kind, take possession of any or all of the Collateral (in addition to Collateral of which it already has possession), wherever
it may be found, and for that purpose may pursue the same wherever it may be found, and may enter onto any of the Borrowers’ premises where any of the Collateral may be, and search for, take possession of, remove, keep and store any of the
Collateral until the same shall be sold or otherwise disposed of, and Administrative Agent shall have the right to store the same at any of the Borrowers’ premises 

  
 75 

 
without cost to Administrative Agent or Lenders. At Administrative Agent’s request, the Borrowers shall, at the Borrowers’ expense, assemble the Collateral and make it available to
Administrative Agent at one or more places to be designated by Administrative Agent and reasonably convenient to Administrative Agent and the Borrowers. Each Borrower recognizes that if a Borrower fails to perform, observe or discharge any of its
Obligations under this Agreement or the other Loan Documents, no remedy at law will provide adequate relief to Administrative Agent or Lenders, and agrees that Administrative Agent shall be entitled to temporary and permanent injunctive relief in
any such case without the necessity of proving actual damages. Any notification of intended disposition of any of the Collateral required by law will be deemed to be a reasonable authenticated notification of disposition if given in writing at least
ten (10) days prior to such disposition and such notice shall (i) describe Administrative Agent and Lenders and the Borrowers, (ii) describe the Collateral that is the subject of the intended disposition, (iii) state the method
of the intended disposition, (iv) state that the Borrowers are entitled to an accounting of the Obligations and state the charge, if any, for an accounting and (v) state the time and place of any public disposition or the time after which
any private sale is to be made. Administrative Agent may disclaim any warranties that might arise in connection with the sale, lease or other disposition of the Collateral and has no obligation to provide any warranties at such time. Any Proceeds of
any disposition by Administrative Agent of any of the Collateral may be applied by Administrative Agent to the payment of expenses in connection with the Collateral, including, without limitation, Attorney Costs, and any balance of such Proceeds and
all other payments received by Administrative Agent during the continuance of an Event of Default may be applied by Administrative Agent toward the payment of such of the Obligations, and in such order of application as required by the UCC or PPSA
or, if the UCC or PPSA does not contain such requirements, as Administrative Agent may from time to time elect. In the absence of a specific determination by Administrative Agent, the Proceeds from the sale of, or other realization upon, all or any
part of the Collateral in payment of the Obligations shall be applied in the following order. 
 FIRST,
to the payment of all reasonable, documented out-of-pocket fees, costs, expenses and indemnities of Administrative Agent (in its capacity as such), including Attorney Costs, and any other Obligations owing to Administrative Agent in respect of
sums advanced by Administrative Agent to preserve the Collateral or to preserve its security interest in the Collateral, until paid in full: 

SECOND, to the payment of all of the Secured Obligations in respect of the Swing Line Loans to the Swing
Line Lender, until paid in full; 
 THIRD, to the payment of all of the Obligations consisting of
accrued and unpaid interest owing to the Lenders and Letter of Credit fees owing to the L/C Issuer, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described in this clause THIRD payable to them,
until paid in full; 
 FOURTH, to the payment of all Obligations consisting of principal owing to the
Lenders and Bank Product Obligations owing to Lenders or their Affiliates, ratably among the Lenders and their Affiliates in proportion to the respective amounts described in this clause FOURTH held by them, until paid in full; 

  
 76 

 FIFTH, to the payment of the Lenders an amount equal to
all Obligations in respect of outstanding Letters of Credit to be held as Cash Collateral in respect of such Obligations; 

SIXTH, to the payment of all other Obligations owing to the Lenders until paid in full; and 

SEVENTH, to the payment of any remaining Proceeds, if any, to whomever may be lawfully entitled to
receive such amounts. 
 16.3 Credit Bidding. The Loan Parties and the Lenders hereby irrevocably authorize (and by
entering into a Bank Product Agreement, each Bank Product provider shall be deemed to authorize) Administrative Agent, based upon the instruction of the Required Lenders, to Credit Bid and purchase (either directly or through one or more acquisition
vehicles) all or any portion of the Collateral (and the Loan Parties shall approve Administrative Agent as a qualified bidder and such Credit Bid as qualified bid) at any sale thereof conducted by Administrative Agent, based upon the instruction of
the Required Lenders, under any provisions of the UCC or PPSA, as part of any sale or investor solicitation process conducted by any Credit Party, any Receiver, trustee, agent or other Person pursuant or under any bankruptcy or insolvency law;
provided, however, that (i) the Required Lenders may not direct the Administrative Agent in any manner that does not treat each of the Lenders equally, without preference or discrimination, in respect of consideration received as a result of
the Credit Bid, (ii) the acquisition documents shall be commercially reasonable and contain customary protections for minority holders such as among other things, anti-dilution and tag-along rights, (iii) the exchanged debt or equity
securities must be freely transferable, without restriction (subject to applicable securities laws) and (iv) reasonable efforts shall be made to structure the acquisition in a manner that causes the governance documents pertaining thereto to
not impose any obligations or liabilities upon the Lenders individually (such as indemnification obligations). 
 For
purposes of the preceding sentence, the term “Credit Bid” shall mean, an offer submitted by the Administrative Agent (on behalf of the Lender group), based upon the instruction of the Required Lenders, to acquire the property of any
Loan Party or any portion thereof in exchange for and in full and final satisfaction of all or a portion (as commercially reasonably determined by the Administrative Agent, based upon the instruction of the Required Lenders) of the claims and
Obligations under this Agreement and other Loan Documents. 
  

	SECTION 17	 CONDITIONS PRECEDENT. 

17.1 Conditions to Initial Loans. The obligation of Lenders to fund the Term Loan(s), to fund the initial Revolving
Loans, and to issue or cause to be issued the initial Letter of Credit, as applicable, is subject to the satisfaction or waiver of the following conditions precedent (and the date on which all such conditions precedent have been satisfied and the
initial Loans are advanced by Lenders is called the “Closing Date”): 
 (a) Administrative Agent shall have
received each of the agreements, opinions, reports, approvals, consents, certificates and other documents set forth on the closing document list attached hereto as Schedule 17.1 (the “Closing Document List”) in each case
in form and substance satisfactory to Administrative Agent; 

  
 77 

 (b) Since December 31, 2015, no event shall have occurred which has had or
could reasonably be expected to have a Material Adverse Effect on any Loan Party, as determined by Administrative Agent in its Permitted Discretion, determined in good faith; 

(c) Administrative Agent shall have received payment in full of all fees and expenses payable to it by Borrowers or any other
Person in connection herewith, on or before disbursement of the initial Loans hereunder; 
 (d) Administrative Agent shall
have commercially reasonably determined that immediately after giving effect to (A) the making of the initial Loans, including, without limitation, the Term Loan and the Revolving Loans, if any, requested to be made on the Closing Date,
(B) the issuance of the initial Letter of Credit, if any, requested to be made on such date, (C) the payment of all fees due upon such date, (D) the payment or reimbursement by Borrowers of Administrative Agent for all closing costs
and expenses incurred in connection with the transactions contemplated hereby and (E) the payment of all accounts payable more than forty-five (45) days past due, Borrowers have Excess Availability of not less than Three Million Dollars
($3,000,000); 
 (e) Administrative Agent shall have received (i) audited consolidated financial statements for the
Borrowers for the fiscal years ending on or about December 31, 2013, December 31, 2014 and December 31, 2015 and (ii) unaudited interim consolidated financial statements for the Borrowers and their Subsidiaries for each fiscal
month and quarterly period ended before May 1, 2016. The Borrowers’ EBITDA shall be no less than Nine Million Dollars ($9,000,000) for the trailing twelve month period ending December 31, 2015; and 

(f) The Loan Parties shall have executed and delivered to Administrative Agent all such other documents, instruments and
agreements which Administrative Agent determines are reasonably necessary to consummate the transactions contemplated hereby. 

17.2 Conditions to All Loans. Lenders shall not be obligated to fund any Loans, arrange for the issuance of any Letters
of Credit or grant any other accommodation for the benefit of any Borrower, unless the following conditions are satisfied ; provided, that if Administrative Agent chooses to cause Loans to be advanced or Letters of Credit to be issued
notwithstanding the failure of any such conditions to be satisfied, all Lenders shall be required to fund such Loans and participate in such Letters of Credit unless Required Lenders has directed Administrative Agent not to fund such Loans or caused
such Letters of Credit to be issued: 
 (a) No Default or Event of Default shall exist at the time of or result from such
funding, issuance or grant; 
 (b) The representations and warranties of each Loan Party in this Agreement and the other
Loan Documents shall be true and correct in all material respects (without duplication of any materiality qualifier contained therein) as of the date, and after giving effect to such funding, issuance or grant (except for representations and
warranties that expressly relate to an earlier date which must be true and correct in all material respects as of such earlier date); and 

  
 78 

 (c) No event shall have occurred or circumstances exist that has or could
reasonably be expected to have a Material Adverse Effect. 
 Each request (or deemed request) by a Borrower for funding of a
Loan, issuance of a Letter of Credit or grant of an accommodation shall constitute a representation by Borrowers that the foregoing conditions are satisfied on the date of such request and on the date of such funding, issuance or grant. As an
additional condition to any funding, issuance or grant, Agent shall have received such other information, documents, instruments and agreements as it deems appropriate in connection therewith. 

 

	SECTION 18	 THE AGENTS. 

18.1 Appointment and Authorization. Each Lender hereby irrevocably (subject to Section 18.10) appoints,
designates and authorizes the Administrative Agent to take such action on its behalf under the provisions of this Agreement and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated to it by the
terms of this Agreement or any other Loan Document, together with such powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary contained elsewhere in this Agreement or in any other Loan Document, the Administrative
Agent shall not have any duty or responsibility except those expressly set forth herein, nor shall the Administrative Agent have or be deemed to have any fiduciary relationship with any Lender or participant, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against the Administrative Agent. Without limiting the generality of the foregoing sentence, the use of the term
“agent” herein and in other Loan Documents with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such
term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. Administrative Agent shall provide copies of all financial statements and projections
delivered to Administrative Agent by Borrowers pursuant to Section 9 hereof, and copies of all material notices delivered to Administrative Agent by Borrowers either by delivering copies to each Lender by electronic mail or by posting
such materials to an internet service accessible by such Lenders such as “Intralinks”. Each Borrower and each Lender agrees that Administrative Agent may, in its sole discretion, utilize Intralinks or electronic mail for such purpose. 

18.2 L/C Issuers. The L/C Issuers shall act on behalf of the Lenders (according to their Pro Rata Shares) with respect to any
Letters of Credit issued by them and the documents associated therewith. The L/C Issuers shall have all of the benefits and immunities (a) provided to the Administrative Agent in this Section 18 with respect to any acts taken or
omissions suffered by the L/C Issuers in connection with Letters of Credit issued by them or proposed to be issued by them and the applications and agreements for letters of credit pertaining to such Letters of Credit as fully as if the term
“Administrative Agent”, as used in this Section 18, included the L/C Issuers with respect to such acts or omissions and (b) as additionally provided in this Agreement with respect to the L/C Issuers. 

18.3 Delegation of Duties. The Administrative Agent may execute any of its duties under this Agreement or any other
Loan Document by or through agents, employees or attorneys 

  
 79 

 
in fact and shall be entitled to advice of counsel and other consultants or experts concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the
negligence or misconduct of any agent or attorney in fact that it selects in the absence of gross negligence or willful misconduct. 

18.4 Exculpation of Administrative Agent. None of the Administrative Agent nor any of its directors, officers,
employees or agents shall (a) be liable for any action taken or omitted to be taken by any of them under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby (except to the extent resulting
from its own gross negligence or willful misconduct in connection with its duties expressly set forth herein as determined by a final, nonappealable judgment by a court of competent jurisdiction), or (b) be responsible in any manner to any
Lender or participant for any recital, statement, representation or warranty made by any Loan Party or Affiliate of a Borrower, or any officer thereof, contained in this Agreement or in any other Loan Document, or in any certificate, report,
statement or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement or any other Loan Document, or the validity, effectiveness, genuineness, enforceability or sufficiency of
this Agreement or any other Loan Document (or the creation, perfection or priority of any Lien or security interest therein), or for any failure of any Borrower or any other party to any Loan Document to perform its Obligations hereunder or
thereunder. The Administrative Agent shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document,
or to inspect the properties, books or records of any Borrower or any of Borrowers’ Subsidiaries or Affiliates. 
 18.5
Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, communication, signature, resolution, representation, notice, consent, certificate, electronic
mail message, affidavit, letter, telegram, facsimile, telex or telephone message, statement or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons, and upon
advice and statements of legal counsel (including counsel to Borrowers), independent accountants and other experts selected by the Administrative Agent. The Administrative Agent shall be fully justified in failing or refusing to take any action
under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate and, if it so requests, confirmation from the Lenders of their obligation to indemnify the
Administrative Agent against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from
acting, under this Agreement or any other Loan Document in accordance with a request or consent of the Required Lenders and such request and any action taken or failure to act pursuant thereto shall be binding upon each Lender. For purposes of
determining compliance with the conditions specified in Section 12, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required
thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received written notice from such Lender prior to the proposed Closing Date specifying its objection thereto. 

  
 80 

 18.6 Notice of Default. The Administrative Agent shall not be deemed to
have knowledge or notice of the occurrence of any Event of Default or Default except with respect to defaults in the payment of principal, interest and fees required to be paid to the Administrative Agent for the account of the Lenders, unless the
Administrative Agent shall have received written notice from a Lender or a Borrower referring to this Agreement, describing such Event of Default or Default and stating that such notice is a “notice of default”. The Administrative
Agent will notify the Lenders of its receipt of any such notice. The Administrative Agent shall take such action with respect to such Event of Default or Default as may be requested by the Required Lenders in accordance with Section 16;
provided that unless and until the Administrative Agent has received any such request, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Event of Default or
Default as it shall deem advisable or in the best interest of the Lenders. 
 18.7 Credit Decision. Each Lender
acknowledges that the Administrative Agent has not made any representation or warranty to it, and that no act by the Administrative Agent hereafter taken, including any consent and acceptance of any assignment or review of the affairs of the Loan
Parties, shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender as to any matter, including whether the Administrative Agent has disclosed material information in its possession. Each Lender represents
to the Administrative Agent that it has, independently and without reliance upon the Administrative Agent and based on such documents and information as it has deemed appropriate, made its own appraisal of, and investigation into the business,
prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties, and made its own decision to enter into this Agreement and to extend credit to Borrowers hereunder. Each Lender also represents that it will,
independently and without reliance upon the Administrative Agent and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action
under this Agreement and the other Loan Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of Borrowers. Except
for notices, reports and other documents expressly herein required to be furnished to the Lenders by the Administrative Agent, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other
information concerning the business, prospects, operations, property, financial or other condition or creditworthiness of Borrowers which may come into the possession of the Administrative Agent. 

18.8 Indemnification. Whether or not the transactions contemplated hereby are consummated, each Lender shall indemnify
upon demand the Administrative Agent and its directors, officers, employees and agents (to the extent not reimbursed by or on behalf of any Borrower and without limiting the obligation of Borrowers to do so), according to its applicable Pro Rata
Share, from and against any and all Indemnified Liabilities (as hereinafter defined); provided that no Lender shall be liable for any payment to any such Person of any portion of the Indemnified Liabilities to the extent determined by a final,
nonappealable judgment by a court of competent jurisdiction to have resulted from the applicable Person’s own gross negligence or willful misconduct. No action taken in accordance with the directions of the Required Lenders shall be deemed to
constitute gross negligence or willful misconduct for purposes of this Section. Without limitation of the foregoing, each Lender shall reimburse the Administrative Agent upon 

  
 81 

 
demand for its ratable share of any reasonable, documented out-of-pocket costs or expenses (including Attorney Costs and Taxes) incurred by the Administrative Agent in connection with the
preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any other
Loan Document, or any document contemplated by or referred to herein, to the extent that the Administrative Agent is not reimbursed for such expenses by or on behalf of Borrowers. The undertaking in this Section shall survive repayment of the Loans,
cancellation of the Notes, expiration or termination of the Letters of Credit, any foreclosure under, or modification, release or discharge of, any or all of the Collateral Documents, termination of this Agreement and the resignation or replacement
of the Administrative Agent. 
 18.9 Administrative Agent in Individual Capacity. PrivateBank and its Affiliates may
make loans to, issue letters of credit for the account of, accept deposits from, acquire equity interests in and generally engage in any kind of banking, trust, financial advisory, underwriting or other business with the Loan Parties and Affiliates
as though PrivateBank were not the Administrative Agent hereunder and without notice to or consent of any Lender. Each Lender acknowledges that, pursuant to such activities, PrivateBank or its Affiliates may receive information regarding Borrowers
or their Affiliates (including information that may be subject to confidentiality obligations in favor of a Borrower or such Affiliate) and acknowledge that the Administrative Agent shall be under no obligation to provide such information to them.
With respect to their Loans (if any), PrivateBank and its Affiliates shall have the same rights and powers under this Agreement as any other Lender and may exercise the same as though PrivateBank were not the Administrative Agent, and the terms
“Lender” and “Lenders” include PrivateBank and its Affiliates, to the extent applicable, in their individual capacities. 

18.10 Successor Administrative Agent. The Administrative Agent may resign as Administrative Agent upon
30 days’ notice to the Lenders. If the Administrative Agent resigns under this Agreement, the Required Lenders shall, with (so long as no Event of Default exists) the consent of Borrowers (which shall not be unreasonably withheld or
delayed), appoint from among the Lenders a successor agent for the Lenders. If no successor agent is appointed prior to the effective date of the resignation of the Administrative Agent, the Administrative Agent may appoint, after consulting with
the Lenders and Borrowers, a successor agent from among the Lenders. Upon the acceptance of its appointment as successor agent hereunder, such successor agent shall succeed to all the rights, powers and duties of the retiring Administrative Agent
and the term “Administrative Agent” shall mean such successor agent, and the retiring Administrative Agent’s appointment, powers and duties as Administrative Agent shall be terminated. After any retiring Administrative
Agent’s resignation hereunder as Administrative Agent, the provisions of this Section 18 and Sections 4.3.4 and 19.2 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was
Administrative Agent under this Agreement. If no successor agent has accepted appointment as Administrative Agent by the date which is 30 days following a retiring Administrative Agent’s notice of resignation, the retiring Administrative
Agent’s resignation shall nevertheless thereupon become effective and the Lenders shall perform all of the duties of the Administrative Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as provided for
above. 

  
 82 

 18.11 Collateral Matters. 

(a) Each Lender authorizes and directs Administrative Agent to enter into the other Loan Documents for the benefit of Lenders.
Each Lender hereby agrees that, except as otherwise set forth herein, any action taken by Required Lenders in accordance with the provisions of this Agreement or the other Loan Documents, and the exercise by the Required Lenders of the powers set
forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all Lenders. Administrative Agent is hereby authorized on behalf of all Lenders, without the necessity of any notice
to or further consent from any Lender to take any action with respect to any Collateral or other Loan Documents which may be necessary to perfect and maintain perfected the Liens upon the Collateral granted pursuant to this Agreement and the other
Loan Documents. 
 (b) The Lenders irrevocably authorize the Administrative Agent, at its option and in its discretion,
(i) to release any Lien granted to or held by the Administrative Agent under any Collateral Document (x) upon termination of the Commitments and payment in full of all Loans and all other obligations of Borrowers hereunder and the
expiration or termination of all Letters of Credit (including by means of credit bidding in accordance with Section 16.3; (y) constituting property sold or to be sold or disposed of as part of or in connection with any disposition
permitted hereunder (including the release of any guarantor); or (z) subject to Section 20.1 if approved, authorized or ratified in writing by the Required Lenders; or (ii) to subordinate its interest in any Collateral to any
holder of a Lien on such Collateral which is permitted by clause (v) of the definition of Permitted Liens (it being understood that the Administrative Agent may conclusively rely on a certificate from Borrowers in determining whether the Debt
secured by any such Lien is permitted by Section 13.2). Upon request by the Administrative Agent at any time, the Lenders will confirm in writing the Administrative Agent’s authority to release, or subordinate its interest in,
particular types or items of Collateral pursuant to this Section 18.11. Each Lender hereby authorizes the Administrative Agent to give blockage notices in connection with any Subordinated Debt at the direction of Required Lenders and
agrees that it will not act unilaterally to deliver such notices. 
 18.12 Restriction on Actions by Lenders. Each
Lender agrees that it shall not, without the express written consent of Administrative Agent, and shall, upon the written request of Administrative Agent (to the extent it is lawfully entitled to do so), set off against the Obligations, any amounts
owing by such Lender to a Loan Party or any Deposit Accounts of any Loan Party now or hereafter maintained with such Lender. Each of the Lenders further agrees that it shall not, unless specifically requested to do so in writing by Administrative
Agent, take or cause to be taken, any action, including the commencement of any legal or equitable proceedings to foreclose any loan or otherwise enforce any security interest in any of the Collateral or to enforce all or any part of this Agreement
or the other Loan Documents. All enforcement actions under this Agreement and the other Loan Documents against the Loan Parties or any third party with respect to the Obligations or the Collateral may only be taken by the Administrative Agent (at
the direction of the Required Lenders or as otherwise permitted in this Agreement) or by its agents at the direction of the Administrative Agent. 

  
 83 

 18.13 Administrative Agent May File Proofs of Claim. 

18.13.1 Filing Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by
declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on any Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise: 

(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, and
all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent under Sections 4.3, and 19.3) allowed in such
judicial proceedings; and 
 (b) to collect and receive any monies or other property payable or deliverable on any such
claims and to distribute the same; 
 and any custodian, Receiver, assignee, trustee, liquidator, sequestrator or other similar official in
any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the
Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.1.3,
4.3, 4.4 and 19.4. 
 Nothing contained herein shall be deemed to authorize the Administrative Agent to
authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Administrative Agent to vote in respect
of the claim of any Lender in any such proceeding. 
 18.14 Other Agents; Arrangers and Managers. None of the Lenders
or other Persons identified on the facing page or signature pages of this Agreement as a “syndication agent,” “documentation agent,” “co-agent,” “book manager,” “lead manager,”
“arranger,” “lead arranger” or “co-arranger”, if any, shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than, in the case of such Lenders, those applicable to all
Lenders as such. Without limiting the foregoing, none of the Lenders or other Persons so identified shall have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on
any of the Lenders or other Persons so identified in deciding to enter into this Agreement or in taking or not taking action hereunder. 

  
 84 

	SECTION 19	 MISCELLANEOUS. 

19.1 Assignments; Participations. 

19.1.1 Assignments. 

(a) Any Lender may at any time assign to one or more Persons (any such Person, an “Assignee”) all or any
portion of such Lender’s Loans and Commitments, with the prior written consent of the Administrative Agent, the L/C Issuers (for an assignment of the Revolving Loans and the Revolving Commitment) and, so long as no Event of Default exists,
Borrowers (which consents shall not be unreasonably withheld or delayed and shall not be required for an assignment by a Lender to a Lender or an Affiliate of a Lender). Except as the Administrative Agent may otherwise agree, any such assignment
shall be in a minimum aggregate amount equal to $5,000,000 or, if less, the remaining Commitment and Loans held by the assigning Lender. Borrowers and the Administrative Agent shall be entitled to continue to deal solely and directly with such
Lender in connection with the interests so assigned to an Assignee until the Administrative Agent shall have received and accepted an effective assignment agreement in substantially the form of Exhibit G hereto (an “Assignment
Agreement”) executed, delivered and fully completed by the applicable parties thereto and a processing fee of $3,500. No assignment may be made to any Person if at the time of such assignment Borrowers would be obligated to pay any greater
amount under Sections 4.2.1 or 4.4 to the Assignee than Borrowers are then obligated to pay to the assigning Lender under such Sections (and if any assignment is made in violation of the foregoing, Borrowers will not be required
to pay such greater amounts). Any attempted assignment not made in accordance with this Section 19.1.1 shall be treated as the sale of a participation under Section 19.1.2. Borrowers shall be deemed to have granted their
consent to any assignment requiring its consent hereunder unless Borrowers have expressly objected to such assignment within three (3) Business Days after notice thereof. 

(b) From and after the date on which the conditions described above have been met, (i) such Assignee shall be deemed
automatically to have become a party hereto and, to the extent that rights and obligations hereunder have been assigned to such Assignee pursuant to such Assignment Agreement, shall have the rights and obligations of a Lender hereunder and
(ii) the assigning Lender, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment Agreement, shall be released from its rights (other than its indemnification rights) and obligations hereunder.
Upon the request of the Assignee (and, as applicable, the assigning Lender) pursuant to an effective Assignment Agreement, each Borrower shall execute and deliver to the Administrative Agent for delivery to the Assignee (and, as applicable, the
assigning Lender) (x) a Note in the principal amount of the Assignee’s Pro Rata Share of the Total Revolving Loan Commitment (and, as applicable, a Note in the principal amount of the Pro Rata Share of the Total Revolving Loan Commitment
retained by the assigning Lender) and (y) if such Lender is receiving an assignment of a Term Loan, a Note in the principal amount of the Assignee’s outstanding Term Loans (and, as applicable, a Note in the principal amount of the Term
Loan retained by the Assigning Lender). Each such Note shall be dated the effective date of such assignment. Upon receipt by the Administrative Agent of such Note(s), the assigning Lender shall return to Borrowers any prior Note held by it. 

  
 85 

 (c) Any Lender may at any time pledge or assign a security interest in all or any
portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security
interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

19.1.2 Participations. Any Lender may at any time sell to one or more Persons participating interests in its Loans,
Revolving Loan Commitment or other interests hereunder (any such Person, a “Participant”). In the event of a sale by a Lender of a participating interest to a Participant, (a) such Lender’s obligations hereunder shall
remain unchanged for all purposes, (b) each Borrower shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations hereunder and (c) all amounts payable by Borrowers shall be
determined as if such Lender had not sold such participation and shall be paid directly to such Lender. Each Borrower agrees that if amounts outstanding under this Agreement are due and payable (as a result of acceleration or otherwise), each
Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement and with respect to any Letter of Credit to the same extent as if the amount of its participating interest were
owing directly to it as such Lender under this Agreement; provided that such right of set-off shall be subject to the obligation of each Participant to share with such Lender, and such Lender agrees to share with each Participant, on a pro rata
basis. Each Borrower also agrees that each Participant shall be entitled to the benefits of Section 4.2 or 4.4 as if it were Lender (provided that on the date of the participation no Participant shall be entitled to any greater
compensation pursuant to Section 4.2 or 4.4 than would have been paid to such Lender on such date if no participation had been sold. 

19.2 Register. The Administrative Agent shall maintain a copy of each Assignment Agreement delivered and accepted by it
and register (the “Register”) for the recordation of names and addresses of the Lenders and the Commitment of each Lender from time to time and whether such Lender is the original Lender or the Assignee. No assignment shall be
effective unless and until the Assignment Agreement is accepted and registered in the Register. All records of transfer of a Lender’s interest in the Register shall be conclusive, absent manifest error, as to the ownership of the interests in
the Loans. The Administrative Agent shall not incur any liability of any kind with respect to any Lender with respect to the maintenance of the Register. 

19.3 Customer Identification - USA Patriot Act Notice and AML Legislation. Each Lender and Administrative Agent (for
itself and not on behalf of any other party) hereby notifies the Loan Parties that, pursuant to the requirements of the USA Patriot Act, Title III of Pub. L. 107-56, signed into law October 26, 2001 (the “USA Patriot
Act”), it is required to obtain, verify and record information that identifies the Loan Parties, which information includes the name and address of the Loan Parties and other information that will allow such Lender or Administrative Agent,
as applicable, to identify the Loan Parties in accordance with the Act. Each Lender and Administrative Agent (for itself and not on behalf of any other party) acknowledges that, pursuant to the Proceeds of Crime (Money Laundering) and Terrorist
Financing Act (Canada) and other applicable anti-money laundering, anti-terrorist financing, government sanction and “know your client” laws, under the laws of Canada (collectively, including any guidelines or

  
 86 

 
orders thereunder, “AML Legislation”), the Administrative Agent and Lenders may be required to obtain, verify and record information regarding each Loan Party, its respective
directors, authorized signing officers, direct or indirect shareholders or other Persons in control of such Loan Party, and the transactions contemplated hereby. The Borrowers shall promptly provide all such information, including supporting
documentation and other evidence, as may be reasonably requested by any Lender or the Administrative Agent, or any prospective assign or participant of a Lender or the Administrative Agent, necessary in order to comply with any applicable AML
Legislation, whether now or hereafter in existence. If the Administrative Agent has ascertained the identity of any Loan Party or any authorized signatories of any Loan Party for the purposes of applicable AML Legislation, then the Administrative
Agent (a) shall be deemed to have done so as an agent for each Lender, and this Agreement shall constitute a “written agreement” in such regard between each Lender and the Administrative Agent within the meaning of applicable AML
Legislation; and (b) shall provide to each Lender copies of all information obtained in such regard without any representation or warranty as to its accuracy or completeness. Notwithstanding the provisions of this Section 19.3 and
except as may otherwise be agreed in writing, each Lender agrees that the Administrative Agent has no obligation to ascertain the identity of the Loan Parties or any authorized signatories of the Loan Parties on behalf of any Lender, or to confirm
the completeness or accuracy of any information it obtains from the Loan Parties or any such authorized signatory in doing so. 

19.4 Indemnification by Borrowers. IN CONSIDERATION OF THE EXECUTION AND DELIVERY OF THIS AGREEMENT AND THE AGREEMENT
TO EXTEND THE COMMITMENTS PROVIDED HEREUNDER, EACH BORROWER HEREBY AGREES TO INDEMNIFY, EXONERATE AND HOLD ADMINISTRATIVE AGENT, EACH LENDER AND EACH OF THE OFFICERS, DIRECTORS, EMPLOYEES, AFFILIATES AND AGENTS OF ADMINISTRATIVE AGENT AND EACH
LENDER (EACH A “LENDER PARTY”) FREE AND HARMLESS FROM AND AGAINST ANY AND ALL ACTIONS, CAUSES OF ACTION, SUITS, LOSSES, LIABILITIES, DAMAGES AND EXPENSES, INCLUDING ATTORNEY COSTS (COLLECTIVELY, THE “INDEMNIFIED
LIABILITIES”), INCURRED BY LENDER PARTIES OR ANY OF THEM AS A RESULT OF, OR ARISING OUT OF, OR RELATING TO (A) ANY TENDER OFFER, MERGER, PURCHASE OF CAPITAL SECURITIES, PURCHASE OF ASSETS OR OTHER SIMILAR TRANSACTION FINANCED OR
PROPOSED TO BE FINANCED IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, WITH THE PROCEEDS OF ANY OF THE LOANS, (B) THE USE, HANDLING, RELEASE, EMISSION, DISCHARGE, TRANSPORTATION, STORAGE, TREATMENT OR DISPOSAL OF ANY HAZARDOUS MATERIAL AT ANY
PROPERTY OWNED OR LEASED BY ANY LOAN PARTY, (C) ANY VIOLATION OF ANY ENVIRONMENTAL LAWS WITH RESPECT TO CONDITIONS AT ANY PROPERTY OWNED OR LEASED BY ANY LOAN PARTY OR THE OPERATIONS CONDUCTED THEREON, (D) THE INVESTIGATION, CLEANUP OR
REMEDIATION OF OFFSITE LOCATIONS AT WHICH ANY LOAN PARTY OR THEIR RESPECTIVE PREDECESSORS ARE ALLEGED TO HAVE DIRECTLY OR INDIRECTLY DISPOSED OF HAZARDOUS MATERIALS OR (E) THE EXECUTION, DELIVERY, PERFORMANCE OR ENFORCEMENT OF THIS AGREEMENT OR
ANY OTHER LOAN DOCUMENT BY ANY OF LENDER PARTIES, EXCEPT FOR ANY SUCH INDEMNIFIED LIABILITIES ARISING ON ACCOUNT OF THE APPLICABLE LENDER PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT AS DETERMINED BY A FINAL, NONAPPEALABLE

  
 87 

 
JUDGMENT BY A COURT OF COMPETENT JURISDICTION. IF AND TO THE EXTENT THAT THE FOREGOING UNDERTAKING MAY BE UNENFORCEABLE FOR ANY REASON, EACH BORROWER HEREBY AGREES TO MAKE THE MAXIMUM
CONTRIBUTION TO THE PAYMENT AND SATISFACTION OF EACH OF THE INDEMNIFIED LIABILITIES WHICH IS PERMISSIBLE UNDER APPLICABLE LAW. ALL OBLIGATIONS PROVIDED FOR IN THIS SECTION 19.4 SHALL SURVIVE REPAYMENT OF THE LOANS, CANCELLATION OF THE
NOTES, EXPIRATION OR TERMINATION OF THE LETTERS OF CREDIT, ANY FORECLOSURE UNDER, OR ANY MODIFICATION, RELEASE OR DISCHARGE OF, ANY OR ALL OF THE COLLATERAL DOCUMENTS AND TERMINATION OF THIS AGREEMENT. 

19.5 Notice. All notices, requests, demands and other communications provided for hereunder shall be in writing, sent
by certified or registered mail, postage prepaid, return receipt requested, by nationally recognized overnight courier or delivered in person, and addressed as follows: 
  

			
	 If to the Borrowers:
	  	 Manitex International, Inc.

9725 Industrial Drive
 Bridgeview,
Illinois 60455
 Attention: President

Telephone:
                                

		  	  
 With a copy to:

 
 Bryan Cave LLP

161 North Clark Street, Suite 4300

Chicago, Illinois 60601

Attention: Jason R. Berne, Esq.

Telephone: (312) 602-5000

		
	 If to Administrative Agent:
	  	 The PrivateBank and Trust Company

120 South LaSalle Street
 Chicago,
Illinois 60603
 Attention: Todd Bernier

Telephone: (312) 564-1457

		
		  	 With a copy to:
  

Vedder Price P.C.
 222 North
LaSalle Street, Suite 2600
 Chicago, Illinois 60601

Attention: Michael A. Nemeroff, Esq.

Telephone: (312) 609-7500

 or, as to each party, at such other address as shall be designated by such party in a written notice to each
other party complying as to delivery with the terms of this subsection. Notices shall be 

  
 88 

 
deemed given on the date of delivery, in the case of personal delivery, or on the delivery or refusal date, as specified on the return receipt in the case of certified mail or on the tracking
report in the case of overnight courier. 
 19.6 Judgment Currency. If for the purposes of obtaining judgment against
a Borrower in any court in any jurisdiction with respect to this Agreement it becomes necessary for the Administrative Agent or a Lender to convert into the currency of such jurisdiction (in this section called the “Judgment
Currency”) any amount due to the Administrative Agent or such Lender by such Borrower hereunder in any currency other than the Judgment Currency, the conversion shall be made at the Exchange Rate prevailing on the Business Day before the
day on which judgment is given. In the event that there is a change in the Exchange Rate prevailing between the Business Day before the day on which the judgment is given and the date of payment of the amount due, such Borrower will, on the date of
payment, pay such additional amounts (if any) or be entitled to receive reimbursement of such amount, if any, as may be necessary to ensure that the amount paid on such date is the amount in the Judgment Currency which when converted at the Exchange
Rate prevailing on the date of payment is the amount then due under this Agreement in such other currency. Any additional amount due by such Borrower under this section will be due as a separate debt and shall not be affected by judgment being
obtained for any other sums due under or in respect of this Agreement. 
  

	SECTION 20	 GENERAL. 

20.1 Waiver; Amendments. No delay on the part of the Administrative Agent or any Lender in the exercise of any right,
power or remedy shall operate as a waiver thereof, nor shall any single or partial exercise by any of them of any right, power or remedy preclude other or further exercise thereof, or the exercise of any other right, power or remedy. No amendment,
modification or waiver of, or consent with respect to, any provision of this Agreement or the other Loan Documents shall in any event be effective unless the same shall be in writing and acknowledged by Lenders having an aggregate Pro Rata Shares of
not less than the aggregate Pro Rata Shares expressly designated herein with respect thereto or, in the absence of such designation as to any provision of this Agreement, by the Required Lenders, and then any such amendment, modification, waiver or
consent shall be effective only in the specific instance and for the specific purpose for which given. Except to the extent set forth in Section 16.3 hereof, no amendment, modification, waiver or consent shall (a) extend or increase
the Commitment of any Lender without the written consent of such Lender, (b) extend the date scheduled for payment of any principal (excluding mandatory prepayments) of or interest on the Loans or any fees payable hereunder without the written
consent of each Lender directly affected thereby, (c) reduce the principal amount of any Loan, the rate of interest thereon or any fees payable hereunder, without the consent of each Lender directly affected thereby, (d) increase the
advance rates, or (e) release any guarantor from its obligations under the Guaranty, other than as part of or in connection with any disposition permitted hereunder, or release or subordinate its liens on all or any substantial part of the
Collateral granted under any of the other Loan Documents (except as permitted by Section 18.11), change the definition of Required Lenders, any provision of this Section 20.1, the provisions of Section 16.3 or
reduce the aggregate Pro Rata Share required to effect an amendment, modification, waiver or consent, without, in each case set forth in this clause (e), the written consent of all Lenders. No provision of Section 2.5.3 with respect
to the timing or application of mandatory prepayments of the Loans shall be amended, modified or waived 

  
 89 

 
without the consent of Lenders having a majority of the aggregate Pro Rata Shares of the Term Loans affected thereby. No provision of Section 18 or other provision of this Agreement
affecting the Administrative Agent in its capacity as such shall be amended, modified or waived without the consent of the Administrative Agent. No provision of this Agreement relating to the rights or duties of the L/C Issuers in their capacities
as such shall be amended, modified or waived without the consent of the L/C Issuers. No provision of this Agreement relating to the rights or duties of the Swing Line Lender in its capacity as such shall be amended, modified or waived without the
consent of the Swing Line Lender. 
 Notwithstanding the foregoing, this Agreement may be amended (or amended and restated)
with the written consent of the Required Lenders, the Administrative Agent and Borrowers (a) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and
the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Term Loans, the Revolving Loans, the Revolving Loan Commitments and the accrued interest and fees in respect
thereof and (b) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders. 

If, in connection with any proposed amendment, modification, waiver or termination requiring the consent of all Lenders, the
consent of the Required Lenders is obtained, but the consent of other Lenders whose consent is required is not obtained (any such Lender whose consent is not obtained being referred to as a “Non-Consenting Lender”), then, so long as
the Administrative Agent is not a Non-Consenting Lender, the Administrative Agent and/or a Person or Persons reasonably acceptable to the Administrative Agent shall have the right to purchase from such Non-Consenting Lenders, and such Non-Consenting
Lenders agree that they shall, upon the Administrative Agent’s request, sell and assign to the Administrative Agent and/or such Person or Persons, all of the Loans and Revolving Loan Commitments of such Non-Consenting Lenders for an amount
equal to the principal balance of all such Loans and Revolving Loan Commitments held by such Non-Consenting Lenders and all accrued interest, fees, expenses and other amounts then due with respect thereto through the date of sale, such purchase and
sale to be consummated pursuant to an executed Assignment Agreement. 
 20.2 Headings of Subdivisions. The headings
of subdivisions in this Agreement are for convenience of reference only, and shall not govern the interpretation of any of the provisions of this Agreement. 

20.3 Power of Attorney. Each Borrower acknowledges and agrees that its appointment of Administrative Agent as its
attorney and agent-in-fact for the purposes specified in this Agreement is an appointment coupled with an interest and shall be irrevocable until all of the Obligations are satisfied and paid in full and this Agreement is terminated. 

20.4 Confidentiality. Administrative Agent and each Lender hereby agrees to use commercially reasonable efforts to
assure that any and all information relating to each Borrower which is (i) furnished by a Borrower to Administrative Agent or such Lender (or to any Affiliate of Administrative Agent or such Lender); and (ii) non-public, confidential or
proprietary in nature, shall be kept confidential by Administrative Agent and such Lender or such Affiliate in accordance with applicable law; provided, however, that such information and other credit

  
 90 

 
information relating to a Borrower may be distributed by Administrative Agent or such Lender or such Affiliate to Administrative Agent’s or such Lender’s or such Affiliate’s
directors, managers, officers, employees, attorneys, Affiliates, assignees, participants, auditors, agents and regulators, and upon the order of a court or other governmental agency having jurisdiction over Lender or such Affiliate, to any other
party. In addition such information and other credit information may be distributed by Administrative Agent or such Lender to potential participants or assignees of any portion of the Obligations, provided, that such potential participant or
assignee agrees to follow the confidentiality requirements set forth herein. Each Borrower and Administrative Agent and each Lender further agree that this provision shall survive the termination of this Agreement. Notwithstanding the foregoing,
each Borrower hereby consents to Administrative Agent and the Lenders publishing a tombstone or similar advertising material relating to the financing transaction contemplated by this Agreement. 

20.5 Counterparts. This Agreement, any of the other Loan Documents, and any amendments, waivers, consents or
supplements may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which, when so executed and delivered, shall be deemed an original, but all of which counterparts together shall constitute
but one agreement. Loan Documents may be transmitted and/or executed by facsimile or other electronic transmission. The effectiveness of any such documents and signatures shall have the same force and effect as manually signed originals and shall be
binding on all Loan Parties and the Administrative Agent. The Administrative Agent may also require that any such documents and signatures be confirmed by a manually signed original thereof, provided, that the failure to request or deliver the same
shall not limit the effectiveness of any facsimile or other electronic document or signature. 
 20.6 Electronic
Submissions. Administrative Agent may permit or require that any of the documents, certificates, forms, deliveries or other communications, authorized, required or contemplated by this Agreement or the other Loan Documents, be submitted to
Administrative Agent in “Approved Electronic Form” (as hereafter defined), subject to any reasonable terms, conditions and requirements in the applicable Approved Electronic Forms Notice. For purposes hereof “Electronic
Form” means e-mail, e-mail attachments, data submitted on web-based forms or any other communication method that delivers machine readable data or information to Administrative Agent, “Approved Electronic Form” means an
Electronic Form that has been approved by Administrative Agent (which approval has not been revoked or modified by Lender) and “Approved Electronic Communication” means each notice, demand, communication, information, document and
other material transmitted, posted or otherwise made or communicated by e-mail, internet portal or other electronic platform. Except as otherwise specifically provided in the applicable Approved Electronic Form Notice, any submissions made in an
applicable Approved Electronic Form shall have the same force and effect that the same submissions would have had if they had been submitted in any other applicable form authorized, required or contemplated by this Agreement or the other Loan
Documents. Approved Electronic Communications that do not bear or are not readily capable of bearing either a signature or a reproduction of a signature shall be deemed signed, by attaching to, or logically associating with such Approved Electronic
Communication an electronic symbol, encryption, digital signature or process (including the name or an abbreviation of the name of the party or the company transmitting the Approved Electronic Communication), and Administrative Agent and Lenders are
entitled to rely on such Approved Electronic Communications as signed. Each of the Loan 

  
 91 

 
Parties, Administrative Agent and the Lenders hereby acknowledge and agree that the use of Approved Electronic Communications is not necessarily secure and that there are risks associated with
such use, including risks of interception, disclosure and abuse and each assumes and accepts such risks by hereby authorizing each of the Administrative Agent, each Lender and each of their Affiliates to accept and transmit Approved Electronic
Communications. 
 20.7 Waiver of Jury Trial: Other Waivers. 

(a) EACH BORROWER AND ADMINISTRATIVE AGENT AND EACH LENDER EACH HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION OR
PROCEEDING WHICH PERTAINS DIRECTLY OR INDIRECTLY TO THIS AGREEMENT, ANY OF THE OTHER LOAN DOCUMENTS, THE OBLIGATIONS, THE COLLATERAL, ANY ALLEGED TORTIOUS CONDUCT BY A BORROWER, ADMINISTRATIVE AGENT OR A LENDER OR WHICH, IN ANY WAY, DIRECTLY OR
INDIRECTLY, ARISES OUT OF OR RELATES TO THE RELATIONSHIP AMONG A BORROWER, ADMINISTRATIVE AGENT AND ANY LENDER. IN NO EVENT SHALL ADMINISTRATIVE AGENT OR ANY LENDER BE LIABLE FOR LOST PROFITS OR OTHER SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL
DAMAGES. 
 (b) Each Borrower hereby waives demand, presentment, protest and notice of nonpayment, and further
waives the benefit of all valuation, appraisal and exemption laws. 
 (c) Each Borrower hereby waives the benefit of any law
that would otherwise restrict or limit Administrative Agent or any Lender or any Affiliate of Administrative Agent or any Lender in the exercise of its right, which is hereby acknowledged and agreed to, to set-off against the Obligations, without
notice at any time hereafter, any indebtedness, matured or unmatured, owing by Administrative Agent or any Lender or such Affiliate of Lender to such Borrower, including, without limitation any Deposit Account at Administrative Agent or any Lender
or such Affiliate. 
 Administrative Agent’s or Lenders’ failure, at any time or times hereafter, to require
strict performance by any Borrower of any provision of this Agreement or any of the other Loan Documents shall not waive, affect or diminish any right of Administrative Agent and Lenders thereafter to demand strict compliance and performance
therewith. Any suspension or waiver by Administrative Agent, Required Lenders or all Lenders, as applicable of an Event of Default under this Agreement or any default under any of the other Loan Documents shall not suspend, waive or affect any other
Event of Default under this Agreement or any other default under any of the other Loan Documents, whether the same is prior or subsequent thereto and whether of the same or of a different kind or character. No delay on the part of Administrative
Agent or any Lender in the exercise of any right or remedy under this Agreement or any other Loan Document shall preclude other or further exercise thereof or the exercise of any right or remedy. None of the undertakings, agreements, warranties,
covenants and representations of Borrowers contained in this Agreement or any of the other Loan Documents and no Event of Default under this Agreement or default under any of the other Loan Documents shall be deemed to have been suspended or waived
by Administrative Agent or Lenders unless such suspension or waiver is in writing, signed by a duly authorized officer of Administrative Agent, Required Lenders or all Lenders, as applicable, and directed to Borrowers specifying such suspension or
waiver. 

  
 92 

 20.8 Choice of Governing Laws; Construction; Forum Selection. This
Agreement and the other Loan Documents are submitted by each Borrower to Administrative Agent and Lenders for Administrative Agent’s and Lenders’ acceptance or rejection at Administrative Agent’s principal place of business as an
offer by Borrowers to borrow monies from Administrative Agent and Lenders now and from time to time hereafter, and shall not be binding upon Administrative Agent or any Lender or become effective until accepted by Administrative Agent and Lenders,
in writing, at said place of business. If so accepted by Administrative Agent and Lenders, this Agreement and the other Loan Documents shall be deemed to have been made at said place of business. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL
BE GOVERNED AND CONTROLLED BY THE INTERNAL LAWS OF THE STATE OF ILLINOIS AS TO INTERPRETATION, ENFORCEMENT, VALIDITY, CONSTRUCTION, EFFECT, AND IN ALL OTHER RESPECTS, INCLUDING, WITHOUT LIMITATION, THE LEGALITY OF THE INTEREST RATE AND OTHER
CHARGES, BUT EXCLUDING PERFECTION OF THE SECURITY INTERESTS IN COLLATERAL LOCATED OUTSIDE OF THE STATE OF ILLINOIS, WHICH SHALL BE GOVERNED AND CONTROLLED BY THE LAWS OF THE RELEVANT JURISDICTION IN WHICH SUCH COLLATERAL IS LOCATED. If any
provision of this Agreement shall be held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or
remaining provisions of this Agreement. 
 To induce Administrative Agent and each Lender to accept this Agreement,
each Borrower irrevocably agrees that, subject to Administrative Agent’s sole and absolute election, ALL ACTIONS OR PROCEEDINGS IN ANY WAY, MANNER OR RESPECT, ARISING OUT OF OR FROM OR RELATED TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS OR
THE COLLATERAL SHALL BE LITIGATED IN COURTS HAVING SITUS WITHIN THE CITY OF CHICAGO, STATE OF ILLINOIS. EACH BORROWER HEREBY CONSENTS AND SUBMITS TO THE JURISDICTION OF ANY LOCAL, STATE OR FEDERAL COURTS LOCATED WITHIN SAID CITY AND STATE;
PROVIDED THAT NOTHING IN THIS AGREEMENT SHALL BE DEEMED TO OPERATE TO PRECLUDE ADMINISTRATIVE AGENT FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION. EACH BORROWER HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS
AND AGREES THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE UPON SUCH BORROWER BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, ADDRESSED TO SUCH BORROWER AT THE ADDRESS SET FORTH FOR NOTICE IN THIS AGREEMENT AND SERVICE SO MADE SHALL BE
COMPLETE TEN (10) DAYS AFTER THE SAME HAS BEEN POSTED. Administrative Agent agrees to endeavor to provide a copy of such process to the law firm of Bryan Cave LLP, Attention: Jason R. Berne, Esq., by mail at the address of 161 North Clark
Street, Suite 4300, Chicago, Illinois 60601 or by facsimile transmission at facsimile number (312) 602-5050. Failure of Administrative Agent to provide a copy of such process shall not impair Administrative Agent’s and Lenders’ rights
hereunder, create a cause of action against Administrative Agent or create any claim or right on behalf of ANY Borrower or any third party.  

  
 93 

 
EACH BORROWER HEREBY WAIVES ANY RIGHT IT MAY HAVE TO TRANSFER OR CHANGE THE VENUE OF ANY LITIGATION BROUGHT AGAINST SUCH BORROWER BY ADMINISTRATIVE AGENT OR LENDERS IN ACCORDANCE WITH THIS
SECTION. 
  

	SECTION 21	 JOINT AND SEVERAL LIABILITY 

(a) Notwithstanding anything to the contrary contained herein, all Obligations of each Borrower hereunder shall be joint and
several obligations of Borrowers. 
 (b) Notwithstanding any provisions of this Agreement to the contrary, it is intended
that the joint and several nature of the Obligations of Borrowers and the liens and security interests granted by Borrowers to secure the Obligations, not constitute a “Fraudulent Conveyance” (as defined below). Consequently,
Administrative Agent, Lenders and Borrowers agree that if the Obligations of a Borrower, or any liens or security interests granted by such Borrower securing the Obligations would, but for the application of this sentence, constitute a Fraudulent
Conveyance, the Obligations of such Borrower and the liens and security interests securing such Obligations shall be valid and enforceable only to the maximum extent that would not cause such Obligations or such lien or security interest to
constitute a Fraudulent Conveyance, and the Obligations of such Borrower and this Agreement shall automatically be deemed to have been amended accordingly. For purposes hereof, “Fraudulent Conveyance” means a fraudulent conveyance
under Section 548 of Chapter 11 of Title II of the United States Code (11 U.S.C. § 101, et seq.), as amended (the “Bankruptcy Code”) or a fraudulent conveyance or fraudulent transfer under the applicable
provisions of any fraudulent conveyance or fraudulent transfer law or similar law of any federal, municipal, provincial, state, nation or other governmental unit, as in effect from time to time. 

(c) Each Borrower assumes responsibility for keeping itself informed of the financial condition of each other Borrower, and
any and all endorsers and/or guarantors of any instrument or document evidencing all or any part of such other Borrower’s Obligations and of all other circumstances bearing upon the risk of nonpayment by such other Borrowers of their
Obligations and each Borrower agrees that neither Administrative Agent nor any Lender shall have any duty to advise such Borrower of information known to Administrative Agent or such Lender regarding such condition or any such circumstances or to
undertake any investigation not a part of its regular business routine. If Administrative Agent or any Lender, in its sole discretion, undertakes at any time or from time to time to provide any such information to a Borrower, neither Administrative
Agent nor any Lender shall be under any obligation to update any such information or to provide any such information to such Borrower on any subsequent occasion. 

(d) Administrative Agent and Lenders are hereby authorized, without notice or demand and without affecting the liability of a
Borrower hereunder, to, at any time and from time to time, (i) renew, extend, accelerate or otherwise change the time for payment of, or other terms relating to a Borrower’s Obligations or otherwise modify, amend or change the terms of any
promissory note or other agreement, document or instrument now or hereafter executed by a Borrower and delivered to Administrative Agent or any Lender; (ii) accept partial payments on a Borrower’s Obligations; (iii) take and hold
security or collateral for the payment of a Borrower’s 

  
 94 

 
Obligations hereunder or for the payment of any guaranties of a Borrower’s Obligations or other liabilities of a Borrower and exchange, enforce, waive and release any such security or
collateral; (iv) apply such security or collateral and direct the order or manner of sale thereof as Administrative Agent, in its sole discretion, but subject to the terms of this Agreement, may commercially reasonably determine; and
(v) settle, release, compromise, collect or otherwise liquidate a Borrower’s Obligations and any security or collateral therefor in any manner, without affecting or impairing the obligations of the other Borrowers. Administrative Agent
shall have the exclusive right to determine the time and manner of application of any payments or credits, whether received from a Borrower or any other source, and such determination shall be binding on such Borrower. All such payments and credits
may be applied, reversed and reapplied, in whole or in part, to any of a Borrower’s Obligations as Administrative Agent shall commercially reasonably determine in its sole discretion without affecting the validity or enforceability of the
Obligations of the other Borrowers. 
 (e) Each Borrower hereby agrees that, except as hereinafter provided, its obligations
hereunder shall be unconditional, irrespective of (i) the absence of any attempt to collect a Borrower’s Obligations from any Borrower or any guarantor or other action to enforce the same; (ii) the waiver or consent by Administrative
Agent and/or any Lender with respect to any provision of any instrument evidencing Borrowers’ Obligations, or any part thereof, or any other agreement heretofore, now or hereafter executed by a Borrower and delivered to Administrative Agent or
such Lender; (iii) failure by Administrative Agent or any Lender to take any steps to perfect and maintain its security interest in, or to preserve its rights to, any security or collateral for Borrowers’ Obligations; (iv) the
institution of any proceeding under the Bankruptcy Code, or any similar proceeding, by or against a Borrower or Administrative Agent’s or any Lender’s election in any such proceeding of the application of Section 1111(b)(2) of the
Bankruptcy Code; (v) any borrowing or grant of a security interest by any Borrower as debtor-in-possession, under Section 364 of the Bankruptcy Code; (vi) the disallowance, under Section 502 of the Bankruptcy Code, of all or any
portion of Administrative Agent’s and Lenders’ claim(s) for repayment of any of Borrowers’ Obligations; or (vii) any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor.

 (f) No payment made by or for the account of a Borrower including, without limitations, (i) a payment made by such
Borrower on behalf of another Borrower’s Obligations or (ii) a payment made by any other person under any guaranty, shall entitle such Borrower, by subrogation or otherwise, to any payment from such other Borrower or from or out of such
other Borrower’s property and such Borrower shall not exercise any right or remedy against such other Borrower or any property of such other Borrower by reason of any performance of such Borrower of its joint and several obligations hereunder.

  

	SECTION 22	 NONLIABILITY OF ADMINISTRATIVE AGENT AND LENDERS 

The relationship among Borrowers on the one hand and Administrative Agent and Lenders on the other hand shall be solely that of
borrowers and lender. Neither Administrative Agent nor any Lender has any fiduciary relationship with or duty to any Loan Party arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between the
Loan Parties, on the one hand, and Administrative Agent and Lenders, on the other hand, in connection herewith or therewith is solely that of debtor and creditors. 

  
 95 

 
Neither Administrative Agent nor any Lender undertakes any responsibility to any Loan Party to review or inform any Loan Party of any matter in connection with any phase of any Loan Party’s
business or operations. Each Borrower agrees, on behalf of itself and each other Loan Party, that neither Administrative Agent nor any Lender shall have any liability to any Loan Party (whether sounding in tort, contract or otherwise) for losses
suffered by any Loan Party in connection with, arising out of, or in any way related to the transactions contemplated and the relationship established by the Loan Documents, or any act, omission or event occurring in connection therewith, unless it
is determined in a final non-appealable judgment by a court of competent jurisdiction that such losses resulted from the gross negligence or willful misconduct of the party from which recovery is sought. NO LENDER PARTY SHALL BE LIABLE FOR ANY
DAMAGES ARISING FROM THE USE BY OTHERS OF ANY INFORMATION OR OTHER MATERIALS OBTAINED THROUGH INTRALINKS OR OTHER SIMILAR INFORMATION TRANSMISSION SYSTEMS IN CONNECTION WITH THIS AGREEMENT, NOR SHALL ANY LENDER PARTY HAVE ANY LIABILITY WITH RESPECT
TO, AND BORROWER ON BEHALF OF ITSELF AND EACH OTHER LOAN PARTY, HEREBY WAIVES, RELEASES AND AGREES NOT TO SUE FOR ANY SPECIAL, PUNITIVE, EXEMPLARY, INDIRECT OR CONSEQUENTIAL DAMAGES RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR ARISING
OUT OF ITS ACTIVITIES IN CONNECTION HEREWITH OR THEREWITH (WHETHER BEFORE OR AFTER THE CLOSING DATE). Each Borrower acknowledges that it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan
Documents to which it is a party. No joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Loan Parties, Administrative Agent and Lenders. 

(Signature Pages Follow) 

  
 96 

 (Signature Page to Loan Agreement) 

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first written above. 

 

							
	 BORROWERS:
	 		 	 MANITEX INTERNATIONAL, INC., a Michigan corporation

MANITEX, INC., a Texas corporation
 MANITEX SABRE,
INC., a Michigan corporation
 BADGER EQUIPMENT COMPANY, a Minnesota corporation

CRANE AND MACHINERY, INC., an Illinois corporation

CRANE AND MACHINERY LEASING, INC., an Illinois corporation

LIFTKING, INC., a Michigan corporation
 MANITEX,
LLC, a Delaware limited liability company

				
		 		 	By:	 	 /s/ Andrew M. Rooke

		 		 	Title:	 	 President/Vice President

			
		 		 	MANITEX LIFTKING, ULC, an Alberta company
				
		 		 	By:	 	 /s/ Andrew M. Rooke

		 		 	Title:	 	 Vice President

 (Signature Page to Loan Agreement) 

 

							
	 ADMINISTRATIVE AGENT:
	 		 	THE PRIVATEBANK AND TRUST COMPANY, as Administrative Agent and a Lender
				
		 		 	By:	 	 /s/ Todd Bernier

		 		 		 	Todd Bernier, Managing Director

 ANNEX 1 – COMMITMENTS 

 

					
	 Lender
	  	US Revolving Loan Commitment	 
	 The PrivateBank and Trust Company
	  	$	45,000,000	  
	 Total
	  	$	45,000,000	  

  
 Annex 1 - Page 1 

 EXHIBIT A — FORM OF NOTE 

NOTE 
  

					
	 $            
	  	 
  
	             , 2016

Chicago, Illinois
	  
   

 The undersigned, for value received, jointly and severally, promise to pay to the order of THE
PRIVATEBANK AND TRUST COMPANY (the “Administrative Agent”) for the benefit of the Lender in Chicago, Illinois the aggregate unpaid amount of all Revolving Loans made to the undersigned by the Lender pursuant to the Loan Agreement
referred to below (as shown on the schedule attached hereto (and any continuation thereof) or in the records of the Lender), such principal amount to be payable on the dates set forth in the Loan Agreement. 

The undersigned further, jointly and severally, promise to pay interest on the unpaid principal amount of each Revolving Loan
from the date of such Revolving Loan until such Revolving Loan is paid in full, payable at the rate(s) and at the time(s) set forth in the Loan Agreement. Payments of both principal and interest are to be made in lawful money of the United States of
America. 
 This Revolving Loan Note (this “Note”) evidences indebtedness incurred under, and is subject to
the terms and provisions of, that certain Loan and Security Agreement dated as of July 20, 2016, (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”; terms not otherwise defined
herein are used herein as defined in the Loan Agreement), among the undersigned and the Administrative Agent, to which Loan Agreement reference is hereby made for a statement of the terms and provisions under which this Note may or must be paid
prior to its due date or its due date accelerated. 
 This Note is made under and governed by the laws of the State of
Illinois applicable to contracts made and to be performed entirely within such State. 
 (Signature Page Follows) 

  
 Exhibit A - Page 1 

 (Signature Page to Note) 

 

							
	BORROWERS:	 		 	 MANITEX INTERNATIONAL, INC., a Michigan corporation

MANITEX, INC., a Texas corporation
 MANITEX SABRE,
INC., a Michigan corporation
 BADGER EQUIPMENT COMPANY, a Minnesota corporation

CRANE AND MACHINERY, INC., an Illinois corporation

CRANE AND MACHINERY LEASING, INC., an Illinois corporation

LIFTKING, INC., a Michigan corporation
 MANITEX,
LLC, a Delaware limited liability company

				
		 		 	By:	 	  

		 		 	Title:	 	  

			
		 		 	MANITEX LIFTKING, ULC, an Alberta company
				
		 		 	By:	 	  

		 		 	Title:	 	  

  
 Exhibit A – Page 2

 EXHIBIT B — FORM OF BORROWING BASE CERTIFICATE 

 

	To:	 The PrivateBank and Trust Company 

Please refer to the Loan and Security dated as of July 20, 2016 (as amended, restated, supplemented or otherwise modified
from time to time, the “Loan Agreement”) among MANITEX INTERNATIONAL, INC., a Michigan corporation, (“Manitex International”), MANITEX INC., a Texas corporation (“Manitex”), MANITEX SABRE, INC., a
Michigan corporation (“Sabre”), BADGER EQUIPMENT COMPANY, a Minnesota corporation (“Badger”), CRANE AND MACHINERY, INC., an Illinois corporation (“Crane and Machinery”), CRANE AND MACHINERY LEASING,
INC., an Illinois corporation (“Crane and Machinery Leasing”), LIFTKING, INC., a Michigan corporation (“LiftKing US”), MANITEX, LLC, a Delaware limited liability company (“Manitex LLC”; together
with Manitex International, Manitex, Sabre, Badger, Crane and Machinery, Crane and Machinery Leasing, and LiftKing US, collectively, the “US Borrowers”), and MANITEX LIFTKING, ULC, an Alberta company (“LiftKing
Canada” or the “Canadian Borrower”, and together with the US Borrowers, collectively, the “Borrowers”), and The PrivateBank and Trust Company (the “Administrative Agent”). This certificate
(this “Certificate”), together with supporting calculations attached hereto, is delivered to you pursuant to the terms of the Loan Agreement. Capitalized terms used but not otherwise defined herein shall have the same meanings
herein as in the Loan Agreement. 
 The Borrowers hereby certify and warrant to the Lender that at the close of business on
            ,          (the “Calculation Date”), the Revolving Loan Availability was
$        , computed as set forth on the schedule attached hereto. 
 The
Borrowers have caused this Certificate to be executed and delivered by its officer thereunto duly authorized on             ,         .

  

							
	BORROWERS:	 		 	 MANITEX INTERNATIONAL, INC., a Michigan corporation

MANITEX, INC., a Texas corporation
 MANITEX SABRE,
INC., a Michigan corporation
 BADGER EQUIPMENT COMPANY, a Minnesota corporation

CRANE AND MACHINERY, INC., an Illinois corporation

CRANE AND MACHINERY LEASING, INC., an Illinois corporation

LIFTKING, INC., a Michigan corporation
 MANITEX,
LLC, a Delaware limited liability company

				
		 		 	By:	 	  

		 		 	Title:	 	  

  
 Exhibit B – Page 1

 
			
	MANITEX LIFTKING, ULC, an Alberta company
		
	By:	 	  

	Title:	 	  

  
 Exhibit B - Page 2 

 SCHEDULE TO BORROWING BASE CERTIFICATE 

Dated as of [                    ] 

[See attached] 

  
 Exhibit B - Page 3 

 EXHIBIT C – COMPLIANCE CERTIFICATE 

Attached to and made a part of that certain Loan and Security Agreement, as it may be amended in accordance with its terms
from time to time, including all exhibits attached thereto (the “Agreement”) of even date herewith among MANITEX INTERNATIONAL, INC., a Michigan corporation, (“Manitex International”), MANITEX INC., a Texas
corporation (“Manitex”), MANITEX SABRE, INC., a Michigan corporation (“Sabre”), BADGER EQUIPMENT COMPANY, a Minnesota corporation (“Badger”), CRANE AND MACHINERY, INC., an Illinois corporation
(“Crane and Machinery”), CRANE AND MACHINERY LEASING, INC., an Illinois corporation (“Crane and Machinery Leasing”), LIFTKING, INC., a Michigan corporation (“LiftKing US”), MANITEX, LLC, a Delaware
limited liability company (“Manitex LLC”; together with Manitex International, Manitex, Sabre, Badger, Crane and Machinery, Crane and Machinery Leasing, and LiftKing US, collectively, the “US Borrowers”), and
MANITEX LIFTKING, ULC, an Alberta company (“LiftKing Canada” or the “Canadian Borrower”, and together with the US Borrowers, collectively, the “Borrowers”), and THE PRIVATEBANK AND TRUST COMPANY, as
administrative agent (“Administrative Agent”) for all lenders (“Lenders”) from time to time a party to the Agreement. 

This Certificate is submitted pursuant to Section 9.3 of the Agreement. 

The undersigned hereby certifies to Administrative Agent and Lenders that as of the date of this Certificate: 

1. The undersigned is the
                                 of each Borrower. 

2. There exists no event or circumstance which is or which with the passage of time, the giving of notice, or both, after
giving effect to all applicable cure periods, would constitute an Event of Default, as that term is defined in the Agreement, or, if such an event or circumstance exists, a writing attached hereto specifies the nature thereof, the period of
existence thereof and the action that each Borrower has taken or proposes to take with respect thereto. 
 3. No material
adverse change in the financial condition, business, property, or results of operations of any Borrower has occurred since [date of last Compliance Certificate/last financial statements delivered prior to closing], or, if such a change has
occurred, a writing attached hereto specifies the nature thereof and the action that each Borrower has taken or proposes to take with respect thereto. 

4. The representations and warranties of each Loan Party in the Agreement and the other Loan Documents are true and correct in
all material respects as of the date hereof (except for (i) representations and warranties that expressly relate to an earlier date which must be true and correct in all material respects as of such earlier date, and (ii) representations
or warranties qualified by materiality or Material Adverse Effect which must be true and correct in all respects). 
 5. The
financial statements of each Borrower being concurrently delivered herewith have been prepared in accordance with generally accepted accounting principles consistently applied and there have been no material changes in accounting policies or
financial reporting practices of such Borrower since [date of the last Compliance Certificate/date of last financial statements delivered prior to closing] or, if any such change has occurred, such changes are set forth in a writing attached
hereto. 

  
 Exhibit C - Page 1

 6. Attached hereto is a calculation of the financial covenants contained in the
Agreement, true and correct. 
  

							
	BORROWERS:	 		 	 MANITEX INTERNATIONAL, INC., a Michigan corporation

MANITEX, INC., a Texas corporation
 MANITEX SABRE,
INC., a Michigan corporation
 BADGER EQUIPMENT COMPANY, a Minnesota corporation

CRANE AND MACHINERY, INC., an Illinois corporation

CRANE AND MACHINERY LEASING, INC., an Illinois corporation

LIFTKING, INC., a Michigan corporation
 MANITEX,
LLC, a Delaware limited liability company

				
		 		 	By:	 	  

		 		 	Title:	 	  

			
		 		 	MANITEX LIFTKING, ULC, an Alberta company
				
		 		 	By:	 	  

		 		 	Title:	 	  

  
 Exhibit C - Page 2 

 EXHIBIT D - NOTICE OF BORROWING 

 

	To:	 The PrivateBank and Trust Company 

Please refer to the Loan and Security Agreement dated as of July 20, 2016 (as amended, restated, supplemented or
otherwise modified from time to time, the “Loan Agreement”) among MANITEX INTERNATIONAL, INC., a Michigan corporation, (“Manitex International”), MANITEX INC., a Texas corporation (“Manitex”),
MANITEX SABRE, INC., a Michigan corporation (“Sabre”), BADGER EQUIPMENT COMPANY, a Minnesota corporation (“Badger”), CRANE AND MACHINERY, INC., an Illinois corporation (“Crane and Machinery”), CRANE
AND MACHINERY LEASING, INC., an Illinois corporation (“Crane and Machinery Leasing”), LIFTKING, INC., a Michigan corporation (“LiftKing US”), MANITEX, LLC, a Delaware limited liability company (“Manitex
LLC”; together with Manitex International, Manitex, Sabre, Badger, Crane and Machinery, Crane and Machinery Leasing, and LiftKing US, collectively, the “US Borrowers”), and MANITEX LIFTKING, ULC, an Alberta company
(“LiftKing Canada” or the “Canadian Borrower”, and together with the US Borrowers, collectively, the “Borrowers”), and THE PRIVATEBANK AND TRUST COMPANY (“Administrative Agent”).
Terms used but not otherwise defined herein are used herein as defined in the Loan Agreement. 
 The undersigned hereby
gives irrevocable notice, pursuant to Section 2.2.2 of the Loan Agreement, of a request hereby for a borrowing as follows: 

(i) The requested borrowing date for the proposed borrowing (which is a Business Day) is
            ,         . 

(ii) The aggregate amount of the proposed borrowing is
$        . 
 The undersigned hereby certifies that on the date hereof and on
the date of borrowing set forth above, and immediately after giving effect to the borrowing requested hereby: (i) there exists and there shall exist no Event of Default or default under the Loan Agreement; and (ii) each of the
representations and warranties contained in the Loan Agreement and the other Loan Documents is true and correct in all material respects as of the date hereof, except to the extent that such representation or warranty expressly relates to another
date and except for changes therein expressly permitted or expressly contemplated by the Loan Agreement. 

  
 Exhibit D - Page 1

 The undersigned have caused this Notice of Borrowing to be executed and delivered
by its officer thereunto duly authorized on             ,         . 

 

							
	BORROWERS:	 		 	 MANITEX INTERNATIONAL, INC., a Michigan corporation

MANITEX, INC., a Texas corporation
 MANITEX
SABRE, INC., a Michigan corporation
 BADGER EQUIPMENT COMPANY, a Minnesota corporation

CRANE AND MACHINERY, INC., an Illinois corporation

CRANE AND MACHINERY LEASING, INC., an Illinois corporation

LIFTKING, INC., a Michigan corporation
 MANITEX,
LLC, a Delaware limited liability company

				
		 		 	By:	 	  

		 		 	Title:	 	  

			
		 		 	MANITEX LIFTKING, ULC, an Alberta company
				
		 		 	By:	 	  

		 		 	Title:	 	  

  
 Exhibit D - Page 2 

 EXHIBIT E - NOTICE OF CONVERSION/CONTINUATION 

 

	To:	 The PrivateBank and Trust Company 

120 S. LaSalle Street 

Chicago, Illinois 60603 

Attention: Todd Bernier 

Please refer to the Loan and Security Agreement dated as of July 20, 2016 (as amended, restated, supplemented or
otherwise modified from time to time, the “Loan Agreement”) among MANITEX INTERNATIONAL, INC., a Michigan corporation, (“Manitex International”), MANITEX INC., a Texas corporation (“Manitex”),
MANITEX SABRE, INC., a Michigan corporation (“Sabre”), BADGER EQUIPMENT COMPANY, a Minnesota corporation (“Badger”), CRANE AND MACHINERY, INC., an Illinois corporation (“Crane and Machinery”), CRANE
AND MACHINERY LEASING, INC., an Illinois corporation (“Crane and Machinery Leasing”), LIFTKING, INC., a Michigan corporation (“LiftKing US”), MANITEX, LLC, a Delaware limited liability company (“Manitex
LLC”; together with Manitex International, Manitex, Sabre, Badger, Crane and Machinery, Crane and Machinery Leasing, and LiftKing US, collectively, the “US Borrowers”), and MANITEX LIFTKING, ULC, an Alberta company
(“LiftKing Canada” or the “Canadian Borrower”, and together with the US Borrowers, collectively, the “Borrowers”), and THE PRIVATEBANK AND TRUST COMPANY (“Administrative Agent”).
Terms used but not otherwise defined herein are used herein as defined in the Loan Agreement. 
 The undersigned hereby
gives irrevocable notice, pursuant to Section 2.2.3 of the Loan Agreement, of its request to: 
 (a) on [date]
convert $[        ]of the aggregate outstanding principal amount of the [                    ]
Loan, bearing interest at the [                    ] Rate, into a(n)
[                    ] Loan [and, in the case of a LIBOR Loan, having an Interest Period of
[                    ] month(s)]; 

[(b) on [date] continue $[        ]of the aggregate outstanding principal
amount of the [                    ] Loan, bearing interest at the LIBOR Rate, as a LIBOR Loan having an Interest Period of
[                    ] month(s)]. 

The undersigned hereby represents and warrants that all of the conditions contained in Section 17.2 of the Loan
Agreement have been satisfied on and as of the date hereof, and will continue to be satisfied on and as of the date of the conversion/continuation requested hereby, before and after giving effect thereto. 

Borrowers have caused this Notice of Conversion/Continuation to be executed and delivered by its officer thereunto duly
authorized on             ,         . 

  
 Exhibit E - Page 1

							
	BORROWERS:	 		 	 MANITEX INTERNATIONAL, INC., a Michigan corporation

MANITEX, INC., a Texas corporation
 MANITEX SABRE,
INC., a Michigan corporation
 BADGER EQUIPMENT COMPANY, a Minnesota corporation

CRANE AND MACHINERY, INC., an Illinois corporation

CRANE AND MACHINERY LEASING, INC., an Illinois corporation

LIFTKING, INC., a Michigan corporation
 MANITEX,
LLC, a Delaware limited liability company

				
		 		 	By:	 	  

		 		 	Title:	 	  

			
		 		 	MANITEX LIFTKING, ULC, an Alberta company
				
		 		 	By:	 	  

		 		 	Title:	 	  

  
 Exhibit E - Page 2 

 EXHIBIT F – COMMERCIAL TORT CLAIMS 

  
 Exhibit F - Page 1

 EXHIBIT G – ASSIGNMENT AGREEMENT 

 

	To:	 Manitex International, Inc. 

and 

The PrivateBank and Trust Company, as Administrative Agent 

 

	Re:	 Assignment under the Loan and Security Agreement referred to below 

Gentlemen and Ladies: 
 Please
refer to Section 19.1.1 of the Loan and Security Agreement dated as of July 20, 2016 (as amended or otherwise modified from time to time, the “Loan Agreement”) among the financial institutions that are or may from
time to time become parties thereto (together with their respective assigns, the “Lenders”), THE PRIVATEBANK AND TRUST COMPANY (in its individual capacity, “PrivateBank”), 120 South LaSalle Street, Suite 200,
Chicago, Illinois 60603, as administrative agent and sole lead arranger (in such capacity, “Administrative Agent”), MANITEX INTERNATIONAL, INC., a Michigan corporation, (“Manitex International”), MANITEX INC., a
Texas corporation (“Manitex”), MANITEX SABRE, INC., a Michigan corporation (“Sabre”), BADGER EQUIPMENT COMPANY, a Minnesota corporation (“Badger”), CRANE AND MACHINERY, INC., an Illinois corporation
(“Crane and Machinery”), CRANE AND MACHINERY LEASING, INC., an Illinois corporation (“Crane and Machinery Leasing”), LIFTKING, INC., a Michigan corporation (“LiftKing US”), MANITEX, LLC, a Delaware
limited liability company (“Manitex LLC”; together with Manitex International, Manitex, Sabre, Badger, Crane and Machinery, Crane and Machinery Leasing, and LiftKing US, collectively, the “US Borrowers”), and
MANITEX LIFTKING, ULC, an Alberta company (“LiftKing Canada” or the “Canadian Borrower”, and together with the US Borrowers, collectively, the “Borrowers”), and the other Loan Parties thereto.
Unless otherwise defined herein or the context otherwise requires, terms used herein have the meanings provided in the Loan Agreement. 

                    
             (the “Assignor”) hereby sells and assigns, without recourse, to
                                 (the “Assignee”), and the
Assignee hereby purchases and assumes from the Assignor, that interest in and to the Assignor’s rights and obligations under the Loan Agreement as of the date hereof equal to     % of all of the Loans, of the
participation interests of the Commitments, such sale, purchase, assignment and assumption to be effective as of             ,
        , or such later date on which the Borrowers and Administrative Agent shall have consented hereto (the “Closing Date”). After giving effect to such sale, purchase, assignment and
assumption, the Assignee’s and the Assignor’s respective Percentages for purposes of the Loan Agreement will be as set forth opposite their names on the signature pages hereof. 

The Assignor hereby instructs Administrative Agent to make all payments from and after the Closing Date in respect of the
interest assigned hereby directly to the Assignee. The Assignor and the Assignee agree that all interest and fees accrued up to, but not including, the Closing Date are the property of the Assignor, and not the Assignee. The Assignee agrees that,
upon receipt of any such interest or fees, the Assignee will promptly remit the same to the Assignor. 

  
 Exhibit G - Page 1

 The Assignor represents and warrants that it is the legal and beneficial owner of
the interest being assigned by it hereunder and that such interest is free and clear of any adverse claim. 
 The Assignee
represents and warrants to the Borrowers and Administrative Agent that, as of the date hereof, the Borrowers will not be obligated to pay any greater amount under Section 4.2 or 4.4 of the Loan Agreement than the Borrowers are
obligated to pay to the Assignor under such Section. [The Assignee has delivered, or is delivering concurrently herewith, to the Borrowers and Administrative Agent the forms required by [Section 4.4] of the Loan
Agreement.] [INSERT IF ASSIGNEE IS ORGANIZED UNDER THE LAWS OF A JURISDICTION OTHER THAN THE UNITED STATES OF AMERICA OR A STATE THEREOF.] The [Assignee/Assignor] [the Borrowers] shall pay the fee payable to
Administrative Agent pursuant to Section 19.1.1. 
 The Assignee hereby confirms that it has received a copy of
the Loan Agreement. Except as otherwise provided in the Loan Agreement, effective as of the Closing Date: 
  

	 	(a)	 the Assignee (i) shall be deemed automatically to have become a party to the Loan Agreement and to have
all the rights and obligations of a “Lender” under the Loan Agreement as if it were an original signatory thereto to the extent specified in the second paragraph hereof; and (ii) agrees to be bound by the terms and conditions
set forth in the Loan Agreement as if it were an original signatory thereto; and 

  

	 	(b)	 the Assignor shall be released from its obligations under the Loan Agreement to the extent specified in the
second paragraph hereof. 

 The Assignee hereby advises each of you of the following administrative
details with respect to the assigned Loans and Commitment: 
  

	 	(A)	 Institution Name: 

Address: 

Attention: 

Telephone: 

Facsimile: 

  
 Exhibit G - Page 2 

	 	(B)	 Payment Instructions: 

This Assignment shall be governed by and construed in accordance with the laws of the State of Illinois. 

Please evidence your receipt hereof and your consent to the sale, assignment, purchase and assumption set forth herein by
signing and returning counterparts hereof to the Assignor and the Assignee. 
  

									
	Percentage =     %	 		 	[ASSIGNEE]
					
		 		 		 	By:	 	  

		 		 		 	Title:	 	  

			
	Adjusted Percentage =     %	 		 	[ASSIGNOR]
					
		 		 		 	By:	 	  

		 		 		 	Title:	 	  

				
	 ACKNOWLEDGED AND CONSENTED TO this      day of
        ,         
  

THE PRIVATEBANK AND TRUST COMPANY, as Administrative Agent
	 		 		 	
					
	By:	 	  
	 		 		 	
	Title:	 	  
	 		 		 	

  
 Exhibit G - Page 3 

			
	ACKNOWLEDGED AND CONSENTED TO this      day of         ,         
	
	 MANITEX INTERNATIONAL, INC., a Michigan corporation

MANITEX, INC., a Texas corporation
 MANITEX SABRE,
INC., a Michigan corporation
 BADGER EQUIPMENT COMPANY, a Minnesota corporation

CRANE AND MACHINERY, INC., an Illinois corporation

CRANE AND MACHINERY LEASING, INC., an Illinois corporation

LIFTKING, INC., a Michigan corporation
 MANITEX,
LLC, a Delaware limited liability company

		
	By:	 	  

	Title:	 	  

	
	MANITEX LIFTKING, ULC, an Alberta company
		
	By:	 	  

	Title:	 	  

  
 Exhibit G - Page 4Exhibit 4.1

 

GOLDEN QUEEN MINING CO. LTD.

 

as the Corporation

 

and

 

COMPUTERSHARE TRUST
COMPANY OF CANADA

 

as the Warrant Agent

 

 

WARRANT INDENTURE

Providing for the
Issue of Warrants

 

Dated as of July 25,
2016

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page No.
	 	 	 
	Article 1
	INTERPRETATION
	 	 	 
	Section 1.1	Definitions	2
	Section 1.2	Gender and Number	7
	Section 1.3	Headings, Etc.	7
	Section 1.4	Day not a Business Day	7
	Section 1.5	Time of the Essence	7
	Section 1.6	Monetary References	7
	Section 1.7	Applicable Law	7
	Section 1.8	Termination	8
	 	 	 
	Article 2
	ISSUE OF WARRANTS
	 
	Section 2.1	Creation and Issue of Warrants	8
	Section 2.2	Terms of Warrants	8
	Section 2.3	Warrantholder not a Shareholder	9
	Section 2.4	Warrants to Rank Pari Passu	9
	Section 2.5	Form of Warrants, Certificated Warrants	9
	Section 2.6	Book Entry Only Warrants	9
	Section 2.7	Warrant Certificate	11
	Section 2.8	Register of Warrants	13
	Section 2.9	Issue in Substitution for Warrant Certificates Lost, etc.	15
	Section 2.10	Exchange of Warrant Certificates	15
	Section 2.11	Transfer and Ownership of Warrants	16
	Section 2.12	Cancellation of Surrendered Warrants	17
	 	 	 
	Article 3
	EXERCISE OF WARRANTS
	 
	Section 3.1	Right of Exercise	17
	Section 3.2	Warrant Exercise	17
	Section 3.3	Cashless Exercise	19
	Section 3.4	Transfer Fees and Taxes	20
	Section 3.5	Warrant Agency	20
	Section 3.6	Effect of Exercise of Warrants	21
	Section 3.7	Partial Exercise of Warrants; Fractions	21
	Section 3.8	Expiration of Warrants	22
	Section 3.9	Accounting and Recording	22
	Section 3.10	Securities Restrictions	22
	Section 3.11	U.S. Securities Law Matters	23

 

     

     

    

 

TABLE OF CONTENTS

(continue

 

	 	 	Page
    No.
	Article 4
	ADJUSTMENT OF NUMBER OF COMMON SHARES
	AND EXERCISE PRICE
	 	 	
	Section 4.1	Adjustment of Number of Common Shares and Exercise Price	24
	Section 4.2	Entitlement to Common Shares on Exercise of Warrant	29
	Section 4.3	No Adjustment for Certain Transactions	29
	Section 4.4	Determination by Independent Firm	29
	Section 4.5	Proceedings Prior to any Action Requiring Adjustment	30
	Section 4.6	Certificate of Adjustment	30
	Section 4.7	Notice of Special Matters	30
	Section 4.8	No Action after Notice	31
	Section 4.9	Other Action	31
	Section 4.10	Protection of Warrant Agent	31
	Section 4.11	Participation by Warrantholder	32
	Section 4.12	Regulatory Approval of Adjustments	32
	 	 	 
	Article 5
	RIGHTS OF THE CORPORATION AND COVENANTS
	 
	Section 5.1	Optional Purchases by the Corporation	32
	Section 5.2	General Covenants	32
	Section 5.3	Warrant Agent’s Remuneration and Expenses	34
	Section 5.4	Performance of Covenants by Warrant Agent	34
	Section 5.5	Enforceability of Warrants	34
	 	 	 
	Article 6
	ENFORCEMENT
	 	 	 
	Section 6.1	Suits by Registered Warrantholders	35
	Section 6.2	Suits by the Corporation	35
	Section 6.3	Immunity of Shareholders, etc.	35
	Section 6.4	Waiver of Default	35
	 	 	 
	Article 7
	MEETINGS OF REGISTERED WARRANTHOLDERS
	 	 	 
	Section 7.1	Right to Convene Meetings	36
	Section 7.2	Notice	36
	Section 7.3	Chairman	37
	Section 7.4	Quorum	37
	Section 7.5	Power to Adjourn	37
	Section 7.6	Show of Hands	37
	Section 7.7	Poll and Voting	38

 

     

     

    

 

TABLE OF CONTENTS

(continue

 

	 	 	Page No.
	 	 	 
	Section 7.8	Regulations	38
	Section 7.9	Corporation and Warrant Agent May be Represented	38
	Section 7.10	Powers Exercisable by Extraordinary Resolution	39
	Section 7.11	Meaning of Extraordinary Resolution	40
	Section 7.12	Powers Cumulative	41
	Section 7.13	Minutes	41
	Section 7.14	Instruments in Writing	41
	Section 7.15	Binding Effect of Resolutions	41
	Section 7.16	Holdings by Corporation Disregarded	42
	 	 	 
	Article 8
	SUPPLEMENTAL INDENTURES
	 	 	 
	Section 8.1	Provision for Supplemental Indentures for Certain Purposes	42
	Section 8.2	Successor Entities	43
	 	 	 
	Article 9
	CONCERNING THE WARRANT Agent
	 	 	 
	Section 9.1	Trust Indenture Legislation	44
	Section 9.2	Rights and Duties of Warrant Agent	44
	Section 9.3	Evidence, Experts and Advisers	45
	Section 9.4	Documents, Monies, etc. Held by Warrant Agent	46
	Section 9.5	Actions by Warrant Agent to Protect Interest	46
	Section 9.6	Warrant Agent Not Required to Give Security	47
	Section 9.7	Protection of Warrant Agent	47
	Section 9.8	Replacement of Warrant Agent; Successor by Merger	48
	Section 9.9	Conflict of Interest	49
	Section 9.10	Acceptance of Agency	49
	Section 9.11	Warrant Agent Not to be Appointed Receiver	49
	Section 9.12	Warrant Agent Not Required to Give Notice of Default	50
	Section 9.13	Anti-Money Laundering	50
	Section 9.14	Compliance with Privacy Code	51
	Section 9.15	Securities Exchange Commission Certification	51
	 	 	 
	Article 10
	GENERAL
	 	 	 
	Section 10.1	Notice to the Corporation and the Warrant Agent	52
	Section 10.2	Notice to Registered Warrantholders	53
	Section 10.3	Ownership of Warrants	53
	Section 10.4	Counterparts	54
	Section 10.5	Satisfaction and Discharge of Indenture	54

 

     

     

    

 

TABLE OF CONTENTS

(continue

 

	 	 	Page
    No.
	 	 	 
	Section 10.6	Provisions of Indenture and Warrants for the Sole Benefit of Parties and Registered Warrantholders	54
	Section 10.7	Common Shares or Warrants Owned by the Corporation or its Subsidiaries - Certificate to be Provided	55
	Section 10.8	Severability	55
	Section 10.9	Force Majeure	55
	Section 10.10	Assignment, Successors and Assigns	55
	Section 10.11	Rights of Rescission and Withdrawal for Holders	56

 

SCHEDULES

 

SCHEDULE “A” - FORM
OF WARRANT CERTIFICATE

SCHEDULE “B” – EXERCISE
FORM

 

     

     

    

 

WARRANT INDENTURE

 

THIS WARRANT INDENTURE
is dated as of July 25, 2016.

 

BETWEEN: 

 

GOLDEN QUEEN MINING
CO. LTD. a corporation incorporated under the laws of the Province of British Columbia (the “Corporation”),

 

- and -

 

COMPUTERSHARE TRUST
COMPANY OF CANADA, a trust company existing under the laws of Canada and authorized to carry on business in all provinces
of Canada (the “Warrant Agent”)

 

WHEREAS in connection
with the public offering (the “Offering”) by the Corporation of 9,670,000 Units (as defined below) the Corporation
proposes to issue up to 5,560,000 Warrants pursuant to the terms of this Indenture in connection with the Units issued pursuant
to the Offering, including Units issued upon the exercise of the Over-Allotment Option (as defined below);

 

AND WHEREAS pursuant
to this Indenture, each whole Warrant shall, subject to adjustment in certain events, entitle the holder thereof to acquire one
(1) Common Share upon payment of the Exercise Price upon the terms and conditions herein set forth;

 

AND WHEREAS the
Corporation is duly authorized to create and issue the Warrants to be issued as herein provided;

 

AND WHEREAS all
acts and deeds necessary have been done and performed to make the Warrants, when certified by the Warrant Agent and issued as
provided in this Indenture, legal, valid and binding upon the Corporation with the benefits and subject to the terms of this Indenture;

 

AND WHEREAS, as
of the date hereof the Corporation has an effective Registration Statement (as defined below) under the U.S. Securities Act (as
defined below);

 

AND WHEREAS the
foregoing recitals are made as representations and statements of fact by the Corporation and not by the Warrant Agent;

 

NOW THEREFORE,
in consideration of the premises and mutual covenants hereinafter contained and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the Corporation hereby appoints the Warrant Agent as warrant agent to hold the
rights, interests and benefits contained herein for and on behalf of those persons who from time to time become the holders of
Warrants issued pursuant to this Indenture and the parties hereto agree as follows:

 

     

     

    

 

Article 1

INTERPRETATION

 

		Section 1.1	Definitions.

 

In this Indenture, including
the recitals and schedules hereto, and in all indentures supplemental hereto:

 

“Adjustment Period” means
the period from the Effective Date up to and including the Expiry Time;

 

“Applicable Legislation”
means any statute of Canada or a province thereof, and the regulations under any such named or other statute, relating to warrant
indentures or to the rights, duties and obligations of warrant agents under warrant indentures, to the extent that such provisions
are at the time in force and applicable to this Indenture;

 

“Applicable Securities Laws”
means the applicable securities laws and regulations of each of the provinces and territories of Canada, and the applicable federal
and state securities laws and regulations of the United States, together with all related rules, policies, notices and orders
of applicable regulatory authorities;

 

“Auditors” means PricewaterhouseCoopers
LLP or such other firm of chartered accountants duly appointed as auditors of the Corporation, from time to time;

 

“Authenticated” means (a)
with respect to the issuance of a Warrant Certificate, one which has been duly signed by the Corporation and authenticated by
manual signature of an authorized officer of the Warrant Agent, (b) with respect to the issuance of an Uncertificated Warrant,
one in respect of which the Warrant Agent has completed all Internal Procedures such that the particulars of such Uncertificated
Warrant as required by Section 2.7 are entered in the register of holders of Warrants, “Authenticate”, “Authenticating”
and “Authentication” have the appropriate correlative meanings;

 

“Book Entry Only Participants”
means institutions that participate directly or indirectly in the Depository’s book entry registration system for the Warrants;

 

“Book Entry Only Warrants”
means Warrants that are to be held only by or on behalf of the Depository;

 

    - 2 - 

     

    

 

“Business Day” means any
day other than Saturday, Sunday or a statutory or civic holiday, or any other day on which banks are not open for business in
the City of Vancouver, Province of British Columbia and shall be a day on which the TSX is open for trading;

 

“CDS Global Warrants” means
Warrants representing all or a portion of the aggregate number of Warrants issued in the name of the Depository represented by
an Uncertificated Warrant, or if requested by the Depository or the Corporation, by a Warrant Certificate;

 

“Certificated Warrant”
means a Warrant evidenced by a writing or writings substantially in the form of Schedule “A”, attached hereto;

 

“Closing Date” means on
or about July 25, 2016 or such other date as agreed upon by the Corporation and the Underwriters;

 

“Common Share Reorganization”
has the meaning set forth in Section 4.1(a);

 

“Common Shares” means,
subject to Article 4, fully paid and non-assessable common shares of the Corporation as presently constituted;

 

“Confirmation” has the
meaning set forth in Section 3.2(2);

 

“Corporation” means Golden
Queen Mining Co. Ltd.;

 

“Counsel” means a barrister
and/or solicitor or a firm of barristers and/or solicitors retained by the Warrant Agent or retained by the Corporation, which
may or may not be counsel for the Corporation;

 

“Current Market Price”
of the Common Shares at any date means the volume weighted average of the trading price per Common Share for such Common Shares
for each day there was a closing price for the five (5) consecutive Trading Days ending on such date on the TSX or if on such
date the Common Shares are not listed on the TSX, on such stock exchange upon which such Common Shares are listed and as selected
by the directors, or, if such Common Shares are not listed on any stock exchange then on such over-the-counter market as may be
selected for such purpose by the directors of the Corporation;

 

“Depository” means CDS
Clearing and Depository Services Inc. or such other person as is designated in writing by the Corporation to act as depository
in respect of the Warrants;

 

“Dividends” means any dividends
paid by the Corporation;

 

“Effective Date” means
the date of this Indenture;

 

    - 3 - 

     

    

 

“Exchange Rate” means the
number of Common Shares subject to the right of purchase under each Warrant;

 

“Exercise Date” means,
in relation to a Warrant, the Business Day on which such Warrant is validly exercised or deemed to be validly exercised in accordance
with Article 3 hereof;

 

“Exercise Notice” has the
meaning set forth in Section 3.2(1);

 

“Exercise Price” at any
time means the price at which a Common Share may be purchased by the exercise of a whole Warrant, which is initially $2.00 per
Common Share, payable in immediately available Canadian funds, subject to adjustment in accordance with the provisions of Section
4.1;

 

“Expiry Date” means July
25, 2019;

 

“Expiry Time” means 5:00
p.m. (Vancouver time) on the Expiry Date;

 

“Extraordinary Resolution”
has the meaning set forth in Section 7.11(1);

 

“Final Exercise Notice”
has the meaning set forth in Section 3.3;

 

“Internal Procedures” means
in respect of the making of any one or more entries to, changes in or deletions of any one or more entries in the register at
any time (including without limitation, original issuance or registration of transfer of ownership) the minimum number of the
Warrant Agent’s internal procedures customary at such time for the entry, change or deletion made to be complete under the
operating procedures followed at the time by the Warrant Agent, it being understood that neither preparation and issuance shall
constitute part of such procedures for any purpose of this definition;

 

“Issue Date” means July
25, 2016;

 

“Over-Allotment Option”
means the option granted by the Corporation to the Underwriters, which may be exercised in the Underwriters’ sole discretion
and without obligation, to offer for sale up to an additional 1,450,000 Units each comprised of one Common Share and one half
of a Warrant, for the purpose of covering over-allotments made in connection with the Offering and for market stabilization purposes,
and which is exercisable for any combination of additional Units, additional Unit Shares and/or additional Warrants, from and
including 30 days following the Closing Date;

 

“person” means an individual,
body corporate, partnership, trust, warrant agent, executor, administrator, legal representative or any unincorporated organization;

 

    - 4 - 

     

    

 

“register” means the one
set of records and accounts maintained by the Warrant Agent pursuant to Section 2.8;

 

“Registered Warrantholders”
means the persons who are registered owners of Warrants as such names appear on the register, and for greater certainty, shall
include the Depository as well as the holders of Uncertificated Warrants appearing on the register of the Warrant Agent;

 

“Registration Statement”
means a shelf registration statement filed with the SEC under the U.S. Securities Act registering the Common Shares issuable upon
exercise of the Warrants;

 

“Regulation S” means Regulation
S as promulgated by the United States Securities and Exchange Commission under the U.S. Securities Act;

 

“Rights Offering” has the
meaning set forth in Section 4.1(b);

 

“SEC” means the United
States Securities and Exchange Commission;

 

“Shareholders” means holders
of Common Shares;

 

“Tax Act” means the Income
Tax Act (Canada) and the regulations thereunder;

 

“this Warrant Indenture”,
“this Indenture”, “this Agreement”, “hereto” “herein”,
“hereby”, “hereof” and similar expressions mean and refer to this Indenture and any indenture,
deed or instrument supplemental hereto; and the expressions “Article”, “Section”, “subsection”
and “paragraph” followed by a number, letter or both mean and refer to the specified article, section, subsection
or paragraph of this Indenture;

 

“Trading Day” means, with
respect to the TSX, a day on which such exchange is open for the transaction of business and with respect to another exchange
or an over-the-counter market means a day on which such exchange or market is open for the transaction of business;

 

“TSX” means the Toronto
Stock Exchange;

 

“Uncertificated Warrant”
means any Warrant which is not a Certificated Warrant;

 

“Underwriting
Agreement” means the underwriting agreement dated July 18, 2016 between the Underwriters and the Corporation;

 

“Underwriters” means, collectively,
Cormark Securities Inc. and M Partners Inc.;

 

“Unit”
means a unit consisting of one Common Share and one-half of one Warrant, sold under the Offering;

 

    - 5 - 

     

    

 

“United States” or “U.S.”
means the United States of America, its territories and possessions, any state of the United States, and the District of Columbia;

 

“U.S. Exchange Act” means
the United States Securities Exchange Act of 1934, as amended;

 

“U.S. Person” has the meaning
set forth in Rule 902(k) of Regulation S of the U.S. Securities Act;

 

“U.S. Securities Act” means
the United States Securities Act of 1933, as amended; 

 

“Warrants” means the Common
Share purchase warrants created by and authorized by and issuable under this Indenture, to be issued and countersigned hereunder
as a Certificated Warrant and /or Uncertificated Warrant held through the book entry registration system on a no certificate issued
basis, entitling the holder or holders thereof to purchase up to 5,560,000 Common Shares (subject to adjustment as herein provided)
at the Exercise Price prior to the Expiry Time; 

 

“Warrant Agency” means
the principal offices of the Warrant Agent in the City of Vancouver and the city of Toronto or such other place as may be designated
in accordance with Section 3.5;

 

“Warrant Agent” means Computershare
Trust Company of Canada, in its capacity as warrant agent of the Warrants, or its lawful successors from time to time;

 

“Warrant Certificate” means
a certificate, substantially in the form set forth in Schedule “A” hereto, to evidence those Warrants that will be
evidenced by a certificate;

 

“Warrantholders”, or “holders”
without reference to Warrants, means the warrantholders as and in respect of Warrants registered in the name of the Depository
and includes owners of Warrants who beneficially hold securities entitlements in respect of the Warrants through a Book Entry
Only Participant or means, at a particular time, the persons entered in the register hereinafter mentioned as holders of Warrants
outstanding at such time;

 

“Warrantholders’ Request”
means an instrument signed in one or more counterparts by Registered Warrantholders entitled to acquire in the aggregate not less
than 50% of the aggregate number of Common Shares which could be acquired pursuant to all Warrants then unexercised and outstanding,
requesting the Warrant Agent to take some action or proceeding specified therein; and

 

“written order of the Corporation”,
“written request of the Corporation”, “written consent of the “Corporation” and “certificate
of the Corporation” mean, respectively, a written order, request, consent and certificate signed in the name of the
Corporation by any two duly authorized signatories of the Corporation and may consist of one or more instruments so executed.

 

    - 6 - 

     

    

 

		Section 1.2	Gender and
                                         Number.

 

Words importing the singular
number or masculine gender shall include the plural number or the feminine or neuter genders, and vice versa.

 

		Section 1.3	Headings,
                                         Etc.

 

The division of this Indenture
into Articles and Sections, the provision of a Table of Contents and the insertion of headings are for convenience of reference
only and shall not affect the construction or interpretation of this Indenture or of the Warrants.

 

		Section 1.4	Day not
                                         a Business Day.

 

If any day on or before
which any action or notice is required or permitted to be taken or given hereunder is not a Business Day, then such action or
notice shall be required or permitted to be taken or given on or before the requisite time on the next succeeding day that is
a Business Day.

 

		Section 1.5	Time of
                                         the Essence.

 

Time shall be of the essence
in all respects of this Indenture, the Warrants and the Warrant Certificates..

 

		Section 1.6	Monetary
                                         References.

 

Whenever any amounts of
money are referred to herein, such amounts shall be deemed to be in lawful money of Canada unless otherwise expressed.

 

		Section 1.7	Applicable
                                         Law.

 

This Indenture, the Warrants,
the Warrant Certificates (including all documents relating thereto, which by common accord have been and will be drafted in English)
shall be construed in accordance with the laws of the Province British Columbia and the federal laws applicable therein and shall
be treated in all respects as British Columbia contracts. Each of the parties hereto, which shall include the Warrantholders,
irrevocably attorns to the exclusive jurisdiction of the courts of the Province of British Columbia with respect to all matters
arising out of this Indenture and the transactions contemplated herein.

 

    - 7 - 

     

    

 

		Section 1.8	Termination.

 

This Indenture shall continue
in full force and effect until the earlier of: (a) the Expiry Date; and (b) the date by which there shall have been delivered
to the Warrant Agent for exercise or cancellation in accordance with the provisions hereof all Warrants theretofore certified
hereunder; provided that this Indenture shall continue in effect thereafter, if applicable, until the Corporation and the Warrant
Agent have fulfilled all of their respective obligations under this Indenture.

 

Article 2

ISSUE OF WARRANTS

 

		Section 2.1	Creation
                                         and Issue of Warrants.

 

A maximum of 5,560,000
Warrants (subject to adjustment as herein provided) are hereby created and authorized to be issued in accordance with the terms
and conditions hereof. By written order of the Corporation, the Warrant Agent shall deliver Warrant Certificates to Registered
Warrantholders and record the name of the Registered Warrantholders on the Warrant register. Registration of interests in Warrants
held by the Depository may be evidenced by a position appearing on the register for Warrants of the Warrant Agent for an amount
representing the aggregate number of such Warrants outstanding from time to time.

 

		Section 2.2	Terms of Warrants.

 

		(1)	Subject to the applicable conditions
                                         for exercise set out in Article 3 having been satisfied and subject to adjustment in
                                         accordance with Section 4.1, each whole Warrant shall entitle each Warrantholder thereof,
                                         upon exercise at any time after the Issue Date and prior to the Expiry Time, to acquire
                                         one (1) Common Share upon payment of the Exercise Price.

 

		(2)	No fractional Warrants shall be issued
                                         or otherwise provided for hereunder and Warrants may only be exercised in a sufficient
                                         number to acquire whole numbers of Common Shares.

 

		(3)	Each Warrant shall entitle the holder
                                         thereof to such other rights and privileges as are set forth in this Indenture.

 

		(4)	The number of Common Shares which
                                         may be purchased pursuant to the Warrants and the Exercise Price therefor shall be adjusted
                                         upon the events and in the manner specified in Section 4.1.

 

    - 8 - 

     

    

 

		Section 2.3	Warrantholder
                                         not a Shareholder.

 

Except as may be specifically
provided herein, nothing in this Indenture or in the holding of a Warrant Certificate, entitlement to a Warrant or otherwise,
shall, in itself, confer or be construed as conferring upon a Warrantholder any right or interest whatsoever as a Shareholder,
including, but not limited to, the right to vote at, to receive notice of, or to attend, meetings of Shareholders or any other
proceedings of the Corporation, or the right to Dividends and other allocations.

 

		Section 2.4	Warrants
                                         to Rank Pari Passu.

 

All Warrants shall rank
equally and without preference over each other, whatever may be the actual date of issue thereof.

 

		Section 2.5	Form of
                                         Warrants, Certificated Warrants.

 

The Warrants may be issued
in both certificated and uncertificated form. All Warrants issued in certificated form shall be evidenced by a Warrant Certificate
(including all replacements issued in accordance with this Indenture), substantially in the form set out in Schedule “A”
hereto, which shall be dated as of the Issue Date, shall bear such distinguishing letters and numbers as the Corporation may,
with the approval of the Warrant Agent, prescribe, and shall be issuable in any denomination excluding fractions. All Warrants
issued to the Depository may be in either a certificated or uncertificated form, such uncertificated form being evidenced by a
book position on the register of Warrantholders to be maintained by the Warrant Agent in accordance with Section 2.6.

 

		Section 2.6	Book Entry
                                         Only Warrants.

 

		(1)	Reregistration
                                         of beneficial interests in and transfers of Warrants held by the Depository shall be
                                         made only through the book entry registration system and no Warrant Certificates shall
                                         be issued in respect of such Warrants except where physical certificates evidencing ownership
                                         in such securities are required or as set out herein or as may be requested by the Depository,
                                         as determined by the Corporation, from time to time. Except as provided in this Section
                                         2.6, owners of beneficial interests in any CDS Global Warrants shall not be entitled
                                         to have Warrants registered in their names and shall not receive or be entitled to receive
                                         Warrants in definitive form or to have their names appear in the register referred to
                                         in Section 2.9 herein.

 

		(2)	Notwithstanding any other provision
                                         in this Indenture, no CDS Global Warrants may be exchanged in whole or in part for Warrants
                                         registered, and no transfer of any CDS Global Warrants in whole or in part may be registered,
                                         in the name of any person other than the Depository for such CDS Global Warrants or a
                                         nominee thereof unless:

 

    - 9 - 

     

    

 

		(a)	the Depository notifies the Corporation
                                         that it is unwilling or unable to continue to act as depository in connection with the
                                         Book Entry Only Warrants and the Corporation is unable to locate a qualified successor;

 

		(b)	the Corporation determines that
                                         the Depository is no longer willing, able or qualified to discharge properly its responsibilities
                                         as holder of the CDS Global Warrants and the Corporation is unable to locate a qualified
                                         successor;

 

		(c)	the Depository ceases to be a clearing
                                         agency or otherwise ceases to be eligible to be a depository and the Corporation is unable
                                         to locate a qualified successor;

 

		(d)	the Corporation determines that
                                         the Warrants shall no longer be held as Book Entry Only Warrants through the Depository;

 

		(e)	such right is required by Applicable
                                         Law, as determined by the Corporation and the Corporation’s Counsel; or

 

		(f)	such registration is effected in
                                         accordance with the internal procedures of the Depository and the Warrant Agent,

 

following which,
Warrants for those holders requesting the same shall be registered and issued to the beneficial owners of such Warrants or their
nominees as directed by the holder. The Corporation shall provide an Officer’s Certificate giving notice to the Warrant
Agent of the occurrence of any event outlined in this Section 2.6 (2)(a) –(g).

 

		(3)	Subject to the provisions of this Section
                                         2.6, any exchange of CDS Global Warrants for Warrants which are not CDS Global Warrants
                                         may be made in whole or in part in accordance with the provisions of Section 2.11, mutatis
                                         mutandis. All such Warrants issued in exchange for a CDS Global Warrant or any portion
                                         thereof shall be registered in such names as the Depository for such CDS Global Warrants
                                         shall direct and shall be entitled to the same benefits and subject to the same terms
                                         and conditions (except insofar as they relate specifically to CDS Global Warrants) as
                                         the CDS Global Warrants or portion thereof surrendered upon such exchange.

 

		(4)	Every Warrant that is Authenticated
                                         upon registration or transfer of a CDS Global Warrant, or in exchange for or in lieu
                                         of a CDS Global Warrant or any portion thereof, whether pursuant to this Section 2.6,
                                         or otherwise, shall be Authenticated in the form of, and shall be, a CDS Global Warrant,
                                         unless such Warrant is registered in the name of a person other than the Depository for
                                         such CDS Global Warrant or a nominee thereof.

 

    - 10 - 

     

    

 

		(5)	Notwithstanding anything to the contrary
                                         in this Indenture, subject to Applicable Law, the CDS Global Warrant will be issued as
                                         an Uncertificated Warrant, unless otherwise requested in writing by the Depository or
                                         the Corporation.

 

		(6)	The rights of beneficial owners of
                                         Warrants who hold securities entitlements in respect of the Warrants through the book
                                         entry registration system shall be limited to those established by applicable law and
                                         agreements between the Depository and the Book Entry Only Participants and between such
                                         Book Entry Only Participants and the beneficial owners of Warrants who hold securities
                                         entitlements in respect of the Warrants through the book entry registration system, and
                                         such rights must be exercised through a Book Entry Only Participant in accordance with
                                         the rules and procedures of the Depository.

 

		(7)	Notwithstanding anything herein to
                                         the contrary, neither the Corporation nor the Warrant Agent nor any agent thereof shall
                                         have any responsibility or liability for:

 

		(a)	the electronic records maintained
                                         by the Depository relating to any ownership interests or any other interests in the Warrants
                                         or the depository system maintained by the Depository, or payments made on account of
                                         any ownership interest or any other interest of any person in any Warrant represented
                                         by an electronic position in the book entry registration system (other than the Depository
                                         or its nominee);

 

		(b)	maintaining, supervising or reviewing
                                         any records of the Depository or any Book Entry Only Participant relating to any such
                                         interest; or

 

		(c)	any advice or representation made
                                         or given by the Depository or those contained herein that relate to the rules and regulations
                                         of the Depository or any action to be taken by the Depository on its own direction or
                                         at the direction of any Book Entry Only Participant.

 

		(8)	The Corporation may terminate the application
                                         of this Section 2.6 in its sole discretion in which case all Warrants shall be evidenced
                                         by Warrant Certificates registered in the name of a Person other than the Depository.

 

		Section .7	Warrant Certificate.

 

		(1)	For Warrants issued in certificated
                                         form, the form of certificate representing Warrants shall be substantially as set out
                                         in Schedule “A” hereto or such other form as is authorized from time to time
                                         by the Warrant Agent. Each Warrant Certificate shall be Authenticated manually on behalf
                                         of the Warrant Agent. Each Warrant Certificate shall be signed by any one duly authorized
                                         signatory of the Corporation; whose signature shall appear on the Warrant Certificate
                                         and may be printed, lithographed or otherwise mechanically reproduced thereon and, in
                                         such event, certificates so signed are as valid and binding upon the Corporation as if
                                         it had been signed manually. Any Warrant Certificate which has a signature as hereinbefore
                                         provided shall be valid notwithstanding that the person whose signature is printed, lithographed
                                         or mechanically reproduced no longer holds office at the date of issuance of such certificate.
                                         The Warrant Certificates may be engraved, printed or lithographed, or partly in one form
                                         and partly in another, as the Warrant Agent may determine.

 

    - 11 - 

     

    

 

		(2)	The Warrant Agent shall Authenticate
                                         Uncertificated Warrants (whether upon original issuance, exchange, registration of transfer,
                                         partial payment, or otherwise) by completing its Internal Procedures and the Corporation
                                         shall, and hereby acknowledges that it shall, thereupon be deemed to have duly and validly
                                         issued such Uncertificated Warrants under this Indenture. Such Authentication shall be
                                         conclusive evidence that such Uncertificated Warrant has been duly issued hereunder and
                                         that the holder or holders are entitled to the benefits of this Indenture. The register
                                         shall be final and conclusive evidence as to all matters relating to Uncertificated Warrants
                                         with respect to which this Indenture requires the Warrant Agent to maintain records or
                                         accounts. In case of differences between the register at any time and any other time
                                         the register at the later time shall be controlling, absent manifest error and such Uncertificated
                                         Warrants are binding on the Corporation.

 

		(3)	Any Warrant Certificate validly issued
                                         in accordance with the terms of this Indenture in effect at the time of issue of such
                                         Warrant Certificate shall, subject to the terms of this Indenture and applicable law,
                                         validly entitle the holder to acquire Common Shares, notwithstanding that the form of
                                         such Warrant Certificate may not be in the form currently required by this Indenture.

 

		(4)	No Warrant shall be considered issued
                                         and shall be valid or obligatory or shall entitle the holder thereof to the benefits
                                         of this Indenture, until it has been Authenticated by the Warrant Agent. Authentication
                                         by the Warrant Agent, including by way of entry on the register, shall not be construed
                                         as a representation or warranty by the Warrant Agent as to the validity of this Indenture
                                         or of such Warrant Certificates or Uncertificated Warrants (except the due Authentication
                                         thereof) or as to the performance by the Corporation of its obligations under this Indenture
                                         and the Warrant Agent shall in no respect be liable or answerable for the use made of
                                         the Warrants or any of them or of the consideration thereof. Authentication by the Warrant
                                         Agent shall be conclusive evidence as against the Corporation that the Warrants so Authenticated
                                         have been duly issued hereunder and that the holder thereof is entitled to the benefits
                                         of this Indenture.

 

    - 12 - 

     

    

 

		(5)	No Certificated Warrant shall be considered
                                         issued and Authenticated or, if Authenticated, shall be obligatory or shall entitle the
                                         holder thereof to the benefits of this Indenture, until it has been Authenticated by
                                         manual signature by or on behalf of the Warrant Agent substantially in the form of the
                                         Warrant set out in Schedule “A” hereto. Such Authentication on any such Certificated
                                         Warrant shall be conclusive evidence that such Certificated Warrant is duly Authenticated
                                         and is valid and a binding obligation of the Corporation and that the holder is entitled
                                         to the benefits of this Indenture.

 

		(6)	No
                                         Uncertificated Warrant shall be considered issued and shall be obligatory or shall entitle
                                         the holder thereof to the benefits of this Indenture, until it has been Authenticated
                                         by entry on the register of the particulars of the Uncertificated Warrant. Such entry
                                         on the register of the particulars of an Uncertificated Warrant shall be conclusive evidence
                                         that such Uncertificated Warrant is a valid and binding obligation of the Corporation
                                         and that the holder is entitled to the benefits of this Indenture.

 

		(7)	The Authentication by the Warrant Agent
                                         of any Warrants whether by way of entry on the register or otherwise shall not be construed
                                         as a representation or warranty by the Warrant Agent as to the validity of the Indenture
                                         or such Warrants (except the due Authentication thereof) or as to the performance by
                                         the Corporation of its obligations under this Indenture and the Warrant Agent shall in
                                         no respect be liable or answerable for the use made of the Warrants or any of them or
                                         the proceeds thereof.

 

		Section 2.8	Register of Warrants

 

		(1)	The Warrant Agent shall maintain records
                                         and accounts concerning the Warrants, whether certificated or uncertificated, which shall
                                         contain the information called for below with respect to each Warrant, together with
                                         such other information as may be required by law or as the Warrant Agent may elect to
                                         record. All such information shall be kept in one set of accounts and records which the
                                         Warrant Agent shall designate (in such manner as shall permit it to be so identified
                                         as such by an unaffiliated party) as the register of the holders of Warrants. The information
                                         to be entered for each account in the register of Warrants at any time shall include
                                         (without limitation):

 

		(a)	the name and address of the holder
                                         of the Warrants, the date of Authentication thereof and the number of Warrants;

 

    - 13 - 

     

    

 

		(b)	whether such Warrant is a Certificated
                                         Warrant or an Uncertificated Warrant and, if a Warrant Certificate, the unique number
                                         or code assigned to and imprinted thereupon and, if an Uncertificated Warrant, the unique
                                         number or code assigned thereto if any;

 

		(c)	whether such Warrant has been cancelled;
                                         and

 

		(d)	a register of transfers in which
                                         all transfers of Warrants and the date and other particulars of each transfer shall be
                                         entered.

 

The register shall
be available for inspection by the Corporation and or any Warrantholder during the Warrant Agent’s regular business hours
on a Business Day and upon payment to the Warrant Agent of its reasonable fees. Any Warrantholder exercising such right of inspection
shall first provide an affidavit in form satisfactory to the Corporation and the Warrant Agent stating the name and address of
the Warrantholder and agreeing not to use the information therein except in connection with an effort to call a meeting of Warrantholders
or to influence the voting of Warrantholders at any meeting of Warrantholders.

 

		(2)	Once an Uncertificated Warrant has
                                         been Authenticated, the information set forth in the register with respect thereto at
                                         the time of Authentication may be altered, modified, amended, supplemented or otherwise
                                         changed only to reflect exercise or proper instructions to the Warrant Agent from the
                                         holder as provided herein, except that the Warrant Agent may act unilaterally to make
                                         purely administrative changes internal to the Warrant Agent and changes to correct errors.
                                         Each person who becomes a holder of an Uncertificated Warrant, by his, her or its acquisition
                                         thereof shall be deemed to have irrevocably (i) consented to the foregoing authority
                                         of the Warrant Agent to make such minor error corrections and (ii) agreed to pay to the
                                         Warrant Agent, promptly upon written demand, the full amount of all loss and expense
                                         (including without limitation reasonable legal fees of the Corporation and the Warrant
                                         Agent plus interest, at an appropriate then prevailing rate of interest to the Warrant
                                         Agent), sustained by the Corporation or the Warrant Agent as a proximate result of such
                                         error if but only if and only to the extent that such present or former holder realized
                                         any benefit as a result of such error and could reasonably have prevented, forestalled
                                         or minimized such loss and expense by prompt reporting of the error or avoidance of accepting
                                         benefits thereof whether or not such error is or should have been timely detected and
                                         corrected by the Warrant Agent; provided, that no person who is a bona fide purchaser
                                         shall have any such obligation to the Corporation or to the Warrant Agent.

 

    - 14 - 

     

    

 

		Section 2.9	Issue in
                                         Substitution for Warrant Certificates Lost, etc.

 

		(1)	If any Warrant Certificate becomes
                                         mutilated or is lost, destroyed or stolen, the Corporation, subject to applicable law,
                                         shall issue and thereupon the Warrant Agent shall certify and deliver, a new Warrant
                                         Certificate of like tenor, and bearing the same legend, if applicable, as the one mutilated,
                                         lost, destroyed or stolen in exchange for and in place of and upon cancellation of such
                                         mutilated Warrant Certificate, or in lieu of and in substitution for such lost, destroyed
                                         or stolen Warrant Certificate, and the substituted Warrant Certificate shall be in a
                                         form approved by the Warrant Agent and the Warrants evidenced thereby shall be entitled
                                         to the benefits hereof and shall rank equally in accordance with its terms with all other
                                         Warrants issued or to be issued hereunder.

 

		(2)	The applicant for the issue of a new
                                         Warrant Certificate pursuant to this Section 2.9 shall bear the cost of the issue thereof
                                         and in case of loss, destruction or theft shall, as a condition precedent to the issuance
                                         thereof, furnish to the Corporation and to the Warrant Agent such evidence of ownership
                                         and of the loss, destruction or theft of the Warrant Certificate so lost, destroyed or
                                         stolen as shall be satisfactory to the Corporation and to the Warrant Agent, in their
                                         sole discretion, and such applicant shall also be required to furnish an indemnity and
                                         surety bond in amount and form satisfactory to the Corporation and the Warrant Agent,
                                         in their sole discretion, and shall pay the reasonable charges of the Corporation and
                                         the Warrant Agent in connection therewith.

 

		Section 2.10	Exchange
                                         of Warrant Certificates.

 

		(1)	Any one or more Warrant Certificates
                                         representing any number of Warrants may, upon compliance with the reasonable requirements
                                         of the Warrant Agent (including compliance with applicable securities legislation), be
                                         exchanged for one or more other Warrant Certificates representing the same aggregate
                                         number of Warrants, and bearing the same legend, if applicable, as represented by the
                                         Warrant Certificate or Warrant Certificates so exchanged.

 

		(2)	Warrant Certificates may be exchanged
                                         only at the Warrant Agency or at any other place that is designated by the Corporation
                                         with the approval of the Warrant Agent. Any Warrant Certificate from the holder (or such
                                         other instructions, in form satisfactory to the Warrant Agent), tendered for exchange
                                         shall be surrendered to the Warrant Agency and cancelled by the Warrant Agent.

 

    - 15 - 

     

    

 

		Section 2.11	Transfer
                                         and Ownership of Warrants.

 

		(1)	The Warrants may only be transferred
                                         on the register kept by the Warrant Agent at the Warrant Agency by the holder or its
                                         legal representatives or its attorney duly appointed by an instrument in writing in form
                                         and execution satisfactory to the Warrant Agent only upon (a) in the case of a Warrant
                                         Certificate, surrendering to the Warrant Agent at the Warrant Agency the Warrant Certificates
                                         representing the Warrants to be transferred together with a duly executed transfer form
                                         as set forth in Schedule A and (b) in the case of Book Entry Only Warrants, in accordance
                                         with procedures prescribed by the Depository under the book entry registration system,
                                         and (c) upon compliance with:

 

		(i)	the conditions herein;

 

		(ii)	such reasonable requirements as
                                         the Warrant Agent may prescribe; and

 

		(iii)	all applicable securities legislation
                                         and requirements of regulatory authorities;

 

and such transfer shall be duly
noted in such register by the Warrant Agent. Upon compliance with such requirements, the Warrant Agent shall issue to the transferee
of a Certificated Warrant, a Warrant Certificate, or the Warrant Agent shall Authenticate and deliver a Warrant Certificate upon
request that part of the CDS Global Warrant be certificated. Transfers within the systems of the Depository are not the responsibility
of the Warrant Agent and will not be noted on the register maintained by the Warrant Agent and Warrants that are held as Book
Entry Only Warrants shall be transferred and recorded through the relevant Book Entry Only Participant in accordance with the
book entry registration system as the entitlement holder in respect of such Warrants.

 

		(2)	Subject to the provisions of this Indenture,
                                         Applicable Legislation and applicable law, the Warrantholder shall be entitled to the
                                         rights and privileges attaching to the Warrants, and the issue of Common Shares by the
                                         Corporation upon the exercise of Warrants in accordance with the terms and conditions
                                         herein contained shall discharge all responsibilities of the Corporation and the Warrant
                                         Agent with respect to such Warrants and neither the Corporation nor the Warrant Agent
                                         shall be bound to inquire into the title of any such holder.

 

    - 16 - 

     

    

 

		Section 2.12	Cancellation
                                         of Surrendered Warrants.

 

All Warrant Certificates
surrendered pursuant to Article 3 shall be cancelled by the Warrant Agent and upon such circumstances all such Uncertificated
Warrants shall be deemed cancelled and so noted on the register by the Warrant Agent. Upon request by the Corporation, the Warrant
Agent shall furnish to the Corporation a cancellation certificate identifying the Warrant Certificates so cancelled, the number
of Warrants evidenced thereby, the number of Common Shares, if any, issued pursuant to such Warrants and the details of any Warrant
Certificates issued in substitution or exchange for such Warrant Certificates cancelled.

 

Article 3

EXERCISE OF WARRANTS

 

		Section 3.1	Right of
                                         Exercise.

 

Subject to the provisions
hereof, each Registered Warrantholder may exercise the rights conferred on such holder to subscribe for and purchase one (1) Common
Share for each whole Warrant after the Issue Date and prior to the Expiry Time and in accordance with the conditions herein.

 

		Section 3.2	Warrant
                                         Exercise.

 

		(1)	Registered Warrantholders of Warrant
                                         Certificates who wish to exercise the Warrants held by them in order to acquire Common
                                         Shares must complete the exercise form (the “Exercise Notice”) attached
                                         to the Warrant Certificate(s) which form is attached hereto as Schedule “B”,
                                         which may be amended by the Corporation with the consent of the Warrant Agent, if such
                                         amendment does not, in the reasonable opinion of the Corporation and the Warrant Agent,
                                         which may be based on the advice of Counsel, materially and adversely affect the rights,
                                         entitlements and interests of the Warrantholders, and deliver such certificate(s), the
                                         executed Exercise Notice and a certified cheque, bank draft or money order payable to
                                         or to the order of the Corporation for the aggregate Exercise Price to the Warrant Agent
                                         at the Warrant Agency. The Warrants represented by a Warrant Certificate shall be deemed
                                         to be surrendered upon personal delivery of such certificate, Exercise Notice and aggregate
                                         Exercise Price or, if such documents are sent by mail or other means of transmission,
                                         upon actual receipt thereof by the Warrant Agent at the office referred to above.

 

			A beneficial holder of Uncertificated
                                         Warrants evidenced by a security entitlement in respect of Warrants in the book entry
                                         registration system who desires to exercise his or her Warrants must do so by causing
                                         a Book Entry Only Participant to deliver to the Depository on behalf of the entitlement
                                         holder, notice of the owner’s intention to exercise Warrants in a manner acceptable
                                         to the Depository. Forthwith upon receipt by the Depository of such notice, as well as
                                         payment for the aggregate Exercise Price, the Depository shall deliver to the Warrant
                                         Agent confirmation of its intention to exercise Warrants (“Confirmation”)
                                         in a manner acceptable to the Warrant Agent, including by electronic means through the
                                         book entry registration system.

 

    - 17 - 

     

    

 

		(2)	Payment representing the aggregate
                                         Exercise Price must be provided to the appropriate office of the Book Entry Only Participant
                                         in a manner acceptable to it. A notice in form acceptable to the Book Entry Only Participant
                                         and payment from such beneficial holder should be provided to the Book Entry Only Participant
                                         sufficiently in advance so as to permit the Book Entry Only Participant to deliver
                                         notice and payment to the Depository and for the Depository in turn to deliver notice
                                         and payment to the Warrant Agent prior to Expiry Time. The Depository will initiate the
                                         exercise by way of the Confirmation and forward the aggregate Exercise Price electronically
                                         to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to the
                                         Depository through the book entry registration system the Common Shares to which the
                                         exercising Warrantholder is entitled pursuant to the exercise. Any expense associated
                                         with the exercise process will be for the account of the entitlement holder exercising
                                         the Warrants and/or the Book Entry Only Participant exercising the Warrants on its behalf.

 

		(3)	By causing a Book Entry Only Participant
                                         to deliver notice to the Depository, a Warrantholder shall be deemed to have irrevocably
                                         surrendered his or her Warrants so exercised and appointed such Book Entry Only Participant
                                         to act as his or her exclusive settlement agent with respect to the exercise and the
                                         receipt of Common Shares in connection with the obligations arising from such exercise.

 

		(4)	Any notice which the Depository determines
                                         to be incomplete, not in proper form or not duly executed shall for all purposes be void
                                         and of no effect and the exercise to which it relates shall be considered for all purposes
                                         not to have been exercised thereby. A failure by a Book Entry Only Participant to exercise
                                         or to give effect to the settlement thereof in accordance with the Warrantholder’s
                                         instructions will not give rise to any obligations or liability on the part of the Corporation
                                         or Warrant Agent to the Book Entry Only Participant or the Warrantholder.

 

		(5)	Any exercise form or Exercise Notice
                                         referred to in this Section 3.2 shall be signed by the Registered Warrantholder,
                                         or its executors or administrators or other legal representatives or an attorney of the
                                         Registered Warrantholder, duly appointed by an instrument in writing satisfactory to
                                         the Warrant Agent but such exercise form need not be executed by the Depository.

 

    - 18 - 

     

    

 

		(6)	Any exercise referred to in this Section 3.2
                                         shall require that the entire Exercise Price for Common Shares subscribed must be paid
                                         at the time of subscription and such Exercise Price and original Exercise Notice executed
                                         by the Registered Warrantholder or the Confirmation from the Depository must be received
                                         by the Warrant Agent prior to the Expiry Time.

 

		(7)	If the form of Exercise Notice set
                                         forth in the Warrant Certificate shall have been amended, the Corporation shall cause
                                         the amended Exercise Notice to be forwarded to all Registered Warrantholders.

 

		(8)	Exercise Notices and Confirmations
                                         must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual
                                         business hours on any Business Day prior to the Expiry Time. Any Exercise Notice or Confirmations
                                         received by the Warrant Agent after business hours on any Business Day other than the
                                         Expiry Date will be deemed to have been received by the Warrant Agent on the next following
                                         Business Day.

 

		(9)	Any Warrant with respect to which
                                         a Confirmation is not received by the Warrant Agent before the Expiry Time shall be deemed
                                         to have expired and become void and all rights with respect to such Warrants shall terminate
                                         and be cancelled.

 

		Section 3.3	Cashless
                                         Exercise

 

If, at any time following
the initial effectiveness of the Registration Statement and prior to the Expiry Date, the Corporation determines that such Registration
Statement filed with the SEC is not effective under the U.S. Securities Act or the prospectus contained therein cannot be used
for the issuance of the Common Shares issued upon exercise of the Warrants, in each case as amended or supplemented, the Corporation
shall promptly provide written notice of such determination to the Warrant Agent. Upon receipt of such notice, the Warrant Agent
shall promptly provide a copy thereof to each Registered Warrantholder, and confirm in writing that the then outstanding Warrants
may, until the earlier of the Registration Statement becoming effective and any prospectus supplement necessary thereto having
been filed or the Expiry Date, also be exercised by means of a “cashless exercise” in which the Warrantholder shall
be entitled to receive (following the due exercise of Warrants pursuant to Section 3.2) a certificate for the number of Common
Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

    - 19 - 

     

    

 

(i) A = the Current Market
Price on the trading day immediately preceding the date of the receipt by the Warrant Agent of the notice of exercise;

 

(ii) B = the Exercise
Price of each Warrant, as adjusted; and

 

(iii) X = the number of
Common Shares issuable upon exercise of the Warrants in accordance with their terms by means of a cash exercise rather than a
cashless exercise.

 

The Corporation shall
deliver to the Warrant Agent, an officer’s certificate setting out the particulars of the Warrants to be exercised and the
name and address of the Warrantholder, the number of Common Shares to be issued upon exercise of the Warrants, and setting out
the basis of the calculations pursuant to this Section 3.3 (the “Final Exercise Notice”).

 

		Section 3.4	Transfer
                                         Fees and Taxes.

 

If any of the Common Shares
subscribed for are to be issued to a person or persons other than the Registered Warrantholder, the Registered Warrantholder shall
execute the form of transfer and will comply with such reasonable requirements as the Warrant Agent may stipulate and will pay
to the Corporation or the Warrant Agent on behalf of the Corporation, all applicable transfer or similar taxes and the Corporation
will not be required to issue or deliver certificates evidencing Common Shares unless or until such Warrantholder shall have paid
to the Corporation or the Warrant Agent on behalf of the Corporation, the amount of such tax or shall have established to the
satisfaction of the Corporation and the Warrant Agent that such tax has been paid or that no tax is due.

 

		Section 3.5	Warrant
                                         Agency.

 

To facilitate the exchange,
transfer or exercise of Warrants and compliance with such other terms and conditions hereof as may be required, the Corporation
has appointed the Warrant Agency, as the agency at which Warrants may be surrendered for exchange or transfer or at which Warrants
may be exercised and the Warrant Agent has accepted such appointment. The Corporation may from time to time designate alternate
or additional places as the Warrant Agency (subject to the Warrant Agent’s prior approval) and will give notice to the Warrant
Agent of any proposed change of the Warrant Agency. Branch registers shall also be kept at such other place or places, if any,
as the Corporation, with the approval of the Warrant Agent, may designate. The Warrant Agent will from time to time when requested
to do so by the Corporation or any Registered Warrantholder, upon payment of the Warrant Agent’s reasonable charges, furnish
a list of the names and addresses of Registered Warrantholders showing the number of Warrants held by each such Registered Warrantholder.

 

    - 20 - 

     

    

 

		Section 3.6	Effect of
                                         Exercise of Warrants.

 

		(1)	Upon the exercise of Warrants pursuant
                                         to and in compliance with Section 3.2 and Section 3.3 and subject to Section 3.4,
                                         the Common Shares to be issued pursuant to the Warrants exercised shall be deemed to
                                         have been issued and the person or persons to whom such Common Shares are to be issued
                                         shall be deemed to have become the holder or holders of such Common Shares within five
                                         Business Days of the Exercise Date unless the register shall be closed on such date,
                                         in which case the Common Shares subscribed for shall be deemed to have been issued and
                                         such person or persons deemed to have become the holder or holders of record of such
                                         Common Shares, on the date on which such register is reopened. It is hereby understood
                                         that in order for persons to whom Common Shares are to be issued, to become holders of
                                         Common Shares on record on the Exercise Date, beneficial holders must commence the exercise
                                         process sufficiently in advance so that the Warrant Agent is in receipt of all items
                                         of exercise at least one Business Day prior to such Exercise Date.

 

		(2)	Within five Business Days after the
                                         Exercise Date with respect to a Warrant, the Warrant Agent shall cause to be delivered
                                         or mailed to the person or persons in whose name or names the Warrant is registered or,
                                         if so specified in writing by the holder, cause to be delivered to such person or persons
                                         at the Warrant Agency where the Warrant Certificate was surrendered, a certificate or
                                         certificates for the appropriate number of Common Shares subscribed for, or any other
                                         appropriate evidence of the issuance of Common Shares to such person or persons in respect
                                         of Common Shares issued under the book entry registration system.

 

		Section 3.7	Partial
                                         Exercise of Warrants; Fractions.

 

		(1)	The holder of any Warrants may exercise
                                         his right to acquire a number of whole Common Shares less than the aggregate number which
                                         the holder is entitled to acquire. In the event of any exercise of a number of Warrants
                                         less than the number which the holder is entitled to exercise, the holder of Warrants
                                         upon such exercise shall, in addition, be entitled to receive, without charge therefor,
                                         a new Warrant Certificate(s), bearing the same legend, if applicable, or other appropriate
                                         evidence of Warrants, in respect of the balance of the Warrants held by such holder and
                                         which were not then exercised.

 

		(2)	Notwithstanding anything herein contained
                                         including any adjustment provided for in Section 4.1, the Corporation shall not be required,
                                         upon the exercise of any Warrants, to issue fractions of Common Shares. Warrants may
                                         only be exercised in a sufficient number to acquire whole numbers of Common Shares.

 

    - 21 - 

     

    

 

		Section 3.8	Expiration
                                         of Warrants.

 

Immediately after the
Expiry Time, all rights under any Warrant in respect of which the right of acquisition provided for herein shall not have been
exercised shall cease and terminate and each Warrant shall be void and of no further force or effect.

 

		Section 3.9	Accounting
                                         and Recording.

 

		(1)	The Warrant Agent shall promptly account
                                         to the Corporation with respect to Warrants exercised, and shall promptly forward to
                                         the Corporation (or into an account or accounts of the Corporation with the bank or trust
                                         company designated by the Corporation for that purpose), all monies received by the Warrant
                                         Agent on the subscription of Common Shares through the exercise of Warrants. All such
                                         monies and any securities or other instruments, from time to time received by the Warrant
                                         Agent, shall be received in trust for, and shall be segregated and kept apart by the
                                         Warrant Agent, the Warrantholders and the Corporation as their interests may appear

 

		(2)	The Warrant Agent shall record the
                                         particulars of Warrants exercised, which particulars shall include the names and addresses
                                         of the persons who become holders of Common Shares on exercise and the Exercise Date,
                                         in respect thereof. The Warrant Agent shall provide such particulars in writing to the
                                         Corporation within five Business Days of any request by the Corporation therefor.

 

		Section 3.10	Securities
                                         Restrictions.

 

Notwithstanding anything
herein contained, no Common Shares will be issued pursuant to the exercise of any Warrant if the issuance of such Common Shares
would constitute a violation of the securities laws of any applicable jurisdiction, and, without limiting the generality of the
foregoing, the Corporation will legend the certificates representing the Commons Shares issuable upon exercise of any Warrant
if, in the opinion of counsel to the Corporation, such legend is necessary in order to avoid a violation of any securities laws
of any applicable jurisdiction or to comply with the requirements of any stock exchange on which the Common Shares are listed;
provided that if, at any time, in the opinion of outside counsel to the Corporation, acting reasonably, such legends are no longer
necessary in order to avoid a violation of any such laws, or the holder of any such legended certificate, at his expense, provides
the Corporation with evidence satisfactory in form and substance to the Corporation (which may include an opinion of counsel of
recognized standing satisfactory to the Corporation) to the effect that such holder is entitled to sell or otherwise transfer
such securities in a transaction in which such legends are not required, such legended certificates may thereafter be surrendered
to the Corporation in exchange for a certificate that does not bear such legends.

 

    - 22 - 

     

    

 

The Warrant Agent shall
be entitled to assume that the Common Shares may be issued pursuant to the exercise of any Warrant without violating any Applicable
Securities Laws and without legending the certificate representing the Common Shares unless the Warrant Agent has received notice
in writing from the Corporation stating otherwise and setting forth the restrictions on the exercise of the Warrants and any legend
the certificates representing the Common Shares should bear.

 

		Section 3.11	U.S. Securities
                                         Law Matters.

 

		(1)	In connection with any exercise of
                                         Warrants, if it is required by law, the Corporation shall cause to be delivered to any
                                         U.S. Person or person in the United States in whose name the Common Shares issuable upon
                                         exercise of the Warrants are to be issued a prospectus that complies with the U.S. Securities
                                         Act and that is a part of the Registration Statement that has been declared effective
                                         on or prior to the date hereof. For so long as any Warrants remain outstanding, the Corporation
                                         shall use its commercially reasonable efforts to (i) keep such Registration Statement
                                         continuously effective, and (ii) avoid the issuance of, or, if issued, obtain the withdrawal
                                         of any order enjoining or suspending the use or effectiveness of the Registration Statement
                                         or related prospectus or the lifting of any suspension of the qualification (or exemption
                                         from qualification) of any of the Warrants for sale in the United States, at the earliest
                                         practicable moment. All expenses incidental to the Corporation’s performance of
                                         or compliance with the foregoing provisions will be borne by the Corporation, including,
                                         without limitation: (i) all registration and filing fees and expenses; (ii) all fees
                                         and expenses of compliance with federal securities and state Blue Sky securities laws;
                                         (iii) all fees and disbursements of counsel for the Corporation, independent certified
                                         public accountants of the Corporation and technical experts retained by the Corporation
                                         whose consent is required to be provided with respect to any Registration Statement.

 

		(2)	Notwithstanding any provision of this
                                         Indenture to the contrary, the Warrants may only be exercised by persons in the United
                                         States who establish to the reasonable satisfaction of the Corporation and the Warrant
                                         Agent (which may include providing an opinion of counsel of recognized standing satisfactory
                                         to the Corporation) that the issuance of the Common Shares pursuant to the exercise of
                                         the Warrants can be completed pursuant to and in accordance with all applicable state
                                         securities or “blue sky” laws including but not limited to evidence that
                                         the holder qualifies as an “institutional investor” under the state securities
                                         laws and regulations of their state of domicile.

 

    - 23 - 

     

    

 

		(3)	If any person shall fail to establish
                                         to the satisfaction of the Corporation or Warrant Agent the conditions described in Section
                                         3.11(2), the holder of the applicable Warrant shall be notified by the Warrant Agent
                                         within three Business Days that the evidence provided has been deemed insufficient to
                                         permit the exercise of such Warrant and providing a description of the nature of such
                                         deficiency. In the case where the Corporation is not satisfied with the provided evidence,
                                         it shall furnish to the Warrant Agent either (i) the form of proper notice to be delivered
                                         to establish the required evidence or (ii) a description of the deficiency. Until such
                                         time as the Corporation or Warrant Agent, as the case may be, acting reasonably, is satisfied
                                         with the evidence provided, the holder of the Warrant shall not be permitted to exercise
                                         the Warrant.

 

		(4)	The Corporation will notify the Warrant
                                         Agent when the Registration Statement becomes effective under the U.S. Securities Act,
                                         and the Warrant Agent will notify the Warrantholders as required. Thereafter, the Warrant
                                         Agent may assume that the Registration Statement remains effective until otherwise notified
                                         in writing by the Corporation that the Registration Statement is no longer effective.
                                         The Corporation shall at all times be obligated to provide prompt notice to the Warrant
                                         Agent regarding any change in the effectiveness of the Registration Statement.

 

Article 4

ADJUSTMENT OF NUMBER OF COMMON SHARES

AND EXERCISE PRICE

 

		Section 4.1	Adjustment
                                         of Number of Common Shares and Exercise Price.

 

The subscription rights
in effect under the Warrants for Common Shares issuable upon the exercise of each Warrant shall be subject to adjustment from
time to time as follows:

 

		(a)	if, at any time during the Adjustment
                                         Period, the Corporation shall:

 

		(i)	subdivide, re-divide or change its
                                         outstanding Common Shares into a greater number of Common Shares;

 

		(ii)	reduce, combine or consolidate its
                                         outstanding Common Shares into a lesser number of Common Shares; or

 

		(iii)	issue Common Shares or securities
                                         exchangeable for, or convertible into, Common Shares to all or substantially all of the
                                         holders of Common Shares by way of stock dividend or other distribution (other than a
                                         distribution of Common Shares upon the exercise of Warrants or any outstanding options);

 

    - 24 - 

     

    

 

(any of such events
in Section 4.1(a) (i), (ii) or (iii) being called a “Common Share Reorganization”) then the Exercise Price
shall be adjusted as of the effective date or record date of such event so that it shall equal the amount determined by multiplying
the Exercise Price in effect immediately prior to such effective date or record date by a fraction, the numerator of which shall
be the number of Common Shares outstanding on such effective date or record date before giving effect to such Common Share Reorganization
and the denominator of which shall be the number of Common Shares outstanding as of the effective date or record date after giving
effect to such Common Shares Reorganization (including, in the case where securities exchangeable for or convertible into Common
Shares are distributed, the number of Common Share that would have been outstanding had such securities been exchanged for or
converted into Common Shares on such record date or effective date). Such adjustment shall be made successively whenever any event
referred to in this Section 4.1(a) shall occur. Upon any adjustment of the Exercise Price pursuant to Section 4.1(a),
the Exchange Rate shall be contemporaneously adjusted by multiplying the number of Common Shares theretofore obtainable on the
exercise thereof by a fraction of which the numerator shall be the Exercise Price in effect immediately prior to such adjustment
and the denominator shall be the Exercise Price resulting from such adjustment;

 

		(b)	if and whenever at any time during
                                         the Adjustment Period, the Corporation shall fix a record date for the issuance of rights,
                                         options or warrants to all or substantially all the holders of its outstanding Common
                                         Shares entitling them, for a period expiring not more than 45 days after such record
                                         date, to subscribe for or purchase Common Shares (or securities convertible or exchangeable
                                         into Common Shares) at a price per Common Share (or having a conversion or exchange price
                                         per Common Share) less than 95% of the Current Market Price on such record date (a “Rights
                                         Offering”), the Exercise Price shall be adjusted immediately after such record
                                         date so that it shall equal the amount determined by multiplying the Exercise Price in
                                         effect on such record date by a fraction, of which the numerator shall be the total number
                                         of Common Shares outstanding on such record date plus a number of Common Shares equal
                                         to the number arrived at by dividing the aggregate price of the total number of additional
                                         Common Shares offered for subscription or purchase (or the aggregate conversion or exchange
                                         price of the convertible or exchangeable securities so offered) by the Current Market
                                         Price, and of which the denominator shall be the total number of Common Shares outstanding
                                         on such record date plus the total number of additional Common Shares offered for subscription
                                         or purchase or into which the convertible or exchangeable securities so offered are convertible
                                         or exchangeable; any Common Shares owned by or held for the account of the Corporation
                                         shall be deemed not to be outstanding for the purpose of any such computation; such adjustment
                                         shall be made successively whenever such a record date is fixed; to the extent that no
                                         such rights or warrants are exercised prior to the expiration thereof, the Exercise Price
                                         shall be readjusted to the Exercise Price which would then be in effect if such record
                                         date had not been fixed or, if any such rights or warrants are exercised, to the Exercise
                                         Price which would then be in effect based upon the number of Common Shares (or securities
                                         convertible or exchangeable into Common Shares) actually issued upon the exercise of
                                         such rights or warrants, as the case may be;

 

    - 25 - 

     

    

 

		(c)	if and whenever at any time during
                                         the Adjustment Period the Corporation shall fix a record date for the making of a distribution
                                         to all or substantially all the holders of its outstanding Common Shares of (i) securities
                                         of any class, whether of the Corporation or any other trust (other than Common Shares),
                                         (ii) rights, options or warrants to subscribe for or purchase Common Shares (or other
                                         securities convertible into or exchangeable for Common Shares), other than pursuant to
                                         a Rights Offering; (iii) evidences of its indebtedness or (iv) any property or other
                                         assets then, in each such case, the Exercise Price shall be adjusted immediately after
                                         such record date so that it shall equal the price determined by multiplying the Exercise
                                         Price in effect on such record date by a fraction, of which the numerator shall be the
                                         total number of Common Shares outstanding on such record date multiplied by the Current
                                         Market Price on such record date, less the excess, if any, of the fair market value on
                                         such record date, as determined by the Corporation (subject to TSX approval), of such
                                         securities or other assets so issued or distributed over the fair market value of any
                                         consideration received therefor by the Corporation from the holders of the Common Shares,
                                         and of which the denominator shall be the total number of Common Shares outstanding on
                                         such record date multiplied by the Current Market Price; and Common Shares owned by or
                                         held for the account of the Corporation shall be deemed not to be outstanding for the
                                         purpose of any such computation; such adjustment shall be made successively whenever
                                         such a record date is fixed; to the extent that such distribution is not so made, the
                                         Exercise Price shall be readjusted to the Exercise Price which would then be in effect
                                         if such record date had not been fixed;

 

    - 26 - 

     

    

 

		(d)	if and whenever at any time during
                                         the Adjustment Period, there is a reclassification of the Common Shares or a capital
                                         reorganization of the Corporation other than as described in Section 4.1(a) or a
                                         consolidation, amalgamation, arrangement or merger of the Corporation with or into any
                                         other body corporate, trust, partnership or other entity, or a sale or conveyance of
                                         the property and assets of the Corporation as an entirety or substantially as an entirety
                                         to any other body corporate, trust, partnership or other entity, any Registered Warrantholder
                                         who has not exercised its right of acquisition prior to the effective date of such reclassification,
                                         capital reorganization, consolidation, amalgamation, arrangement or merger, sale or conveyance,
                                         upon the exercise of such right thereafter, shall be entitled to receive upon payment
                                         of the Exercise Price and shall accept, in lieu of the number of Common Shares that prior
                                         to such effective date the Registered Warrantholder would have been entitled to receive,
                                         the number of shares or other securities or property of the Corporation or of the body
                                         corporate, trust, partnership or other entity resulting from such merger, amalgamation
                                         or consolidation, or to which such sale or conveyance may be made, as the case may be,
                                         that such Registered Warrantholder would have been entitled to receive on such reclassification,
                                         capital reorganization, consolidation, amalgamation, arrangement or merger, sale or conveyance,
                                         if, on the effective date thereof, as the case may be, the Registered Warrantholder had
                                         been the registered holder of the number of Common Shares to which prior to such effective
                                         date it was entitled to acquire upon the exercise of the Warrants. If determined appropriate
                                         by the Warrant Agent, relying on advice of Counsel, to give effect to or to evidence
                                         the provisions of this Section 4.1(d), the Corporation, its successor, or such purchasing
                                         body corporate, partnership, trust or other entity, as the case may be, shall, prior
                                         to or contemporaneously with any such reclassification, capital reorganization, consolidation,
                                         amalgamation, arrangement, merger, sale or conveyance, enter into an indenture which
                                         shall provide, to the extent possible, for the application of the provisions set forth
                                         in this Indenture with respect to the rights and interests thereafter of the Registered
                                         Warrantholders to the end that the provisions set forth in this Indenture shall thereafter
                                         correspondingly be made applicable, as nearly as may reasonably be, with respect to any
                                         shares, other securities or property to which a Registered Warrantholder is entitled
                                         on the exercise of its acquisition rights thereafter. Any indenture entered into between
                                         the Corporation and the Warrant Agent pursuant to the provisions of this Section 4.1(d)
                                         shall be a supplemental indenture entered into pursuant to the provisions of Article
                                         8 hereof. Any indenture entered into between the Corporation, any successor to the Corporation
                                         or such purchasing body corporate, partnership, trust or other entity and the Warrant
                                         Agent shall provide for adjustments which shall be as nearly equivalent as may be practicable
                                         to the adjustments provided in this Section 4.1 and which shall apply to successive
                                         reclassifications, capital reorganizations, amalgamations, consolidations, mergers, sales
                                         or conveyances;

 

    - 27 - 

     

    

 

		(e)	in any case in which this Section 4.1
                                         shall require that an adjustment shall become effective immediately after a record date
                                         for an event referred to herein, the Corporation may defer, until the occurrence of such
                                         event, issuing to the Registered Warrantholder of any Warrant exercised after the record
                                         date and prior to completion of such event the additional Common Shares issuable by reason
                                         of the adjustment required by such event before giving effect to such adjustment; provided,
                                         however, that the Corporation shall deliver to such Registered Warrantholder an appropriate
                                         instrument evidencing such Registered Warrantholder’s right to receive such additional
                                         Common Shares upon the occurrence of the event requiring such adjustment and the right
                                         to receive any distributions made on such additional Common Shares declared in favour
                                         of holders of record of Common Shares on and after the relevant date of exercise or such
                                         later date as such Registered Warrantholder would, but for the provisions of this Section 4.1(e),
                                         have become the holder of record of such additional Common Shares pursuant to Section 4.1;

 

		(f)	in any case in which Section 4.1(a)(iii),
                                         Section 4.1(b) or Section 4.1(c) require that an adjustment be made to the
                                         Exercise Price, no such adjustment shall be made if the Registered Warrantholders of
                                         the outstanding Warrants receive, subject to any required stock exchange or regulatory
                                         approval, the rights or warrants referred to in Section 4.1(a)(iii), Section 4.1(b)
                                         or the shares, rights, options, warrants, evidences of indebtedness or assets referred
                                         to in Section 4.1(c), as the case may be, in such kind and number as they would
                                         have received if they had been holders of Common Shares on the applicable record date
                                         or effective date, as the case may be, by virtue of their outstanding Warrant having
                                         then been exercised into Common Shares at the Exercise Price in effect on the applicable
                                         record date or effective date, as the case may be;

 

		(g)	the adjustments provided for in
                                         this Section 4.1 are cumulative, and shall, in the case of adjustments to the Exercise
                                         Price be computed to the nearest whole cent and shall apply to successive subdivisions,
                                         re-divisions, reductions, combinations, consolidations, distributions, issues or other
                                         events resulting in any adjustment under the provisions of this Section 4.1, provided
                                         that, notwithstanding any other provision of this Section, no adjustment of the Exercise
                                         Price shall be required unless such adjustment would require an increase or decrease
                                         of at least 1% in the Exercise Price then in effect; provided, however, that any adjustments
                                         which by reason of this Section 4.1(g) are not required to be made shall be carried
                                         forward and taken into account in any subsequent adjustment; and

 

    - 28 - 

     

    

 

		(h)	after any adjustment pursuant to
                                         this Section 4.1, the term “Common Shares” where used in this
                                         Indenture shall be interpreted to mean securities of any class or classes which, as a
                                         result of such adjustment and all prior adjustments pursuant to this Section 4.1,
                                         the Registered Warrantholder is entitled to receive upon the exercise of his Warrant,
                                         and the number of Common Shares indicated by any exercise made pursuant to a Warrant
                                         shall be interpreted to mean the number of Common Shares or other property or securities
                                         a Registered Warrantholder is entitled to receive, as a result of such adjustment and
                                         all prior adjustments pursuant to this Section 4.1, upon the full exercise of a
                                         Warrant.

 

		Section 4.2	Entitlement
                                         to Common Shares on Exercise of Warrant.

 

All Common Shares or shares
of any class or other securities, which a Registered Warrantholder is at the time in question entitled to receive on the exercise
of its Warrant, whether or not as a result of adjustments made pursuant to this Article 4, shall, for the purposes of the interpretation
of this Indenture, be deemed to be Common Shares which such Registered Warrantholder is entitled to acquire pursuant to such Warrant.

 

		Section 4.3	No Adjustment
                                         for Certain Transactions.

 

Notwithstanding anything
in this Article 4, no adjustment shall be made in the acquisition rights attached to the Warrants if the issue of Common Shares
is being made pursuant to this Indenture or in connection with (a) any share incentive plan or restricted share plan or share
purchase plan in force from time to time for directors, officers, employees, consultants or other service providers of the Corporation;
or (b) the satisfaction of existing instruments issued at the date hereof.

 

		Section 4.4	Determination
                                         by Independent Firm.

 

In the event of any question
arising with respect to the adjustments provided for in this Article 4 such question shall be conclusively determined by an independent
firm of chartered accountants other than the Auditors, who shall have access to all necessary records of the Corporation, and
such determination shall be binding upon the Corporation, the Warrant Agent, all holders and all other persons interested therein.

 

    - 29 - 

     

    

 

		Section 4.5	Proceedings
                                         Prior to any Action Requiring Adjustment.

 

As a condition precedent
to the taking of any action which would require an adjustment in any of the acquisition rights pursuant to any of the Warrants,
including the number of Common Shares which are to be received upon the exercise thereof, the Corporation shall take any action
which may, in the opinion of Counsel, be necessary in order that the Corporation has unissued and reserved in its authorized capital
and may validly and legally issue as fully paid and non-assessable all the Common Shares which the holders of such Warrants are
entitled to receive on the full exercise thereof in accordance with the provisions hereof.

 

		Section 4.6	Certificate
                                         of Adjustment.

 

The Corporation shall
from time to time immediately after the occurrence of any event which requires an adjustment or readjustment as provided in Section
4.1, deliver a certificate of the Corporation to the Warrant Agent specifying the nature of the event requiring the same and the
amount of the adjustment or readjustment necessitated thereby and setting forth in reasonable detail the method of calculation
and the facts upon which such calculation is based, which certificate shall be supported by a certificate of the Corporation’s
Auditors verifying such calculation. The Warrant Agent shall rely, and shall be protected in so doing, upon the certificate of
the Corporation or of the Corporation’s Auditor and any other document filed by the Corporation pursuant to this Article
4 for all purposes.

 

		Section 4.7	Notice of
                                         Special Matters.

 

The Corporation covenants
with the Warrant Agent that, so long as any Warrant remains outstanding, it will give notice to the Warrant Agent and to the Registered
Warrantholders of its intention to fix a record date that is prior to the Expiry Date for any matter for which an adjustment may
be required pursuant to Section 4.1 Such notice shall specify the particulars of such event and the record date for such
event, provided that the Corporation shall only be required to specify in the notice such particulars of the event as shall have
been fixed and determined on the date on which the notice is given. The notice shall be given in each case not less than 14 days
prior to such applicable record date. If notice has been given and the adjustment is not then determinable, the Corporation shall
promptly, after the adjustment is determinable, file with the Warrant Agent a computation of the adjustment and give notice to
the Registered Warrantholders of such adjustment computation.

 

    - 30 - 

     

    

 

		Section 4.8	No Action
                                         after Notice.

 

The Corporation covenants
with the Warrant Agent that it will not close its transfer books or take any other corporate action which might deprive the Registered
Warrantholder of the opportunity to exercise its right of acquisition pursuant thereto during the period of 14 days after the
giving of the certificate or notices set forth in Section 4.6 and Section 4.7.

 

		Section 4.9	Other Action.

 

If the Corporation, after
the date hereof, shall take any action affecting the Common Shares other than action described in Section 4.1, which in the
reasonable opinion of the directors of the Corporation would materially affect the rights of Registered Warrantholders, the Exercise
Price and/or Exchange Rate, the number of Common Shares which may be acquired upon exercise of the Warrants shall be adjusted
in such manner and at such time, by action of the directors, acting reasonably and in good faith, in their sole discretion as
they may determine to be equitable to the Registered Warrantholders in the circumstances, provided that no such adjustment will
be made unless any requisite prior approval of any stock exchange on which the Common Shares are listed for trading has been obtained.

 

		Section 4.10	Protection
                                         of Warrant Agent.

 

The Warrant Agent shall
not:

 

		(a)	at any time be under any duty or
                                         responsibility to any Registered Warrantholder to determine whether any facts exist which
                                         may require any adjustment contemplated by Section 4.1, or with respect to the nature
                                         or extent of any such adjustment when made, or with respect to the method employed in
                                         making the same;

 

		(b)	be accountable with respect to
                                         the validity or value (or the kind or amount) of any Common Shares or of any other securities
                                         or property which may at any time be issued or delivered upon the exercise of the rights
                                         attaching to any Warrant;

 

		(c)	be responsible for any failure
                                         of the Corporation to issue, transfer or deliver Common Shares or certificates for the
                                         same upon the surrender of any Warrants for the purpose of the exercise of such rights
                                         or to comply with any of the covenants contained in this Article; and

 

		(d)	incur any liability or be in any
                                         way responsible for the consequences of any breach on the part of the Corporation of
                                         any of the representations, warranties or covenants herein contained or of any acts of
                                         the directors, officers, employees, agents or servants of the Corporation.

 

    - 31 - 

     

    

 

		Section 4.11	Participation
                                         by Warrantholder.

 

No adjustments shall be
made pursuant to this Article 4 if the Registered Warrantholders are entitled to participate in any event described in this Article
4 on the same terms, mutatis mutandis, as if the Registered Warrantholders had exercised their Warrants prior to, or on the effective
date or record date of, such event.

 

		Section 4.12	Regulatory
                                         Approval of Adjustments

 

Notwithstanding the foregoing,
any adjustment to the Exercise Price and/or Exchange Rate shall be subject to the prior written consent of the TSX.

 

Article 5

RIGHTS OF THE CORPORATION AND COVENANTS

 

		Section 5.1	Optional
                                         Purchases by the Corporation.

 

Subject to compliance
with applicable securities legislation and approval of applicable regulatory authorities, if any, the Corporation may from time
to time purchase by private contract or otherwise any of the Warrants. Any such purchase shall be made at the lowest price or
prices at which, in the opinion of the directors, such Warrants are then obtainable, plus reasonable costs of purchase, and may
be made in such manner, from such persons and on such other terms as the Corporation, in its sole discretion, may determine. In
the case of Certificated Warrants, Warrant Certificates representing the Warrants purchased pursuant to this Section 5.1
shall forthwith be delivered to and cancelled by the Warrant Agent and reflected accordingly on the register of Warrants. In the
case of Uncertificated Warrants, the Warrants purchased pursuant to this Section 5.1 shall be reflected accordingly on the
register of Warrant and in accordance with procedures prescribed by the Depository under the book entry registration system. No
Warrants shall be issued in replacement thereof.

 

		Section 5.2	General
                                         Covenants.

 

The Company covenants
with the Warrant Agent for the benefit of the Warrant Agent and the Warrantholders that so long as any Warrants remain outstanding
and may be exercised for Common Shares:

 

		(a)	it will reserve and keep available
                                         a sufficient number of Common Shares for the purpose of enabling it to satisfy its obligations
                                         to issue Common Shares upon the exercise of the Warrants;

 

    - 32 - 

     

    

 

		(b)	it will cause the Common Shares
                                         from time to time acquired pursuant to the exercise of the Warrants to be duly issued
                                         and delivered in accordance with the Warrants and the terms hereof;

 

		(c)	all Common Shares which shall be
                                         issued upon exercise of the right to acquire provided for herein shall be fully paid
                                         and non-assessable;

 

		(d)	it will use reasonable commercial
                                         efforts to maintain its existence and carry on its business in the ordinary course;

 

		(e)	it will use reasonable commercial
                                         efforts to ensure that all Common Shares outstanding or issuable from time to time (including
                                         without limitation the Common Shares issuable on the exercise of the Warrants) continue
                                         to be or are listed and posted for trading on the TSX (or such other Canadian or United
                                         States stock exchange acceptable to the Corporation), provided that this clause shall
                                         not be construed as limiting or restricting the Corporation from completing a consolidation,
                                         amalgamation, arrangement, takeover bid or merger that would result in the Common Shares
                                         ceasing to be listed and posted for trading on the TSX, so long as the holders of Common
                                         Shares receive securities of an entity which is listed on a stock exchange in Canada,
                                         or cash, or the holders of the Common shares have approved the transaction in accordance
                                         with the requirements of applicable corporate and securities laws and the policies of
                                         the TSX;

 

		(f)	it will make all requisite filings
                                         under applicable Canadian securities legislation including those necessary to remain
                                         a reporting issuer not in default in each of the provinces and other Canadian jurisdictions
                                         where it is or becomes a reporting issuer;

 

		(g)	all Common Shares that shall be
                                         issued by the Corporation upon the exercise of rights provided for herein shall be issued
                                         as fully paid and non-assessable.

 

		(h)	generally, it will well and truly
                                         perform and carry out all of the acts or things to be done by it as provided in this
                                         Indenture; and

 

		(i)	The Corporation will promptly notify
                                         the Warrant Agent and the Warrantholders in writing of any default under the terms of
                                         this Warrant Indenture which remains unrectified for more than five days following its
                                         occurrence.

 

    - 33 - 

     

    

 

		Section 5.3	Warrant
                                         Agent’s Remuneration and Expenses.

 

The Corporation covenants
that it will pay to the Warrant Agent from time to time reasonable remuneration for its services hereunder and will pay or reimburse
the Warrant Agent upon its request for all reasonable expenses, disbursements and advances incurred or made by the Warrant Agent
in the administration or execution of the trusts hereby created (including the reasonable compensation and the disbursements of
its Counsel and all other advisers and assistants not regularly in its employ) both before any default hereunder and thereafter
until all duties of the Warrant Agent hereunder shall be finally and fully performed. Any amount owing hereunder and remaining
unpaid after 30 days from the invoice date will bear interest at the then current rate charged by the Warrant Agent against unpaid
invoices and shall be payable upon demand. This Section shall survive the resignation or removal of the Warrant Agent and/or the
termination of this Indenture.

 

		Section 5.4	Performance
                                         of Covenants by Warrant Agent.

 

If the Corporation shall
fail to perform any of its covenants contained in this Indenture, the Warrant Agent may notify the Registered Warrantholders of
such failure on the part of the Corporation and may itself perform any of the covenants capable of being performed by it but,
subject to Section 9.2, shall be under no obligation to perform said covenants or to notify the Registered Warrantholders of such
performance by it. All sums expended or advanced by the Warrant Agent in so doing shall be repayable as provided in Section 5.3.
No such performance, expenditure or advance by the Warrant Agent shall relieve the Corporation of any default hereunder or of
its continuing obligations under the covenants herein contained.

 

		Section 5.5	Enforceability
                                         of Warrants.

 

The Corporation covenants
and agrees that it is duly authorized to create and issue the Warrants to be issued hereunder and that the Warrants, when issued
and Authenticated as herein provided, will be valid and enforceable against the Corporation in accordance with the provisions
hereof and the terms hereof and that, subject to the provisions of this Indenture, the Corporation will cause the Common Shares
from time to time acquired upon exercise of Warrants issued under this Indenture to be duly issued and delivered in accordance
with the terms of this Indenture.

 

    - 34 - 

     

    

 

Article 6

ENFORCEMENT

 

		Section 6.1	Suits by
                                         Registered Warrantholders.

 

All or any of the rights
conferred upon any Registered Warrantholder by any of the terms of this Indenture may be enforced by the Registered Warrantholder
by appropriate proceedings but without prejudice to the right which is hereby conferred upon the Warrant Agent to proceed in its
own name to enforce each and all of the provisions herein contained for the benefit of the Registered Warrantholders.

 

		Section 6.2	Suits by
                                         the Corporation.

 

The Corporation shall
have the right to enforce full payment of the Exercise Price of all Common Shares issued by the Warrant Agent to a Registered
Warrantholder hereunder and shall be entitled to demand such payment from the Registered Warrantholder or alternatively to instruct
the Warrant Agent to cancel the share certificates and amend the securities register accordingly.

 

		Section 6.3	Immunity
                                         of Shareholders, etc.

 

The Warrant Agent and
the Warrantholders hereby waive and release any right, cause of action or remedy now or hereafter existing in any jurisdiction
against any incorporator or any past, present or future shareholder, trustee, employee or agent of the Corporation or any successor
Corporation on any covenant, agreement, representation or warranty by the Corporation herein.

 

		Section 6.4	Waiver of
                                         Default.

 

Upon the happening of
any default hereunder:

 

		(a)	the Registered Warrantholders of
                                         not less than 51% of the Warrants then outstanding shall have power (in addition to the
                                         powers exercisable by Extraordinary Resolution) by requisition in writing to instruct
                                         the Warrant Agent to waive any default hereunder and the Warrant Agent shall thereupon
                                         waive the default upon such terms and conditions as shall be prescribed in such requisition;
                                         or

 

		(b)	the Warrant Agent shall have power
                                         to waive any default hereunder upon such terms and conditions as the Warrant Agent may
                                         deem advisable, on the advice of Counsel, if, in the Warrant Agent’s opinion, based
                                         on the advice of Counsel, the same shall have been cured or adequate provision made therefor;

 

    - 35 - 

     

    

 

provided that no delay or omission of the
Warrant Agent or of the Registered Warrantholders to exercise any right or power accruing upon any default shall impair any such
right or power or shall be construed to be a waiver of any such default or acquiescence therein and provided further that no act
or omission either of the Warrant Agent or of the Registered Warrantholders in the premises shall extend to or be taken in any
manner whatsoever to affect any subsequent default hereunder of the rights resulting therefrom.

 

Article 7

MEETINGS OF REGISTERED WARRANTHOLDERS

 

		Section 7.1	Right to
                                         Convene Meetings.

 

The Warrant Agent may
at any time and from time to time, and shall on receipt of a written request of the Corporation or of a Warrantholders’
Request and upon being indemnified and funded to its reasonable satisfaction by the Corporation or by the Registered Warrantholders
signing such Warrantholders’ Request against the costs which may be incurred in connection with the calling and holding
of such meeting, convene a meeting of the Registered Warrantholders. If the Warrant Agent fails to so call a meeting within seven
days after receipt of such written request of the Corporation or such Warrantholders’ Request and the indemnity and funding
given as aforesaid, the Corporation or such Registered Warrantholders, as the case may be, may convene such meeting. Every such
meeting shall be held in the City of Vancouver, in the Province of British Columbia, or at such other place as may be approved
or determined by the Warrant Agent.

 

		Section 7.2	Notice.

 

At least 21 days’
prior written notice of any meeting of Registered Warrantholders shall be given to the Registered Warrantholders in the manner
provided for in Section 10.2 and a copy of such notice shall be sent by mail to the Warrant Agent (unless the meeting has been
called by the Warrant Agent) and to the Corporation (unless the meeting has been called by the Corporation). Such notice shall
state the time when and the place where the meeting is to be held, shall state briefly the general nature of the business to be
transacted thereat and shall contain such information as is reasonably necessary to enable the Registered Warrantholders to make
a reasoned decision on the matter, but it shall not be necessary for any such notice to set out the terms of any resolution to
be proposed or any of the provisions of this Section 7.2.

 

    - 36 - 

     

    

 

		Section 7.3	Chairman.

 

An individual (who need
not be a Registered Warrantholder) designated in writing by the Warrant Agent shall be chairman of the meeting and if no individual
is so designated, or if the individual so designated is not present within fifteen minutes from the time fixed for the holding
of the meeting, the Registered Warrantholders present in person or by proxy shall choose an individual present to be chairman.

 

		Section 7.4	Quorum.

 

Subject to the provisions
of Section 7.11, at any meeting of the Registered Warrantholders a quorum shall consist of Registered Warrantholder(s) present
in person or by proxy and entitled to purchase at least 50% of the aggregate number of Common Shares which could be acquired pursuant
to all the then outstanding Warrants. If a quorum of the Registered Warrantholders shall not be present within thirty minutes
from the time fixed for holding any meeting, the meeting, if summoned by Registered Warrantholders or on a Warrantholders’
Request, shall be dissolved; but in any other case the meeting shall be adjourned to the same day in the next week (unless such
day is not a Business Day, in which case it shall be adjourned to the next following Business Day) at the same time and place
and no notice of the adjournment need be given. Any business may be brought before or dealt with at an adjourned meeting which
might have been dealt with at the original meeting in accordance with the notice calling the same. No business shall be transacted
at any meeting unless a quorum be present at the commencement of business. At the adjourned meeting the Registered Warrantholders
present in person or by proxy shall form a quorum and may transact the business for which the meeting was originally convened,
notwithstanding that they may not be entitled to acquire at least 50% of the aggregate number of Common Shares which may be acquired
pursuant to all then outstanding Warrants.

 

		Section 7.5	Power to
                                         Adjourn.

 

The chairman of any meeting
at which a quorum of the Registered Warrantholders is present may, with the consent of the meeting, adjourn any such meeting,
and no notice of such adjournment need be given except such notice, if any, as the meeting may prescribe.

 

		Section 7.6	Show of
                                         Hands.

 

Every question submitted
to a meeting shall be decided in the first place by a majority of the votes given on a show of hands except that votes on an Extraordinary
Resolution shall be given in the manner hereinafter provided. At any such meeting, unless a poll is duly demanded as herein provided,
a declaration by the chairman that a resolution has been carried or carried unanimously or by a particular majority or lost or
not carried by a particular majority shall be conclusive evidence of the fact.

 

    - 37 - 

     

    

 

		Section 7.7	Poll and
                                         Voting.

 

		(1)	On every Extraordinary Resolution,
                                         and on any other question submitted to a meeting and after a vote by show of hands when
                                         demanded by the chairman or by one or more of the Registered Warrantholders acting in
                                         person or by proxy and entitled to acquire in the aggregate at least 5% of the aggregate
                                         number of Common Shares which could be acquired pursuant to all the Warrants then outstanding,
                                         a poll shall be taken in such manner as the chairman shall direct. Questions other than
                                         those required to be determined by Extraordinary Resolution shall be decided by a majority
                                         of the votes cast on the poll.

 

		(2)	On a show of hands, every person who
                                         is present and entitled to vote, whether as a Registered Warrantholder or as proxy for
                                         one or more absent Registered Warrantholders, or both, shall have one vote. On a poll,
                                         each Registered Warrantholder present in person or represented by a proxy duly appointed
                                         by instrument in writing shall be entitled to one vote in respect of each Warrant then
                                         held or represented by it. A proxy need not be a Registered Warrantholder. The chairman
                                         of any meeting shall be entitled, both on a show of hands and on a poll, to vote in respect
                                         of the Warrants, if any, held or represented by him.

 

		Section 7.8	Regulations.

 

		(1)	The Warrant Agent, or the Corporation
                                         with the approval of the Warrant Agent, may from time to time make and from time to time
                                         vary such regulations as it shall think fit for the setting of the record date for a
                                         meeting for the purpose of determining Registered Warrantholders entitled to receive
                                         notice of and to vote at the meeting.

 

		(2)	Any regulations so made shall be binding
                                         and effective and the votes given in accordance therewith shall be valid and shall be
                                         counted. Save as such regulations may provide, the only persons who shall be recognized
                                         at any meeting as a Registered Warrantholder, or be entitled to vote or be present at
                                         the meeting in respect thereof (subject to Section 7.9), shall be Registered Warrantholders
                                         or proxies of Registered Warrantholders.

 

		Section 7.9	Corporation and Warrant Agent May be Represented.

 

The Corporation and the
Warrant Agent, by their respective directors, officers, agents, and employees and the Counsel for the Corporation and for the
Warrant Agent may attend any meeting of the Registered Warrantholders.

 

    - 38 - 

     

    

 

		Section 7.10	Powers
                                         Exercisable by Extraordinary Resolution.

 

In addition to all other
powers conferred upon them by any other provisions of this Indenture or by law, the Registered Warrantholders at a meeting shall,
subject to the provisions of Section 7.11, have the power exercisable from time to time by Extraordinary Resolution:

 

		(a)	to agree to any modification, abrogation,
                                         alteration, compromise or arrangement of the rights of Registered Warrantholders or the
                                         Warrant Agent in its capacity as warrant agent hereunder (subject to the Warrant Agent’s
                                         prior consent, acting reasonably) or on behalf of the Registered Warrantholders against
                                         the Corporation whether such rights arise under this Indenture or otherwise;

 

		(b)	to amend, alter or repeal any Extraordinary
                                         Resolution previously passed or sanctioned by the Registered Warrantholders;

 

		(c)	to direct or to authorize the Warrant
                                         Agent, subject to Section 9.2(2) hereof, to enforce any of the covenants on the part
                                         of the Corporation contained in this Indenture or to enforce any of the rights of the
                                         Registered Warrantholders in any manner specified in such Extraordinary Resolution or
                                         to refrain from enforcing any such covenant or right;

 

		(d)	to waive, and to direct the Warrant
                                         Agent to waive, any default on the part of the Corporation in complying with any provisions
                                         of this Indenture either unconditionally or upon any conditions specified in such Extraordinary
                                         Resolution;

 

		(e)	to restrain any Registered Warrantholder
                                         from taking or instituting any suit, action or proceeding against the Corporation for
                                         the enforcement of any of the covenants on the part of the Corporation in this Indenture
                                         or to enforce any of the rights of the Registered Warrantholders;

 

		(f)	to direct any Registered Warrantholder
                                         who, as such, has brought any suit, action or proceeding to stay or to discontinue or
                                         otherwise to deal with the same upon payment of the costs, charges and expenses reasonably
                                         and properly incurred by such Registered Warrantholder in connection therewith;

 

		(g)	to assent to any change in or omission
                                         from the provisions contained in this Indenture or any ancillary or supplemental instrument
                                         which may be agreed to by the Corporation, and to authorize the Warrant Agent to concur
                                         in and execute any ancillary or supplemental indenture embodying the change or omission;

 

    - 39 - 

     

    

 

		(h)	with the consent of the Corporation,
                                         such consent not to be unreasonably withheld, to remove the Warrant Agent or its successor
                                         in office and to appoint a new warrant agent or warrant agents to take the place of the
                                         Warrant Agent so removed; and

 

		(i)	to assent to any compromise or
                                         arrangement with any creditor or creditors or any class or classes of creditors, whether
                                         secured or otherwise, and with holders of any shares or other securities of the Corporation.

 

		Section 7.11	Meaning
                                         of Extraordinary Resolution.

 

		(1)	The expression “Extraordinary
                                         Resolution” when used in this Indenture means, subject as hereinafter provided
                                         in this Section 7.11 and in Section 7.14, a resolution proposed at a meeting of Registered
                                         Warrantholders duly convened for that purpose and held in accordance with the provisions
                                         of this Article 7 at which there are present in person or by proxy Registered Warrantholders
                                         holding at least 25% of the aggregate number of Common Shares that could be acquired
                                         and passed by the affirmative votes of Registered Warrantholders holding not less than
                                         75% of the aggregate number of Common Shares that could be acquired at the meeting and
                                         voted on the poll upon such resolution.

 

		(2)	If, at the meeting at which an Extraordinary
                                         Resolution is to be considered, Registered Warrantholders holding at least 25% of the
                                         aggregate number of Common Shares that could be acquired are not present in person or
                                         by proxy within 30 minutes after the time appointed for the meeting, then the meeting,
                                         if convened by Registered Warrantholders or on a Warrantholders’ Request, shall
                                         be dissolved; but in any other case it shall stand adjourned to such day, being not less
                                         than 15 or more than 60 days later, and to such place and time as may be appointed by
                                         the chairman. Not less than 14 days’ prior notice shall be given of the time and
                                         place of such adjourned meeting in the manner provided for in Section 10.2. Such notice
                                         shall state that at the adjourned meeting the Registered Warrantholders present in person
                                         or by proxy shall form a quorum but it shall not be necessary to set forth the purposes
                                         for which the meeting was originally called or any other particulars. At the adjourned
                                         meeting the Registered Warrantholders present in person or by proxy shall form a quorum
                                         and may transact the business for which the meeting was originally convened and a resolution
                                         proposed at such adjourned meeting and passed by the requisite vote as provided in Section
                                         7.11(1) shall be an Extraordinary Resolution within the meaning of this Indenture notwithstanding
                                         that Registered Warrantholders entitled to acquire at least 25% of the aggregate number
                                         of Common Shares which may be acquired pursuant to all the then outstanding Warrants
                                         are not present in person or by proxy at such adjourned meeting.

 

    - 40 - 

     

    

 

		(3)	Subject to Section 7.14, votes on
                                         an Extraordinary Resolution shall always be given on a poll and no demand for a poll
                                         on an Extraordinary Resolution shall be necessary.

 

		Section 7.12	Powers
                                         Cumulative.

 

Any one or more of the
powers or any combination of the powers in this Indenture stated to be exercisable by the Registered Warrantholders by Extraordinary
Resolution or otherwise may be exercised from time to time and the exercise of any one or more of such powers or any combination
of powers from time to time shall not be deemed to exhaust the right of the Registered Warrantholders to exercise such power or
powers or combination of powers then or thereafter from time to time.

 

		Section 7.13	Minutes.

 

Minutes of all resolutions
and proceedings at every meeting of Registered Warrantholders shall be made and duly entered in books to be provided from time
to time for that purpose by the Warrant Agent at the expense of the Corporation, and any such minutes as aforesaid, if signed
by the chairman or the secretary of the meeting at which such resolutions were passed or proceedings had shall be prima facie
evidence of the matters therein stated and, until the contrary is proved, every such meeting in respect of the proceedings of
which minutes shall have been made shall be deemed to have been duly convened and held, and all resolutions passed thereat or
proceedings taken shall be deemed to have been duly passed and taken.

 

		Section 7.14	Instruments
                                         in Writing.

 

All actions which may
be taken and all powers that may be exercised by the Registered Warrantholders at a meeting held as provided in this Article 7
may also be taken and exercised by Registered Warrantholders holding not less than 66 2/3% of the aggregate
number of all of the then outstanding Warrants by an instrument in writing signed in one or more counterparts by such Registered
Warrantholders in person or by attorney duly appointed in writing, and the expression “Extraordinary Resolution”
when used in this Indenture shall include an instrument so signed.

 

		Section 7.15	Binding
                                         Effect of Resolutions.

 

Every resolution and every
Extraordinary Resolution passed in accordance with the provisions of this Article 7 at a meeting of Registered Warrantholders
shall be binding upon all the Warrantholders, whether present at or absent from such meeting, and every instrument in writing
signed by Registered Warrantholders in accordance with Section 7.14 shall be binding upon all the Warrantholders, whether signatories
thereto or not, and each and every Warrantholder and the Warrant Agent (subject to the provisions for indemnity herein contained)
shall be bound to give effect accordingly to every such resolution and instrument in writing.

 

    - 41 - 

     

    

 

		Section 7.16	Holdings
                                         by Corporation Disregarded.

 

In determining whether
Registered Warrantholders holding Warrants evidencing the entitlement to acquire the required number of Common Shares are present
at a meeting of Registered Warrantholders for the purpose of determining a quorum or have concurred in any consent, waiver, Extraordinary
Resolution, Warrantholders’ Request or other action under this Indenture, Warrants owned legally or beneficially by the
Corporation shall be disregarded in accordance with the provisions of Section 10.7.

 

Article 8

SUPPLEMENTAL INDENTURES

 

		Section 8.1	Provision
                                         for Supplemental Indentures for Certain Purposes.

 

Subject to regulatory
approval, from time to time, the Corporation (when authorized by action of the directors) and the Warrant Agent may, subject to
the provisions hereof and they shall, when so directed in accordance with the provisions hereof, execute and deliver by their
proper officers, indentures or instruments supplemental hereto, which thereafter shall form part hereof, for any one or more or
all of the following purposes:

 

		(a)	setting forth any adjustments resulting
                                         from the application of the provisions of Article 4;

 

		(b)	adding to the provisions hereof
                                         such additional covenants and enforcement provisions as, in the opinion of Counsel, are
                                         necessary or advisable in the premises, provided that the same are not in the opinion
                                         of the Warrant Agent, relying on the advice of Counsel, prejudicial to the interests
                                         of the Registered Warrantholders;

 

		(c)	giving effect to any Extraordinary
                                         Resolution passed as provided in Section 7.11;

 

		(d)	making such provisions not inconsistent
                                         with this Indenture as may be necessary or desirable with respect to matters or questions
                                         arising hereunder or for the purpose of obtaining a listing or quotation of the Warrants
                                         on any stock exchange, provided that such provisions are not, in the opinion of the Warrant
                                         Agent, relying on the advice of Counsel, prejudicial to the interests of the Registered
                                         Warrantholders;

 

    - 42 - 

     

    

 

		(e)	adding to or altering the provisions
                                         hereof in respect of the transfer of Warrants, making provision for the exchange of Warrants,
                                         and making any modification in the form of the Warrant Certificates which does not affect
                                         the substance thereof;

 

		(f)	modifying any of the provisions
                                         of this Indenture, including relieving the Corporation from any of the obligations, conditions
                                         or restrictions herein contained, provided that such modification or relief shall be
                                         or become operative or effective only if, in the opinion of the Warrant Agent, relying
                                         on the advice of Counsel, such modification or relief in no way prejudices any of the
                                         rights of the Registered Warrantholders or of the Warrant Agent, and provided further
                                         that the Warrant Agent may in its sole discretion decline to enter into any such supplemental
                                         indenture which in its opinion may not afford adequate protection to the Warrant Agent
                                         when the same shall become operative;

 

		(g)	providing for the issuance of additional
                                         Warrants hereunder, including Warrants in excess of the number set out in Section 2.1
                                         and any consequential amendments hereto as may be required by the Warrant Agent relying
                                         on the advice of Counsel.

 

		(h)	for any other purpose not inconsistent
                                         with the terms of this Indenture, including the correction or rectification of any ambiguities,
                                         defective or inconsistent provisions, errors, mistakes or omissions herein, provided
                                         that in the opinion of the Warrant Agent, relying on the advice of Counsel, the rights
                                         of the Warrant Agent and of the Registered Warrantholders are in no way prejudiced thereby
                                         .

 

		Section 8.2	Successor
                                         Entities.

 

In the case of the consolidation,
amalgamation, arrangement, merger or transfer of the undertaking or assets of the Corporation as an entirety or substantially
as an entirety to or with another entity (“successor entity”), the successor entity resulting from such consolidation,
amalgamation, arrangement, merger or transfer (if not the Corporation) shall expressly assume, by supplemental indenture satisfactory
in form to the Warrant Agent and executed and delivered to the Warrant Agent, the due and punctual performance and observance
of each and every covenant and condition of this Indenture to be performed and observed by the Corporation.

 

    - 43 - 

     

    

 

Article 9

CONCERNING THE WARRANT Agent

 

		Section 9.1	Trust Indenture
                                         Legislation.

 

		(1)	If and to the extent that any provision
                                         of this Indenture limits, qualifies or conflicts with a mandatory requirement of Applicable
                                         Legislation, such mandatory requirement shall prevail.

 

		(2)	The Corporation and the Warrant Agent
                                         agree that each will, at all times in relation to this Indenture and any action to be
                                         taken hereunder, observe and comply with and be entitled to the benefits of Applicable
                                         Legislation.

 

		Section 9.2	Rights and
                                         Duties of Warrant Agent.

 

		(1)	In the exercise of the rights and duties
                                         prescribed or conferred by the terms of this Indenture, the Warrant Agent shall exercise
                                         that degree of care, diligence and skill that a reasonably prudent warrant agent would
                                         exercise in comparable circumstances. No provision of this Indenture shall be construed
                                         to relieve the Warrant Agent from liability for its own gross negligent action, wilful
                                         misconduct, bad faith or fraud under this Indenture.

 

		(2)	The obligation of the Warrant Agent
                                         to commence or continue any act, action or proceeding for the purpose of enforcing any
                                         rights of the Warrant Agent or the Registered Warrantholders hereunder shall be conditional
                                         upon the Registered Warrantholders furnishing, when required by notice by the Warrant
                                         Agent, sufficient funds to commence or to continue such act, action or proceeding and
                                         an indemnity reasonably satisfactory to the Warrant Agent to protect and to hold harmless
                                         the Warrant Agent and its officers, directors, employees and agents, against the costs,
                                         charges and expenses and liabilities to be incurred thereby and any loss and damage it
                                         may suffer by reason thereof. None of the provisions contained in this Indenture shall
                                         require the Warrant Agent to expend or to risk its own funds or otherwise to incur financial
                                         liability in the performance of any of its duties or in the exercise of any of its rights
                                         or powers unless indemnified and funded as aforesaid.

 

		(3)	The Warrant Agent may, before commencing
                                         or at any time during the continuance of any such act, action or proceeding, require
                                         the Registered Warrantholders, at whose instance it is acting to deposit with the Warrant
                                         Agent the Warrants Certificates held by them, for which Warrants the Warrant Agent shall
                                         issue receipts.

 

		(4)	Every provision of this Indenture that
                                         by its terms relieves the Warrant Agent of liability or entitles it to rely upon any
                                         evidence submitted to it is subject to the provisions of Applicable Legislation.

 

    - 44 - 

     

    

 

		Section 9.3	Evidence,
                                         Experts and Advisers.

 

		(1)	In addition to the reports, certificates,
                                         opinions and other evidence required by this Indenture, the Corporation shall furnish
                                         to the Warrant Agent such additional evidence of compliance with any provision hereof,
                                         and in such form, as may be prescribed by Applicable Legislation or as the Warrant Agent
                                         may reasonably require by written notice to the Corporation.

 

		(2)	In the exercise of its rights and duties
                                         hereunder, the Warrant Agent may, if it is acting in good faith, rely as to the truth
                                         of the statements and the accuracy of the opinions expressed in statutory declarations,
                                         opinions, reports, written requests, consents, or orders of the Corporation, certificates
                                         of the Corporation or other evidence furnished to the Warrant Agent pursuant to a request
                                         of the Warrant Agent, provided that such evidence complies with Applicable Legislation
                                         and that the Warrant Agent complies with Applicable Legislation and that the Warrant
                                         Agent examines the same and determines that such evidence complies with the applicable
                                         requirements of this Indenture.

 

		(3)	Whenever it is provided in this Indenture
                                         or under Applicable Legislation that the Corporation shall deposit with the Warrant Agent
                                         resolutions, certificates, reports, opinions, requests, orders or other documents, it
                                         is intended that the truth, accuracy and good faith on the effective date thereof and
                                         the facts and opinions stated in all such documents so deposited shall, in each and every
                                         such case, be conditions precedent to the right of the Corporation to have the Warrant
                                         Agent take the action to be based thereon.

 

		(4)	The Warrant Agent may employ or retain
                                         such Counsel, accountants, appraisers or other experts or advisers as it may reasonably
                                         require for the purpose of discharging its duties hereunder and may pay reasonable remuneration
                                         for all services so performed by any of them, without taxation of costs of any Counsel,
                                         and shall not be responsible for any misconduct or negligence on the part of any such
                                         experts or advisers who have been appointed with due care by the Warrant Agent.

 

		(5)	The Warrant Agent may act and rely
                                         and shall be protected in acting and relying in good faith on the opinion or advice of
                                         or information obtained from any Counsel, accountant, appraiser, engineer or other expert
                                         or adviser, whether retained or employed by the Corporation or by the Warrant Agent,
                                         in relation to any matter arising in the administration of the agency hereof.

 

    - 45 - 

     

    

 

		Section 9.4	Documents,
                                         Monies, etc. Held by Warrant Agent.

 

		(1)	Any monies, securities, documents of
                                         title or other instruments that may at any time be held by the Warrant Agent shall be
                                         placed in the deposit vaults of the Warrant Agent or of any Canadian chartered bank listed
                                         in Schedule I of the Bank Act (Canada), or deposited for safekeeping with
                                         any such bank. Any monies held pending the application or withdrawal thereof under any
                                         provisions of this Indenture, shall be held, invested and reinvested in “Permitted
                                         Investments” as directed in writing by the Corporation. “Permitted Investments”
                                         shall be treasury bills guaranteed by the Government of Canada having a term to maturity
                                         not to exceed ninety (90) days, or term deposits or bankers’ acceptances of a Canadian
                                         chartered bank having a term to maturity not to exceed ninety (90) days, or such other
                                         investments that is in accordance with the Warrant Agent’s standard type of investments.
                                         Unless otherwise specifically provided herein, all interest or other income received
                                         by the Warrant Agent in respect of such deposits and investments shall belong to the
                                         Corporation.

 

		(2)	Any written direction for the investment
                                         or release of funds received shall be received by the Warrant Agent by 9:00a.m. (Toronto
                                         time) on the Business Day on which such investment or release is to be made, failing
                                         which such direction will be handled on a commercially reasonable efforts basis and may
                                         result in funds being invested or released on the next Business Day.

 

		(3)	The Warrant Agent shall have no responsibility
                                         or liability for any diminution of any funds resulting from any investment made in accordance
                                         with this Indenture, including any losses on any investment liquidated prior to maturity
                                         in order to make a payment required hereunder.

 

		(4)	In
                                         the event that the Warrant Agent does not receive a direction or only a partial direction,
                                         the Warrant Agent may hold cash balances constituting part or all of such monies and
                                         may, but need not, invest same in its deposit department, the deposit department of one
                                         of its affiliates, or the deposit department of a Canadian chartered bank; but the Warrant
                                         Agent, its affiliates or a Canadian chartered bank shall not be liable to account for
                                         any profit to any parties to this Indenture or to any other person or entity.

 

		Section 9.5	Actions
                                         by Warrant Agent to Protect Interest.

 

The Warrant Agent shall
have power to institute and to maintain such actions and proceedings as it may consider necessary or expedient to preserve, protect
or enforce its interests and the interests of the Registered Warrantholders.

 

    - 46 - 

     

    

 

		Section 9.6	Warrant
                                         Agent Not Required to Give Security.

 

The Warrant Agent shall
not be required to give any bond or security in respect of the execution of the agency and powers of this Indenture or otherwise
in respect of the premises.

 

		Section 9.7	Protection
                                         of Warrant Agent.

 

By way of supplement to
the provisions of any law for the time being relating to the Warrant Agent it is expressly declared and agreed as follows:

 

		(a)	the Warrant Agent shall not be
                                         liable for or by reason of any statements of fact or recitals in this Indenture or in
                                         the Warrant Certificates (except the representation contained in Section 9.9 or in the
                                         authentication of the Warrant Agent on the Warrant Certificates) or be required to verify
                                         the same, but all such statements or recitals are and shall be deemed to be made by the
                                         Corporation;

 

		(b)	nothing herein contained shall
                                         impose any obligation on the Warrant Agent to see to or to require evidence of the registration
                                         or filing (or renewal thereof) of this Indenture or any instrument ancillary or supplemental
                                         hereto;

 

		(c)	the Warrant Agent shall not be
                                         bound to give notice to any person or persons of the execution hereof;

 

		(d)	the Warrant Agent shall not incur
                                         any liability or responsibility whatever or be in any way responsible for the consequence
                                         of any breach on the part of the Corporation of any of its covenants herein contained
                                         or of any acts of any directors, officers, employees, agents or servants of the Corporation;

 

		(e)	the Corporation hereby indemnifies
                                         and agrees to hold harmless the Warrant Agent, its affiliates, their officers, directors,
                                         employees, agents, successors and assigns from and against any and all liabilities, losses,
                                         damages, penalties, claims, actions, suits, costs, expenses and disbursements, including
                                         reasonable legal fees and disbursements of whatever kind and nature which may at any
                                         time be imposed on or incurred by or asserted against the Warrant Agent, whether groundless
                                         or otherwise, arising from or out of any act, omission or error of the Warrant Agent,
                                         provided that the Corporation shall not be required to indemnify the Warrant Agent in
                                         the event of the gross negligence or wilful misconduct of the Warrant Agent, and this
                                         provision shall survive the resignation or removal of the Warrant Agent or the termination
                                         or discharge of this Indenture; and

 

    - 47 - 

     

    

 

		(f)	notwithstanding
                                         the foregoing or any other provision of this Indenture, any liability of the Warrant
                                         Agent shall be limited, in the aggregate, to the amount of annual
                                         retainer fees paid by the Corporation to the Warrant Agent under this Indenture
                                         in the twelve (12) months immediately prior to the Warrant Agent receiving
                                         the first notice of the claim. Notwithstanding any other provision of this Indenture,
                                         and whether such losses or damages are foreseeable or unforeseeable, the Warrant Agent
                                         shall not be liable under any circumstances whatsoever for any (a) breach by any other
                                         party of securities law or other rule of any securities regulatory authority, (b) lost
                                         profits or (c) special, indirect, incidental, consequential, exemplary, aggravated or
                                         punitive losses or damages.

 

		Section 9.8	Replacement
                                         of Warrant Agent; Successor by Merger.

 

		(1)	The Warrant Agent may resign its agency
                                         and be discharged from all further duties and liabilities hereunder, subject to this
                                         Section 9.8, by giving to the Corporation not less than 60 days’ prior notice in
                                         writing or such shorter prior notice as the Corporation may accept as sufficient. The
                                         Registered Warrantholders by Extraordinary Resolution shall have power at any time to
                                         remove the existing Warrant Agent and to appoint a new warrant agent. In the event of
                                         the Warrant Agent resigning or being removed as aforesaid or being dissolved, becoming
                                         bankrupt, going into liquidation or otherwise becoming incapable of acting hereunder,
                                         the Corporation shall forthwith appoint a new warrant agent unless a new warrant agent
                                         has already been appointed by the Registered Warrantholders; failing such appointment
                                         by the Corporation, the retiring Warrant Agent or any Registered Warrantholder may apply
                                         to a judge of the Supreme Court of the Province of British Columbia on such notice
                                         as such judge may direct, for the appointment of a new warrant agent; but any new warrant
                                         agent so appointed by the Corporation or by the Court shall be subject to removal as
                                         aforesaid by the Registered Warrantholders. Any new warrant agent appointed under any
                                         provision of this Section 9.8 shall be an entity authorized to carry on the business
                                         of a trust company in the Province of British Columbia and, if required by the Applicable
                                         Legislation for any other provinces, in such other provinces. On any such appointment
                                         the new warrant agent shall be vested with the same powers, rights, duties and responsibilities
                                         as if it had been originally named herein as Warrant Agent hereunder.

 

		(2)	Upon the appointment of a successor
                                         warrant agent, the Corporation shall promptly notify the Registered Warrantholders thereof
                                         in the manner provided for in Section 10.2.

 

    - 48 - 

     

    

 

		(3)	Any Warrant Certificates Authenticated
                                         but not delivered by a predecessor Warrant Agent may be Authenticated by the successor
                                         Warrant Agent in the name of the predecessor or successor Warrant Agent.

 

		(4)	Any corporation into which the Warrant
                                         Agent may be merged or consolidated or amalgamated, or any corporation resulting therefrom
                                         to which the Warrant Agent shall be a party, or any corporation succeeding to substantially
                                         the corporate trust business of the Warrant Agent shall be the successor
                                         to the Warrant Agent hereunder without any further act on its part or any of the parties
                                         hereto, provided that such corporation would be eligible for appointment as successor
                                         Warrant Agent under Section 9.8(1).

 

		Section 9.9	Conflict
                                         of Interest.

 

		(1)	The Warrant Agent represents to the
                                         Corporation that at the time of execution and delivery hereof no material conflict of
                                         interest exists between its role as a Warrant Agent hereunder and its role in
                                         any other capacity and agrees that in the event of a material conflict of interest arising
                                         hereafter it will, within 90 days after ascertaining that it has such material conflict
                                         of interest, either eliminate the same or assign its agency hereunder to a successor
                                         Warrant Agent approved by the Corporation and meeting the requirements set forth in Section
                                         9.8(1). Notwithstanding the foregoing provisions of this Section 9.9(1), if any such
                                         material conflict of interest exists or hereafter shall exist, the validity and enforceability
                                         of this Indenture and the Warrant Certificate shall not be affected in any manner whatsoever
                                         by reason thereof.

 

		(2)	Subject to Section 9.9(1), the Warrant
                                         Agent, in its personal or any other capacity, may buy, lend upon and deal in securities
                                         of the Corporation and generally may contract and enter into financial transactions with
                                         the Corporation without being liable to account for any profit made thereby.

 

		Section 9.10	Acceptance
                                         of Agency

 

The Warrant Agent hereby
accepts the agency in this Indenture declared and provided for and agrees to perform the same upon the terms and conditions herein
set forth.

 

		Section 9.11	Warrant
                                         Agent Not to be Appointed Receiver.

 

The Warrant Agent and
any person related to the Warrant Agent shall not be appointed a receiver, a receiver and manager or liquidator of all or any
part of the assets or undertaking of the Corporation.

 

    - 49 - 

     

    

 

		Section 9.12	Warrant
                                         Agent Not Required to Give Notice of Default.

 

The Warrant Agent shall
not be bound to give any notice or do or take any act, action or proceeding by virtue of the powers conferred on it hereby unless
and until it shall have been required so to do under the terms hereof; nor shall the Warrant Agent be required to take notice
of any default hereunder, unless and until notified in writing of such default, which notice shall distinctly specify the default
desired to be brought to the attention of the Warrant Agent and in the absence of any such notice the Warrant Agent may for all
purposes of this Indenture conclusively assume that no default has been made in the observance or performance of any of the representations,
warranties, covenants, agreements or conditions contained herein. Any such notice shall in no way limit any discretion herein
given to the Warrant Agent to determine whether or not the Warrant Agent shall take action with respect to any default.

 

		Section 9.13	Anti-Money
                                         Laundering.

 

		(1)	Each party to this Agreement other
                                         than the Warrant Agent hereby represents to the Warrant Agent that any account to be
                                         opened by, or interest to be held by the Warrant Agent in connection with this Agreement,
                                         for or to the credit of such party, either (i) is not intended to be used by or on behalf
                                         of any third party; or (ii) is intended to be used by or on behalf of a third party,
                                         in which case such party hereto agrees to complete and execute forthwith a declaration
                                         in the Warrant Agent’s prescribed form as to the particulars of such third party.

 

		(2)	The Warrant Agent shall retain the
                                         right not to act and shall not be liable for refusing to act if, due to a lack of information
                                         or for any other reason whatsoever, the Warrant Agent, in its sole judgment, determines
                                         that such act might cause it to be in non-compliance with any applicable anti-money laundering,
                                         anti-terrorist or economic sanctions legislation, regulation or guideline. Further, should
                                         the Warrant Agent, in its sole judgment, determine at any time that its acting under
                                         this Agreement has resulted in its being in non-compliance with any applicable anti-money
                                         laundering, anti-terrorist or economic sanctions legislation, regulation or guideline,
                                         then it shall have the right to resign on ten (10) days written notice to the other parties
                                         to this Agreement, provided (i) that the Warrant Agent's written notice shall describe
                                         the circumstances of such non-compliance; and (ii) that if such circumstances are rectified
                                         to the Warrant Agent's satisfaction within such ten (10) day period, then such resignation
                                         shall not be effective.

 

    - 50 - 

     

    

 

		Section 9.14	Compliance
                                         with Privacy Code.

 

The Corporation acknowledges
that the Warrant Agent may, in the course of providing services hereunder, collect or receive financial and other personal information
about such parties and/or their representatives, as individuals, or about other individuals related to the subject matter hereof,
and use such information for the following purposes:

 

		(a)	to provide the services required
                                         under this Indenture and other services that may be requested from time to time;

 

		(b)	to help the Warrant Agent manage
                                         its servicing relationships with such individuals;

 

		(c)	to meet the Warrant Agent’s
                                         legal and regulatory requirements; and

 

		(d)	if Social Insurance Numbers are
                                         collected by the Warrant Agent, to perform tax reporting and to assist in verification
                                         of an individual’s identity for security purposes.

 

Each party acknowledges
and agrees that the Warrant Agent may receive, collect, use and disclose personal information provided to it or acquired by it
in the course of this Indenture for the purposes described above and, generally, in the manner and on the terms described in its
Privacy Code, which the Warrant Agent shall make available on its website, www.computershare.com, or upon request, including revisions
thereto. The Warrant Agent may transfer personal information to other companies in or outside of Canada that provide data processing
and storage or other support in order to facilitate the services it provides.

 

Further, each party agrees
that it shall not provide or cause to be provided to the Warrant Agent any personal information relating to an individual who
is not a party to this Indenture unless that party has assured itself that such individual understands and has consented to the
aforementioned uses and disclosures.

 

		Section 9.15	Securities
                                         Exchange Commission Certification.

 

The Corporation confirms that it has either
(i) a class of securities registered pursuant to Section 12 of the U.S. Exchange Act; or (ii) a reporting obligation pursuant
to Section 15(d) of the U.S. Exchange Act, and has provided the Warrant Agent with an Officers’ Certificate (in a form provided
by the Warrant Agent certifying such reporting obligation and other information as requested by the Warrant Agent). The Corporation
covenants that in the event that any such registration or reporting obligation shall be terminated by the Corporation in accordance
with the U.S. Exchange Act, the Corporation shall promptly notify the Warrant Agent of such termination and such other information
as the Warrant Agent may require at the time. The Corporation acknowledges that the Warrant Agent is relying upon the foregoing
representation and covenants in order to meet certain SEC obligations with respect to those clients who are filing with the SEC.

 

    - 51 - 

     

    

 

Article 10

GENERAL

 

		Section 10.1	Notice
                                         to the Corporation and the Warrant Agent.

 

		(1)	Unless herein otherwise
                                         expressly provided, any notice to be given hereunder to the Corporation or the Warrant
                                         Agent shall be deemed to be validly given if delivered, sent by registered letter,
                                         postage prepaid or if faxed:

 

		(a)	If to the Corporation:

 

Golden Queen Mining
Co. Ltd.

Suite 2300 – 1066 West Hastings Street

Vancouver, BC V6E 3X2

 

Attention: Chief
Financial Officer & Corporate Secretary

 

Email: astgermain@goldenqueen.com
and bdayton@goldenqueen.com

 

		(b)	If to the Warrant Agent:

 

Computershare Trust
Company of Canada

3rd Floor,
510 Burrard Street

Vancouver, BC V6C
3B9

 

Attention: General
Manager, Corporate Trust

 

Email: corporatetrust.vancouver@computershare.com

 

and any such notice delivered in
accordance with the foregoing shall be deemed to have been received and given on the date of delivery or, if mailed, on the fifth
Business Day following the date of mailing such notice or, if faxed, on the next Business Day following the date of transmission.

 

		(2)	The Corporation or the Warrant Agent,
                                         as the case may be, may from time to time notify the other in the manner provided in
                                         Section 10.1(1) of a change of address which, from the effective date of such notice
                                         and until changed by like notice, shall be the address of the Corporation or the Warrant
                                         Agent, as the case may be, for all purposes of this Indenture.

 

		(3)	If, by reason of a strike, lockout
                                         or other work stoppage, actual or threatened, involving postal employees, any notice
                                         to be given to the Warrant Agent or to the Corporation hereunder could reasonably be
                                         considered unlikely to reach its destination, such notice shall be valid and effective
                                         only if it is delivered to the named officer of the party to which it is addressed, as
                                         provided in Section 10.1(1), or given by facsimile or other means of prepaid, transmitted
                                         and recorded communication.

 

    - 52 - 

     

    

 

		Section 10.2	Notice
                                         to Registered Warrantholders.

 

		(1)	Unless otherwise provided herein, notice
                                         to the Registered Warrantholders under the provisions of this Indenture shall be valid
                                         and effective if delivered or sent by ordinary prepaid post addressed to such holders
                                         at their post office addresses appearing on the register hereinbefore mentioned and shall
                                         be deemed to have been effectively received and given on the date of delivery or, if
                                         mailed, on the third Business Day following the date of mailing such notice. In the event
                                         that Warrants are held in the name of the Depository, a copy of such notice shall also
                                         be sent by electronic communication to the Depository and shall be deemed received and
                                         given on the day it is so sent.

 

		(2)	If, by reason of a strike, lockout
                                         or other work stoppage, actual or threatened, involving postal employees, any notice
                                         to be given to the Registered Warrantholders hereunder could reasonably be considered
                                         unlikely to reach its destination, such notice shall be valid and effective only if it
                                         is delivered to such Registered Warrantholders to the address for such Registered Warrantholders
                                         contained in the register maintained by the Warrant Agent or such notice may be given,
                                         at the Corporation’s expense, by means of publication in the Globe and Mail, National
                                         Edition, or any other English language daily newspaper or newspapers of general circulation
                                         in Canada, in each two successive weeks, the first such notice to be published within
                                         5 business days of such event, and any so notice published shall be deemed to have been
                                         received and given on the latest date the publication takes place.

 

		Section 10.3	Ownership
                                         of Warrants.

 

The Corporation and the
Warrant Agent may deem and treat the Registered Warrantholders as the absolute owner thereof for all purposes, and the Corporation
and the Warrant Agent shall not be affected by any notice or knowledge to the contrary except where the Corporation or the Warrant
Agent is required to take notice by statute or by order of a court of competent jurisdiction. The receipt of any such Registered
Warrantholder of the Common Shares which may be acquired pursuant thereto shall be a good discharge to the Corporation and the
Warrant Agent for the same and neither the Corporation nor the Warrant Agent shall be bound to inquire into the title of any such
holder except where the Corporation or the Warrant Agent is required to take notice by statute or by order of a court of competent
jurisdiction.

 

    - 53 - 

     

    

 

		Section 10.4	Counterparts.

 

This Indenture may be
executed in several counterparts, each of which when so executed shall be deemed to be an original and such counterparts together
shall constitute one and the same instrument and notwithstanding their date of execution they shall be deemed to be dated as of
the date hereof.

 

		Section 10.5	Satisfaction
                                         and Discharge of Indenture.

 

Upon the earlier of:

 

		(a)	the date by which there shall have
                                         been delivered to the Warrant Agent for exercise or cancellation all Warrants theretofore
                                         Authenticated hereunder, in the case of Certificated Warrants (or such other instructions,
                                         in a form satisfactory to the Warrant Agent), in the case of Uncertificated Warrants,
                                         or by way of standard processing through the book entry only system in the case of a
                                         CDS Global Warrant; and

 

		(b)	the Expiry Time;

 

and if all certificates or other entry on
the register representing Common Shares required to be issued in compliance with the provisions hereof have been issued and delivered
hereunder or to the Warrant Agent in accordance with such provisions, this Indenture shall cease to be of further effect and the
Warrant Agent, on demand of and at the cost and expense of the Corporation and upon delivery to the Warrant Agent of a certificate
of the Corporation stating that all conditions precedent to the satisfaction and discharge of this Indenture have been complied
with, shall execute proper instruments acknowledging satisfaction of and discharging this Indenture. Notwithstanding the foregoing,
the indemnities provided to the Warrant Agent by the Corporation hereunder shall remain in full force and effect and survive the
termination of this Indenture.

 

		Section 10.6	Provisions
                                         of Indenture and Warrants for the Sole Benefit of Parties and Registered Warrantholders.

 

Nothing in this Indenture
or in the Warrants, expressed or implied, shall give or be construed to give to any person other than the parties hereto and the
Registered Warrantholders, as the case may be, any legal or equitable right, remedy or claim under this Indenture, or under any
covenant or provision herein or therein contained, all such covenants and provisions being for the sole benefit of the parties
hereto and the Registered Warrantholders.

 

    - 54 - 

     

    

 

		Section 10.7	Common
                                         Shares or Warrants Owned by the Corporation or its Subsidiaries - Certificate to be Provided.

 

For the purpose of disregarding
any Warrants owned legally or beneficially by the Corporation in Section 7.16, the Corporation shall provide to the Warrant Agent,
from time to time, a certificate of the Corporation setting forth as at the date of such certificate:

 

		(a)	the names (other than the name
                                         of the Corporation) of the Registered Warrantholders which, to the knowledge of the Corporation,
                                         are owned by or held for the account of the Corporation; and

 

		(b)	the number of Warrants owned legally
                                         or beneficially by the Corporation;

 

and the Warrant Agent,
in making the computations in Section 7.16, shall be entitled to rely on such certificate without any additional evidence.

 

		Section 10.8	Severability

 

If, in any jurisdiction,
any provision of this Indenture or its application to any party or circumstance is restricted, prohibited or unenforceable, such
provision will, as to such jurisdiction, be ineffective only to the extent of such restriction, prohibition or unenforceability
without invalidating the remaining provisions of this Indenture and without affecting the validity or enforceability of such provision
in any other jurisdiction or without affecting its application to other parties or circumstances.

 

		Section 10.9	Force Majeure

 

No party shall be liable
to the other, or held in breach of this Indenture, if prevented, hindered, or delayed in the performance or observance of any
provision contained herein by reason of act of God, riots, terrorism, acts of war, epidemics, governmental action or judicial
order, earthquakes, or any other similar causes (including, but not limited to, mechanical, electronic or communication interruptions,
disruptions or failures). Performance times under this Indenture shall be extended for a period of time equivalent to the time
lost because of any delay that is excusable under this Section.

 

		Section 10.10	Assignment,
                                         Successors and Assigns

 

Neither of the parties
hereto may assign its rights or interest under this Indenture, except as provided in Section 9.8 in the case of the Warrant Agent,
or as provided in Section 8.2 in the case of the Corporation. Subject thereto, this Indenture shall enure to the benefit of and
be binding upon the parties hereto and their respective successors and permitted assigns.

 

    - 55 - 

     

    

 

		Section 10.11	Rights
                                         of Rescission and Withdrawal for Holders

 

Should a holder of Warrants
exercise any legal, statutory, contractual or other right of withdrawal or rescission that may be available to it, and the holder’s
funds which were paid on exercise have already been released to the Corporation by the Warrant Agent, the Warrant Agent shall
not be responsible for ensuring the exercise is cancelled and a refund is paid back to the holder. In such cases, the holder shall
seek a refund directly from the Corporation and subsequently, the Corporation, upon surrender to the Corporation or the Warrant
Agent of any underlying shares that may have been issued, or such other procedure as agreed to by the parties hereto, shall instruct
the Warrant Agent in writing, to cancel the exercise transaction and any such underlying shares on the register, which may have
already been issued upon the Warrant exercise. In the event that any payment is received from the Corporation by virtue of the
holder being a shareholder for such Warrants that were subsequently rescinded, such payment must be returned to the Corporation
by such holder. The Warrant Agent shall not be under any duty or obligation to take any steps to ensure or enforce that the funds
are returned pursuant to this section, nor shall the Warrant Agent be in any other way responsible in the event that any payment
is not delivered or received pursuant to this section. Notwithstanding the foregoing, in the event that the Corporation provides
the refund to the Warrant Agent for distribution to the holder, the Warrant Agent shall return such funds to the holder as soon
as reasonably practicable, and in so doing, the Warrant Agent shall incur no liability with respect to the delivery or non-delivery
of any such funds.

 

IN WITNESS WHEREOF
the parties hereto have executed this Indenture under the hands of their proper officers in that behalf as of the date first
written above.

 

	 	GOLDEN QUEEN MINING CO. LTD. 

         

	 	By:	“Brenda Dayton”
	 	 	Name: Brenda Dayton
	 	 	Title:    Corporate Secretary

 

    - 56 - 

     

    

 

	 	COMPUTERSHARE TRUST COMPANY OF CANADA

         

	 	By:	“Jill Dunn”
	 	 	Name:Jill Dunn
	 	 	Title: Corporate Trust Officer
	 	 	 
	 	By:	“Ellis Amabel”
	 	 	Name:Ellis Amabel
	 	 	Title: Associate Trust Officer

 

    - 57 - 

     

    

 

SCHEDULE “A”

 

Form
of Warrant

 

WARRANT

 

To acquire Common Shares of

 

GOLDEN QUEEN MINING CO. LTD.

 

(incorporated pursuant to the laws of the Province
of British Columbia)

 

	 

        Warrant

        Certificate No.             
	Certificate for                                                                  
        Warrants, each entitling the holder to acquire one (1) Common Share (subject to adjustment as provided for in the
        Warrant Indenture (as defined below)

         

        CUSIP [*]

         

        ISIN CA [*]

 

THIS IS TO CERTIFY THAT, for value
received, 

 

 

 

(the “Warrantholder”) is
the registered holder of the number of common share purchase warrants (the “Warrants”) of Golden Queen Mining
Co. Ltd. (the “Corporation”) specified above, and is entitled, on exercise of these Warrants upon and
subject to the terms and conditions set forth herein and in the Warrant Indenture, to purchase at any time before 5:00 p.m. (Vancouver
time) (the “Expiry Time”) on July 25, 2019 (the “Expiry Date”), one fully paid and non-assessable
common share without par value in the capital of the Corporation as constituted on the date hereof (a “Common Share”)
for each Warrant subject to adjustment in accordance with the terms of the Warrant Indenture.

 

The right to purchase Common Shares may only
be exercised by the Warrantholder within the time set forth above by:

 

(a)       
duly completing and executing the exercise form (the “Exercise Form”) attached hereto; and

 

    A-1  

     

    

 

(b)       surrendering
this warrant certificate (the “Warrant Certificate”), with the Exercise Form to the Warrant Agent at the principal
offices of the Warrant Agent, in the city of Vancouver or the City of Toronto, together with a certified cheque, bank draft or
money order in the lawful money of Canada payable to or to the order of the Corporation in an amount equal to the purchase
price of the Common Shares so subscribed for.

 

The surrender of this Warrant Certificate,
the duly completed Exercise Form and payment as provided above will be deemed to have been effected only on personal delivery
thereof to, or if sent by mail or other means of transmission on actual receipt thereof by, the Warrant Agent at its principal
offices as set out above.

 

Subject to adjustment thereof in the events
and in the manner set forth in the Warrant Indenture hereinafter referred to, the exercise price payable for each Common Share
upon the exercise of each whole Warrant shall be $2.00 per Common Share (the “Exercise Price”).

 

Certificates for the Common Shares subscribed
for will be mailed to the persons specified in the Exercise Form at their respective addresses specified therein or, if so specified
in the Exercise Form, delivered to such persons at the office where this Warrant Certificate is surrendered. If fewer Common Shares
are purchased than the number that can be purchased pursuant to this Warrant Certificate, the holder hereof will be entitled to
receive without charge a new Warrant Certificate in respect of the balance of the Common Shares not so purchased. No fractional
Common Shares will be issued upon exercise of any Warrant.

 

This Warrant Certificate evidences Warrants
of the Corporation issued or issuable under the provisions of a warrant indenture (which indenture together with all other instruments
supplemental or ancillary thereto is herein referred to as the “Warrant Indenture”) dated as of July [*], 2016
between the Corporation and Computershare Trust Company of Canada, as Warrant Agent, to which Warrant Indenture reference is hereby
made for particulars of the rights of the holders of Warrants, the Corporation and the Warrant Agent in respect thereof and the
terms and conditions on which the Warrants are issued and held, all to the same effect as if the provisions of the Warrant Indenture
were herein set forth, to all of which the holder, by acceptance hereof, assents. The Corporation will furnish to the holder,
on request and without charge, a copy of the Warrant Indenture.

 

On presentation at one of the principal offices
of the Warrant Agent as set out above, subject to the provisions of the Warrant Indenture and on compliance with the reasonable
requirements of the Warrant Agent, one or more Warrant Certificates may be exchanged for one or more Warrant Certificates entitling
the holder thereof to purchase in the aggregate an equal number of Common Shares as are purchasable under the Warrant Certificate(s)
so exchanged.

 

    A-2  

     

    

 

The Warrant Indenture contains provisions
for the adjustment of the Exercise Price payable for each Common Share upon the exercise of Warrants and the number of Common
Shares issuable upon the exercise of Warrants in the events and in the manner set forth therein.

 

The Warrant Indenture also contains provisions
making binding on all holders of Warrants outstanding thereunder resolutions passed at meetings of holders of Warrants held in
accordance with the provisions of the Warrant Indenture and instruments in writing signed by Warrantholders of Warrants entitled
to purchase a specific majority of the Common Shares that can be purchased pursuant to such Warrants.

 

Pursuant to Section 3.3 of the Warrant Indenture,
if at any time following the initial effectiveness of the shelf registration statement filed with the United States Securities
Commission under the U.S. Securities Act of 1933, as amended, registering the Common Shares issuable upon exercise of the Warrants
(the “Registration Statement”) and prior to the Expiry Date, the Corporation determines that such Registration
Statement is not effective or the prospectus contained therein is not available for the issuance of the Common Shares, the Corporation
shall promptly provide written notice of such determination to the Warrant Agent. Upon receipt of such notice, the Warrant Agent
shall provide a copy thereof to each Registered Warrantholder, and confirm in writing that the then outstanding Warrants may,
until the earlier of the Registration Statement becoming effective or the Expiry Date, also be exercised by means of a “cashless
exercise” in which the Warrantholder shall be entitled to receive a certificate for the number of Common Shares equal to
the quotient obtained by dividing [(A-B) (X)] by (A), where: (a) (A) equals the Current Market Price on the trading day immediately
preceding the date of the receipt by the Warrant Agent of the notice of exercise; (b) (B) equals the Exercise Price of each Warrant,
as adjusted; and (c) (X) equals the number of Common Shares issuable upon exercise of the Warrants in accordance with their terms
by means of a cash exercise rather than a cashless exercise.

 

Pursuant to Section 3.11(2) of the Warrant
Indenture, the Warrants evidenced hereby may not be exercised by any holder in the United States unless there is available to
such holder an exemption from any applicable state securities or “blue sky” laws for the issuance of the Common Shares
upon exercise of the Warrants and holders exercising in the United States will be required to provide to the Warrant Agent and
the Corporation evidence reasonably satisfactory to the Warrant Agent and the Corporation, including an opinion of counsel of
recognized standing, that the exercise of the Warrants is being made in compliance with all applicable state securities or “blue
sky” laws, including but not limited to including but not limited to evidence that the holder qualifies as an “institutional
investor” under the state securities laws and regulations of their state of domicile.

 

    A-3  

     

    

 

Nothing contained in this Warrant Certificate,
the Warrant Indenture or elsewhere shall be construed as conferring upon the holder hereof any right or interest whatsoever as
a holder of Common Shares or any other right or interest except as herein and in the Warrant Indenture expressly provided. In
the event of any discrepancy between anything contained in this Warrant Certificate and the terms and conditions of the Warrant
Indenture, the terms and conditions of the Warrant Indenture shall govern.

 

Warrants may only be transferred in compliance
with the conditions of the Warrant Indenture on the register to be kept by the Warrant Agent in Vancouver, or such other registrar
as the Corporation, with the approval of the Warrant Agent, may appoint at such other place or places, if any, as may be designated,
upon surrender of this Warrant Certificate to the Warrant Agent or other registrar accompanied by a written instrument of transfer
in form and execution satisfactory to the Warrant Agent or other registrar and upon compliance with the conditions prescribed
in the Warrant Indenture and with such reasonable requirements as the Warrant Agent or other registrar may prescribe and upon
the transfer being duly noted thereon by the Warrant Agent or other registrar. Time is of the essence hereof.

 

This Warrant Certificate will not be valid
for any purpose until it has been countersigned by or on behalf of the Warrant Agent from time to time under the Warrant Indenture.

 

The parties hereto have declared that they
have required that these presents and all other documents related hereto be in the English language. Les parties aux présentes
déclarent qu’elles ont exigé que la présente convention, de même que tous les documents s’y
rapportant, soient rédigés en anglais.

 

IN WITNESS WHEREOF the Corporation
has caused this Warrant Certificate to be duly executed as of ____________________________, 20______.

 

	 	 	Golden Queen Mining Co. Ltd.
	 	 	 	 
		 	By:	
		 	 	Authorized Signatory
	Countersigned and Registered by:	 	 	 
	 	 		
	COMPUTERSHARE TRUST COMPANY	 	 	 
	OF CANADA	 	 	 
	 	 	 	 	 
	By:	Authorized Signatory	 	 	 

 

    A-4  

     

    

 

FORM OF TRANSFER

 

To: Computershare
Trust Company of Canada

FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers to ____________________________________________________________________________________________

____________________________________________________________________________________________

(print name
and address) the Warrants represented by this Warrants Certificate and hereby irrevocable constitutes and appoints ____________________
as its attorney with full power of substitution to transfer the said securities on the appropriate register of the Warrant Agent.

 

DATED this ____ day of_________________,
20____.

 

	SPACE
    FOR GUARANTEES OF SIGNATURES (BELOW)	 	)	 
	 	 	) 	 
	 	 	 	 
	 	 	)	Signature
    of Transferor
		 		 
	 	 	)	 
	 	 	 	 
	 	 	)	 
	 	 	 	 
	Guarantor’s
    Signature/Stamp	 	)	Name
    of Transferor
	 	 	 	 
	 	 	)	 

 

REASON FOR TRANSFER – For US Residents
only (where the individual(s) or corporation receiving the securities is a US resident). Please select only one (see instructions
below).

  

	
    Gift	
    Estate	
    Private Sale	 Other
    (or no change in ownership)

 

	Date
    of Event (Date of gift, death or sale):	Value
    per Warrant on the date of event:

 

		 			CAD
    OR		USD

  

    A-5  

     

    

 

CERTAIN REQUIREMENTS RELATING TO TRANSFERS
– READ CAREFULLY

 

The signature(s) of the
transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without alteration
or enlargement, or any change whatsoever. All securityholders or a legally authorized representative must sign this form. The
signature(s) on this form must be guaranteed in accordance with the transfer agent’s then current guidelines and requirements
at the time of transfer. Notarized or witnessed signatures are not acceptable as guaranteed signatures. As at the time of closing,
you may choose one of the following methods (although subject to change in accordance with industry practice and standards):

 

		·	Canada
                                         and the USA: A Medallion Signature Guarantee obtained from a member of an acceptable
                                         Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Many commercial banks,
                                         savings banks, credit unions, and all broker dealers participate in a Medallion Signature
                                         Guarantee Program. The Guarantor must affix a stamp bearing the actual words “Medallion
                                         Guaranteed”, with the correct prefix covering the face value of the certificate.

 

		·	Canada:
                                         A Signature Guarantee obtained from an authorized officer of the Royal Bank of Canada,
                                         Scotia Bank or TD Canada Trust. The Guarantor must affix a stamp bearing the actual words
                                         “Signature Guaranteed”, sign and print their full name and alpha numeric
                                         signing number. Signature Guarantees are not accepted from Treasury Branches, Credit
                                         Unions or Caisse Populaires unless they are members of a Medallion Signature Guarantee
                                         Program. For corporate holders, corporate signing resolutions, including certificate
                                         of incumbency, are also required to accompany the transfer, unless there is a “Signature
                                         & Authority to Sign Guarantee” Stamp affixed to the transfer (as opposed to
                                         a “Signature Guaranteed” Stamp) obtained from an authorized officer of the
                                         Royal Bank of Canada, Scotia Bank or TD Canada Trust or a Medallion Signature Guarantee
                                         with the correct prefix covering the face value of the certificate. 

 

		·	Outside
                                         North America: For holders located outside North America, present the certificates(s)
                                         and/or document(s) that require a guarantee to a local financial institution that has
                                         a corresponding Canadian or American affiliate which is a member of an acceptable Medallion
                                         Signature Guarantee Program. The corresponding affiliate will arrange for the signature
                                         to be over-guaranteed. 

 

    A-6  

     

    

 

REASON FOR TRANSFER
– FOR US RESIDENTS ONLY

 

Consistent with US IRS regulations,
Computershare is required to request cost basis information from US securityholders. Please indicate the reason for requesting
the transfer as well as the date of event relating to the reason. The event date is not the day in which the transfer is finalized,
but rather the date of the event which led to the transfer request (i.e. date of gift, date of death of the securityholder, or
the date the private sale took place).

 

    A-7  

     

    

 

SCHEDULE “B”

 

EXERCISE FORM

 

		TO:	Golden Queen
                                         Mining Co. Ltd.

 

		AND TO:	Computershare
                                         Trust Company of Canada

3rd Floor, 510 Burrard
Street

Vancouver, BC V6C 2B9

 

The undersigned holder
of the Warrants evidenced by this Warrant Certificate hereby exercises the right to acquire: [Please complete (a) or (b) below.]

 

(a) ____________ Common
Shares of Golden Queen Mining Co. Ltd. pursuant to the right of such holder to be issued, and hereby subscribes for, the Common
Shares that are issuable pursuant to the exercise of such Warrants on the terms specified in such Warrant Certificate and in the
Indenture for an aggregate exercise price of _________________; or

 

(b) ____________ Common
Shares of Golden Queen Mining Co. Ltd., if permitted pursuant to Section 3.3 of the Warrant Indenture, by means of a “cashless
exercise” in which the Warrantholder shall be entitled to receive a certificate for the number of Common Shares equal to
the quotient obtained by dividing [(A-B) (X)] by (A), where (i) (A) equals the Current Market Price on the trading day immediately
preceding the date of the receipt by the Warrant Agent of the notice of exercise; (ii) (B) equals the Exercise Price of each Warrant,
as adjusted; and (iii) (X) equals the number of Common Shares issuable upon exercise of the Warrants in accordance with their
terms by means of a cash exercise rather than a cashless

 

The
undersigned hereby acknowledges that the undersigned is aware that the Common Shares received on exercise may be subject to restrictions
on resale under applicable securities legislation. If the undersigned is resident in the United States, in accordance
with Section 3.11(2) of the Warrant Indenture, the undersigned has provided herewith evidence reasonably satisfactory to the Corporation
and the Warrant Agent that the Warrants may be exercised and the Common Shares may be delivered to the undersigned in accordance
with all applicable state securities or “blue sky” laws.

 

Any capitalized term
in this Warrant Certificate that is not otherwise defined herein, shall have the meaning ascribed thereto in the Warrant Indenture.

 

The undersigned hereby
irrevocably directs that the said Common Shares be issued, registered and delivered as follows:

 

    B-1  

     

    

 

	 

        Name(s) in Full and

        Social Insurance

        Number(s)

        (if applicable)
	 	Address(es)	 	Number of 

    Common Shares
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

Please print full name
in which certificates representing the Common Shares are to be issued. If any Common Shares are to be issued to a person or persons
other than the registered holder, the registered holder must pay to the Warrant Agent all eligible transfer taxes or other government
charges, if any, and the Form of Transfer must be duly executed.

 

Once completed and executed,
this Exercise Form must be mailed or delivered to Computershare Trust Company of Canada, c/o General Manager, Corporate Trust.

 

DATED
this ____day of _____, 20__.

 

	 	)	 
	 	)	 
	 	)	
	Witness	)	(Signature of Warrantholder,
    to be the same as
	 	)	appears
    on the face of this Warrant Certificate)
	 	)	 
	 	)	Name
    of Registered Warrantholder

  

 ̈       Please
check if the certificates representing the Common Shares are to be delivered at the office where this Warrant Certificate is surrendered,
failing which such certificates will be mailed to the address set out above. Certificates will be delivered or mailed as soon
as practicable after the surrender of this Warrant Certificate to the Warrant Agent.

 

    B-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00260-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00260-of-00352.parquet"}]]