Document:

Exhibit
10.1

 

SIXTH
AMENDMENT TO REVOLVING LINE OF CREDIT LOAN

AGREEMENT, TERM LOAN AGREEMENT AND SECURITY AGREEMENT

 

THIS
SIXTH AMENDMENT TO REVOLVING LINE OF CREDIT LOAN AGREEMENT, TERM LOAN AGREEMENT
AND SECURITY AGREEMENT (this “Sixth Amendment”) is made as of March 1,
2010, by and among EF JOHNSON TECHNOLOGIES,
INC., a Delaware corporation (formerly known as EFJ, Inc.), E.F. JOHNSON COMPANY, a Minnesota corporation
(successor-by-merger to Transcrypt International, Inc.), and 3e TECHNOLOGIES INTERNATIONAL, INC., a Maryland corporation
(collectively, jointly and severally, the “Borrower”), all having an
address at c/o EF Johnson Technologies, Inc., 1440 Corporate Drive,
Irving, Texas 75038; and BANK OF AMERICA, N.A.,
a national banking association (the “Lender”).

 

RECITALS

 

A.                                   The Borrower and the Lender are parties
to that certain Revolving Line of Credit Loan Agreement and Security Agreement,
dated as of November 15, 2002, as amended by that certain First Amendment
to Revolving Line of Credit Loan Agreement and Security Agreement dated as of September 13,
2004, and as further amended by that certain Second Amendment to Revolving Line
of Credit Loan Agreement and Security Agreement dated as of July 11, 2006
(the “Second Amendment”), and as further amended by that certain Third
Amendment to Revolving Line of Credit Loan Agreement, Term Loan Agreement and
Security Agreement dated as of March 6, 2007, and as further amended by
that certain Fourth Amendment to Revolving Line of Credit Loan Agreement, Term
Loan Agreement and Security Agreement dated as of March 10, 2008, and as
further amended by that certain Fifth Amendment to Revolving Line of Credit
Loan Agreement, Term Loan Agreement and Security Agreement dated as of March 16,
2009 (as amended and in effect, the “Loan Agreement”).

 

B.                                     The Loan Agreement governs and secures (1) a
certain revolving line of credit loan in the maximum principal amount of Ten
Million and 00/100 Dollars ($10,000,000.00), which loan is evidenced by that
certain Revolving Note dated as of November 15, 2002, as amended by that
certain First Amendment to Revolving Note dated as of September 13, 2004,
and as further amended by that certain Second Amendment to Revolving Note dated
as of July 11, 2006, and as further amended by that certain Third
Amendment to Revolving Note dated as of March 10, 2008, and as further
amended by that certain Fourth Amendment to Revolving Note dated as of March 16,
2009, made by the Borrower payable to the Lender in the maximum principal
amount of Ten Million and 00/100 Dollars ($10,000,000.00) (as amended and in
effect, the “Revolving Note”); and (2) a certain term loan in the
original principal amount of Fifteen Million and 00/100 Dollars
($15,000,000.00), evidenced by that certain Term Note dated as of July 11,
2006, as amended by that certain First Amendment to Term Note dated as of March 10,
2008, and as further amended by that certain Second Amendment to Term Note
dated as of March 16, 2009, made by the Borrower payable to the

 

 

Lender in the
original principal amount of Fifteen Million and 00/100 Dollars
($15,000,000.00) (as amended and in effect, the “Term Note”).

 

C.                                     Contemporaneously with the execution and
delivery of this Sixth Amendment, the Borrower and the Lender are entering into
(1) that certain Fifth Amendment to Revolving Note dated as of March 1,
2010 (the “Amendment to Revolving Note”), (2) that certain Third
Amendment to Term Note dated as of March 1, 2010 (the “Amendment to
Term Note”), and (3) that certain First Amendment to Pledge Agreement
dated as of March 1, 2010 (the “Amendment to Pledge Agreement”).

 

D.                                    The Borrower is not in compliance with
one or more of the financial covenants set forth in Section 6.14 of the
Loan Agreement for one or more of the fiscal quarters of the Borrower ending (i) March 31,
2009, (ii) June 30, 2009, (iii) October 31, 2009, and/or (iv) December 31,
2009.  The Borrower has made a request to
the Lender to waive such financial covenant defaults on a one time basis.  The Lender is willing to waive such financial
covenant defaults on a one time basis, subject to (a) the terms and
conditions set forth in this Sixth Amendment, and (b) the further
amendment of the Loan Agreement (1) to reduce the maximum principal amount
of the line of credit governed and secured by the Loan Agreement, (2) to
obtain additional security for the loans governed and secured by the Loan
Agreement, and (3) for certain other purposes, as more fully set forth
hereafter.

 

AGREEMENTS

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained, and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Borrower and the Lender hereby agree as follows:

 

1.                                       Capitalized Terms. Capitalized terms used in this Sixth
Amendment but not defined herein have the meanings ascribed to them in the Loan
Agreement.

 

2.                                       Representations and
Warranties.  To induce the Lender to enter into this Sixth
Amendment, the Borrower provides the following representations and warranties
to the Lender:

 

a.                                       The Borrower’s books and records properly
reflect the Borrower’s financial condition, and no material adverse change in
the Borrower’s financial condition has occurred since the last date that the
Borrower provided financial reports to the Lender;

 

b.                                      No litigation which, in the aggregate, is
material to Borrower’s operations or financial condition, is pending or
threatened against the Borrower of which the Borrower has not informed the
Lender in writing or which is not disclosed in the Borrower’s required public filings
with the Securities and Exchange Commission;

 

c.                                       Except as set forth in the Recitals to
this Sixth Amendment with respect to Borrower’s noncompliance with the
financial covenants set forth in Section 6.14 of the Loan Agreement, the
Borrower is in compliance with all provisions of the Loan

 

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Agreement, with all
provisions of the other Loan Documents, and with all applicable laws and
regulations;

 

d.                                      The Borrower has the power and authority
to enter into this Sixth Amendment, to perform its obligations hereunder, to
execute all documents, instruments, and agreements required in connection
herewith or related hereto, and to incur the obligations provided for herein,
all of which have been duly authorized and approved in accordance with the
Borrower’s organizational documents;

 

e.                                       This Sixth Amendment, together with all
documents, instruments, and agreements required in connection herewith or
related hereto, constitute the valid and legally binding obligations of the
Borrower in accordance with their respective terms;

 

f.                                         The obligations of the Borrower under the
Loan Documents remain valid and enforceable obligations, and the execution and
delivery of this Sixth Amendment and the other documents executed in connection
herewith shall not be construed as a novation of the Loan Agreement or the
other Loan Documents; and

 

g.                                      There have been no changes to the
Borrower’s organizational documents as of the date of this Sixth Amendment,
except (i) with respect to the merger of Transcrypt International, Inc.,
a Delaware corporation, with and into E.F. Johnson Company on April 1,
2009, which the Lender hereby acknowledges and consents to, and (ii) as
have been fully disclosed and previously delivered to the Lender, and all of
the Borrower’s organizational documents previously delivered to the Lender in
conjunction with the Loan Agreement remain in full force and effect and
unmodified.

 

3.                                       Acknowledgement of
Indebtedness.  The Borrower hereby
acknowledges and agrees that, in accordance with the terms and conditions of
the Loan Documents, it is liable to the Lender as follows:

 

a.                                       Owed under the Revolving Note as of February 19,
2010:

 

	
  Principal

  	
   

  	
  $

  	
  0.00

  	
   

  
	
  Interest

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
  $

  	
  0.00

  	
   

  

 

b.                                      Owed under the Term Note as of February 19,
2010:

 

	
  Principal

  	
   

  	
  $

  	
  15,000,000.00

  	
   

  
	
  Interest

  	
   

  	
  $

  	
  100,243.26

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
  $

  	
  15,100,243.26

  	
   

  

 

c.                                       For all amounts now due, or hereafter
coming due, to the Lender under or in connection with any credit card
agreements, Letters of Credit (including, without limitation, that certain
outstanding Letter of Credit in the amount of $750,000.00), banker’s
acceptances, automated clearinghouse agreements, cash management

 

3

 

agreements, deposit account
agreements, or similar account agreements or arrangements and/or under any
hedge or swap agreements.

 

d.                                      For all interest accruing upon the
principal balances of  the Notes from and
after February 19, 2010, and for all fees, costs, expenses, and costs of
collection (including attorneys’ fees and expenses) heretofore or hereafter
accruing or incurred by the Lender in connection with the Loan Documents,
including, without limitation, all reasonable attorneys’ fees and expenses
incurred in connection with the negotiation and preparation of this Sixth
Amendment and all documents, instruments, and agreements required in connection
herewith or related hereto (collectively, the “Amendment Documents”).

 

Hereinafter all
amounts due as set forth in this Paragraph 3, and all amounts payable under or
in connection with this Sixth Amendment, and all other amounts due under the
Loan Documents, as amended hereby, shall be referred to collectively as the “Obligations”.

 

4.                                       Waiver of Claims; Release. In consideration of Lender’s agreements
set forth herein, the Borrower hereby acknowledges and agrees that it has no
offsets, defenses, claims, or counterclaims against the Lender or the Lender’s
officers, directors, employees, attorneys, representatives, predecessors,
parent, subsidiaries, shareholder, affiliates, successors, and assigns
(collectively, the “Lender Parties”)
with respect to the Obligations, the Loan Documents, and/or the transactions
related thereto, and that if the Borrower now has, or ever did have, any offsets,
defenses, claims, or counterclaims against the Lender Parties, or any one of
them, whether known or unknown, at law or in equity, from the beginning of the
world through this date and through the time of execution of this Sixth
Amendment, all of them are hereby expressly WAIVED,
and the Borrower hereby RELEASES
the Lender Parties from any liability therefor.

 

5.                                       Ratification of Loan
Documents; Cross-Default; Cross-Collateralization; Further Assurances.  The Borrower:

 

a.                                       Hereby ratifies, confirms, and reaffirms
all and singular the terms and conditions of the Loan Documents.  The Borrower further acknowledges and agrees
that except as specifically amended in this Sixth Amendment and the Amendment
Documents, all terms and conditions of the Loan Documents shall remain in full
force and effect;

 

b.                                      Hereby ratifies, confirms, and reaffirms
that (i) the obligations secured by the Loan Documents include, without
limitation, the Obligations, and any future modifications, amendments,
substitutions or renewals thereof, (ii) all Collateral, whether now
existing or hereafter acquired, granted to the Lender pursuant to the Loan
Documents, the Amendment Documents, or otherwise shall secure all of the
Obligations until full and final payment of the Obligations, and (iii) the
occurrence of a default and/or event of default under any Loan Document and/or
any Amendment Document shall constitute an event of default under all of the
Loan Documents and all of the Amendment Documents, it being the express intent
of the Borrower that all of the Obligations be fully cross-collateralized and
cross-defaulted; and

 

4

 

c.                                       Shall, from and after the execution of
this Sixth Amendment, execute and deliver to the Lender whatever additional documents,
instruments, and agreements that the Lender may require in order to vest or
perfect the Loan Documents and the Amendment Documents and the collateral
granted herein and therein more securely in the Lender and to otherwise give
effect to the terms and conditions of this Sixth Amendment and the other
Amendment Documents.

 

6.                                       Conditions Precedent. 
The Lender’s agreements set forth herein shall not be effective unless
and until each of the following conditions precedent have been fulfilled, all
as determined by the Lender in its sole and exclusive discretion:

 

a.                                       The Borrower shall have executed and
delivered to the Lender the Amendment to Revolving Note in the form attached
hereto as Exhibit “A”;

 

b.                                      The Borrower shall have executed and
delivered to the Lender the Amendment to Term Note in the form attached hereto
as Exhibit “B”;

 

c.                                       The Borrower shall have executed and
delivered to the Amendment to Pledge Agreement in the form attached hereto as Exhibit “C”;

 

d.                                      The Lender shall have conducted a field examination
of the Borrower, including a review and testing of the financial books and
records of the Borrower, which field examination shall be satisfactory to the
Lender in all respects and be conducted at the sole cost and expense of the
Borrower with all such costs and expenses being reimbursed to the Lender upon
demand, and the Borrower shall fully cooperate with the Lender and its field
examiner, and/or their respective agents in conjunction with such field
examination;

 

e.                                       The Borrower shall have paid the portion
of the Amendment Fee due on or before the execution of this Sixth Amendment, as
set forth in Paragraph 14 hereof.

 

f.                                         All action on the part of the Borrower
necessary for the valid execution, delivery and performance by the Borrower of
this Sixth Amendment and the other Amendment Documents shall have been duly and
effectively taken and evidence thereof satisfactory to the Lender shall have
been provided to the Lender; and

 

g.                                      This Sixth Amendment, and the other
Amendment Documents, shall be executed and delivered to the Lender by the
parties thereto, shall be in full force and effect and shall be of form and
substance satisfactory to the Lender.

 

7.                                       Waiver of Covenant
Defaults; Next Quarterly Testing. The Lender hereby waives the following specific
Events of Default arising under the Loan Agreement:

 

a.                                       The failure of the Borrower to comply
with the Funded Debt to EBITDA covenant set forth in Section 6.14 of the
Loan Agreement, for the fiscal quarter ending December 31, 2009;

 

5

 

b.                                      The failure of the Borrower to comply
with the Fixed Charge Coverage Ratio covenant set forth in Section 6.14 of
the Loan Agreement, for the fiscal quarter ending December 31, 2009; and

 

c.                                       The failure of the Borrower to comply
with the Minimum Quarterly EBITDA covenant set forth in Section 6.14 of
the Loan Agreement, for the fiscal quarter ending December 31, 2009.

 

This waiver
relates only to the specific Events of Default identified above for the
specific time period indicated, is a one-time waiver, and shall not be deemed
to constitute (x) a continuing waiver of the provisions of Section 6.14
of the Loan Agreement, or a waiver of any other provisions of the Loan
Agreement or of the other Loan Documents, or (y) a waiver of any other
Events of Default, whether now existing or hereafter arising.

 

Furthermore, the
Lender shall not be testing for compliance of the financial covenants set forth
in Section 6.14 of the Loan Agreement for the quarter ending March 31,
2010 and hereby waives compliance by the Borrower with such covenants for such
quarter.

 

8.                                       Amendments to Loan
Agreement.

 

a.                                       Definitions. 
The following definitions set forth in Section 1.1 of the Loan
Agreement are hereby amended as follows:

 

i                                             Definition of Borrower. 
The definition of “Borrower” set forth in Section 1.1 of the Loan
Agreement is hereby deleted in its entirety and the following inserted in its
place:

 

““Borrower” means EF Johnson Technologies, Inc.
(formerly known as EFJ, Inc.), E.F. Johnson Company, and 3e Technologies
International, Inc., and to each such Person or to all of them, as the
context may require, and the representations and obligations hereunder of the
Persons comprised by the term “Borrower” shall be joint and several.  For purposes of testing compliance with the
financial covenants hereinafter, the negative covenants hereinafter, and
pricing under the Revolving Note or the Term Note that is based on the Borrower’s
financial performance, financial information concerning the Borrower shall mean
financial information for EF Johnson Technologies, Inc. (formerly known as
EFJ, Inc.), E.F. Johnson Company, and 3e Technologies International, Inc.,
stated on a consolidated basis.  In
addition, the financial reporting to be provided by the Borrower shall be
provided for EF Johnson Technologies, Inc. (formerly known as EFJ, Inc.),
E.F. Johnson Company, and 3e Technologies International, Inc., on a
consolidated and consolidating basis unless otherwise requested by the Lender.”

 

ii                                          Definition of Letter of Credit Sublimit. 
The definition of “Letter of Credit Sublimit” set forth in Section 1.1
of the Loan Agreement is hereby deleted in its entirety and the following
inserted in its place:

 

““Letter of Credit Sublimit” means Three
Million Seven Hundred Fifty Thousand and 00/100 Dollars ($3,750,000.00).”

 

6

 

iii                                       Definition of Maximum Revolving
Commitment Amount.  The definition of “Maximum Revolving
Commitment Amount” set forth in Section 1.1 of the Loan Agreement is
hereby deleted in its entirety and the following inserted in its place:

 

““Maximum Revolving Commitment Amount” means
Three Million Seven Hundred Fifty Thousand and 00/100 Dollars ($3,750,000.00),
or such lesser amount that the Borrower may request as hereinafter provided.”

 

iv                                      Definition of Performance Pricing Grid. 
The definition of “Performance Pricing Grid” set forth in Section 1.1
of the Loan Agreement is hereby deleted in its entirety.

 

v                                         Definition of Revolving Loan. 
The definition of “Revolving Loan” set forth in Section 1.1 of the
Loan Agreement is hereby deleted in its entirety and the following inserted in
its place:

 

““Revolving Loan” means the revolving loan
facility made available by the Lender to the Borrower pursuant to this Agreement
in the maximum principal amount of Three Million Seven Hundred Fifty Thousand
and 00/100 Dollars ($3,750,000.00), evidenced by the Revolving Note.”

 

vi                                      Definition of Revolving Note. 
The definition of “Revolving Note” set forth in Section 1.1 of the
Loan Agreement is hereby deleted in its entirety and the following inserted in
its place:

 

““Revolving Note” means the Borrower’s
promissory note entitled Revolving Note, dated as of November 15, 2002, as
amended by that certain First Amendment to Revolving Note dated as of September 13,
2004, and as further amended by that certain Second Amendment to Revolving Note
dated as of July 11, 2006, and as further amended by that certain Third
Amendment to Revolving Note dated as of March 10, 2008, and as further amended
by that certain Fourth Amendment to Revolving Note dated as of March 16,
2009, and as further amended by that certain 
Fifth Amendment to Revolving Note dated as of February     ,
2010 payable to the order of the Lender in the maximum principal amount of
Three Million Seven Hundred Fifty Thousand and 00/100 Dollars ($3,750,000.00),
and evidencing the Borrower’s obligation to repay the Revolving Loan, as said
Revolving Note may be further amended from time to time.”

 

b.                                      Amendment to Unused Line
Fee.                  The following is hereby inserted in to the Loan
Agreement as Section 2.4b. to replace the former Section 2.4b. which
was deleted pursuant to the Second Amendment:

 

“b.                                an unused fee on any difference between
the Maximum Revolving Commitment Amount and the amount of the Revolving Loan
the Borrower actually uses, determined by the average of the daily amount of
the Revolving Loan outstanding during each month (including the amount of any
LOC Obligations).  The fee will be
calculated at fifty (50) basis points per year. 
The fee is calculated and 

 

7

 

payable monthly, in arrears, commencing on February 1,
2010 until the expiration of the availability of Advances under this Agreement.”

 

9.                                       Prepayments. 
The Lender hereby agrees that partial prepayments of the Obligations do
not, on their own, require the termination of the hedge or swap agreements
currently in effect between the Lender and the Borrower, or require the payment
of a prepayment fee or premium thereunder, provided, however, that the
Borrower acknowledges and agrees that reductions in the outstanding amount of
the Obligations as a result of partial prepayments may not be recognized under
any such hedge or swap agreements(1).

 

10.                                 Discretionary Advances. 
From and after the date of execution of this Sixth Amendment, all
Advances shall be on a discretionary basis. 
In connection therewith, the Lender may, but is not obligated to, make
discretionary advances, loans, or other financial accommodations (hereinafter,
collectively, “Discretionary Advances”) to the Borrower under the
Revolving Note on a day to day basis.  In
connection therewith:

 

a.                                       The Lender’s decision to make any
Discretionary Advances shall be completely within the discretion of the Lender,
and a decision to make one or more Discretionary Advances will not be an
indication that any future Discretionary Advances will be made.  The Lender expressly reserves the right,
without further notice, to cease making Discretionary Advances at any time the
Lender deems appropriate.

 

b.                                      Requests for Discretionary Advances shall
be made in accordance with the provisions of the Loan Agreement and the other
Loan Documents.

 

c.                                       To the extent that the Lender does make
Discretionary Advances, all such Discretionary Advances shall: (i) be made
in accordance with, and subject to, the provisions of the Loan Agreement and
the other Loan Documents, (ii) be made, if at all, subject to the Allowed
Amount of Advances, (iii) constitute part of the Revolving Loan, and (iv) be
secured by all of the Collateral.

 

d.                                      The making of any Discretionary Advances
in excess of the Allowed Amount of Advances, or otherwise than in strict
conformance with the terms of the Loan Agreement or of the other Loan Documents
is for the Borrower’s benefit and does not in any way affect the unconditional
obligation of the Borrower to repay such Discretionary Advances and all other
amounts due under the Loan Agreement and the other Loan Documents in accordance
with the terms thereof.

 

e.                                       It is specifically acknowledged and
agreed that the Lender shall have the right, at any time and for any reason, to
refuse to make any Discretionary Advances to the Borrower regardless of whether
or not (i) the Borrower is in compliance with the terms and conditions of
the Loan Agreement and the other Loan Documents, (ii) a default or an 

 

(1) By way of example, and for the avoidance of doubt, if the
outstanding principal balance of the Term Loan is Fifteen Million and 00/100
Dollars ($15,000,000.00) and the Borrower prepays the Term Loan such that the
outstanding principal balance thereof is then Ten Million and 00/100 Dollars
($10,000,000.00), the Borrower acknowledges that it  may be required to continue to make payments
under a hedge or swap agreement as if the outstanding principal balance of the
Term Loan was still Fifteen Million and 00/100 Dollars ($15,000,000.00).

 

8

 

Event of Default has
occurred, or (iii) the Discretionary Advances will not exceed the Allowed
Amount of Advances.

 

11.                                 Letters of Credit. 
Notwithstanding anything in any Letter of Credit, Letter of Credit
Agreement, or any other Loan Document to the contrary, from and after the date
of execution of this Sixth Amendment, the Borrower and the Lender agree that (i) the
expiry date(s) of any outstanding Letter(s) of Credit will not be
extended beyond the original expiry date(s) set forth in such Letter(s) of
Credit (or if such original expiry date was extended prior to the date hereof,
then beyond any such extended expiry date), and (ii) shall not issue any
additional Letter(s) of Credit to the Borrower unless the Borrower
provides the Lender with cash collateral for such Letter(s) of Credit in
an amount equal to one hundred two percent (102.0%) of the face amount(s) of
such Letter(s) of Credit.

 

12.                                 Additional Cash Collateral. 
In addition to any other Collateral, the Borrower shall, as additional
security for the Obligations:

 

a.                                       Contemporaneously with the execution and
delivery of this Sixth Amendment, execute and deliver to the Lender the
Amendment to Pledge Agreement, which, among other things, shall amend that
certain Pledge Agreement dated March 16, 2009 by and between the Borrower
and the Lender to include all Obligations within the definition of “Indebtedness”
set forth therein.

 

b.                                      Within three (3) Business Days
following the Borrower’s receipt of substantially all of the amounts currently
due and outstanding as of the date of this Sixth Amendment from the State of
California in connection with Accounts related to (i) the California
Highway Patrol, and (ii) the California Department of Transportation, but
in no event later than June 15, 2010, deliver to the Lender, in good and
collected funds, the sum of One Million and 00/100 Dollars ($1,000,000.00) (the
“A/R Cash Pledge”), to be deposited as additional cash collateral in the
account pledged to the Lender pursuant to the Pledge Agreement (the “Pledged
Account”) and held by the Lender (along with any and all interest thereon,
provided that the Lender agrees to release such interest to the Borrower as
long as no default or Event of Default has occurred under the Loan Documents
and provided that such release will not cause the amount in the Pledged Account
to drop below a sum reasonably acceptable to the Lender in its sole and
exclusive discretion), until the earlier to occur of (1) full satisfaction
and payment by Borrower of all Obligations, or (2) the Lender providing,
in a writing signed by the Lender, a release of the A/R Cash Pledge as
collateral for the Obligations (it being acknowledged and agreed that the
decision by the Lender to provide any such written release shall be made by the
Lender in its sole and exclusive discretion and may be withheld by the Lender
for any reason or no reason).

 

c.                                       On or before June 15, 2010, deliver
to the Lender, in good and collected funds, the sum of Two Million Five Hundred
Thousand and 00/100 Dollars ($2,500,000.00) (the “Additional Cash Pledge”),
to be deposited as additional cash collateral in the Pledged Account and held
by the Lender (along with any and all interest thereon, provided that the
Lender agrees to release such interest to the Borrower as long as no default or
Event of Default has occurred under the Loan Documents and provided

 

9

 

that such release will
not cause the amount in the Pledged Account to drop below a sum reasonably
acceptable to the Lender in its sole and exclusive discretion), until the
earlier to occur of (1) full satisfaction and payment by Borrower of all
Obligations, or (2) the Lender providing, in a writing signed by the
Lender, a release of the Additional Cash Pledge as collateral for the
Obligations (it being acknowledged and agreed that the decision by the Lender
to provide any such written release shall be made by the Lender in its sole and
exclusive discretion and may be withheld by the Lender for any reason and no
reason).

 

d.                                      The A/R Cash Pledge and the Additional
Cash Pledge shall be part of the “Collateral”, as such term is defined in the
Loan Agreement and the Pledge Agreement. 
The Borrower hereby grants to the Lender a first priority security
interest in the A/R Cash Pledge and the Additional Cash Pledge as collateral
for the Obligations.  There shall not
exist, at any time, any lien or encumbrance against the A/R Cash Pledge and/or
the Additional Cash Pledge except as permitted under the Loan Agreement or the
other Loan Documents, or which would otherwise be for the benefit of the
Lender.  The Borrower shall take all such
further actions as the Lender may request to facilitate the Lender obtaining a
first priority perfected security interest in and to the A/R Cash Pledge and/or
the Additional Cash Pledge and all products and proceeds thereof.

 

13.                                 Supplemental Financial
Reporting.  In addition to the financial reporting
currently required under the Loan Documents, on (i) the date of the
execution of this Sixth Amendment, (ii) March 5, 2010, (iii) April 9,
2010, (iv) May 7, 2010, and (v) June 7, 2010, the Borrower
shall provide the Lender with a thirteen (13) week rolling cash flow report and
forecast of the Borrower’s business operations in form and substance
satisfactory to the Lender in its sole and exclusive discretion (each a “Cash
Flow Report”), which Cash Flow Reports shall include a comparison of the most
recent Cash Flow Report to actual results of the Borrower’s business operations
for the prior month.

 

14.                                 Fees. 
In consideration of the Lender’s agreements set forth herein, the
Borrower shall pay the Lender the following fees:

 

a.                                       A fee (the “Amendment Fee”) in the following amounts on the following
dates:

 

i                                             on or before the date of the execution of
this Sixth Amendment, an amount equal to $109,968.74;

 

ii                                          on or before April 19, 2010, an
amount equal to one-quarter of one percent (0.25%) of the result of the
following:

 

(x) the sum of the Maximum Revolving Commitment
Amount, plus

 

(y) the outstanding principal balance of the Term
Loan as of April 15, 2010, less

 

10

 

(z) the current balance of all cash collateral
pledged to the Lender pursuant to the Pledge Agreement as of April 15,
2010; and

 

iii                                       on or before June 18, 2010, an
amount equal to one-quarter of one percent (0.25%) of the result of the
following:

 

(x) the sum of the Maximum Revolving Commitment
Amount, plus

 

(y) the outstanding principal balance of the Term
Loan as of June 15, 2010, less

 

(z) the current balance of all cash collateral
pledged to the Lender pursuant to the Pledge Agreement as of June 15,
2010;

 

The Amendment Fee shall be: (a) fully earned as
of the date of the execution of this Sixth Amendment, (b) retained by the
Lender as a fee and not applied in reduction of any other Obligations, and (c) part
of the Obligations and secured by all of the Collateral.

 

b.                                      A fee (the “Retroactive Unused Line
Fee”) in the amount of Five Thousand and 00/100 Dollars ($5,000.00).  The Retroactive Unused Line Fee shall be: (a) fully
earned as of the date of the execution of this Sixth Amendment, (b) retained
by the Lender as a fee and not applied in reduction of any other Obligations, (c) part
of the Obligations and secured by all of the Collateral, and (d) paid to
the Lender within three (3) Business Days of the date of the execution of
this Sixth Amendment.

 

15.                                 Costs and Expenses.  The Borrower shall reimburse the Lender on demand for
any and all unreimbursed costs, expenses, and costs of collection (including
attorneys’ fees and expenses) heretofore or hereafter incurred by the Lender in
connection with the protection, preservation, and enforcement by the Lender of
its rights and remedies under the Loan Documents, this Sixth Amendment and/or
the other Amendment Documents, including, without limitation, the negotiation
and preparation of this Sixth Amendment and the other Amendment Documents.

 

16.                                 Arbitration.

 

This
paragraph concerns the resolution of any controversies or claims between the
Borrower and the Lender, whether arising in contract, tort or by statute,
including but not limited to controversies or claims that arise out of or
relate to: (i) the Loan Agreement or this Sixth Amendment (including any
renewals, amendments, extensions, or modifications of the same); or (ii) any
other Loan Document or Amendment Document (collectively, a “Claim”).

 

At the
request of the Borrower or the Lender, any Claim shall be resolved by binding
arbitration in accordance with the Federal Arbitration Act (Title 9, U.S. Code)
(the “Act”).  The Act will apply even
though the Loan Agreement provides that it is governed by the law of a
specified state.

 

11

 

Arbitration
proceedings will be determined in accordance with the Act, the applicable rules and
procedures for the arbitration of disputes of JAMS or any successor thereof (“JAMS”),
and the terms of this paragraph.  In the
event of any inconsistency, the terms of this paragraph shall control.

 

The
arbitration shall be administered by JAMS and conducted in any U.S. state where
real or tangible personal property collateral for this credit is located or if
there is no such collateral, in Maryland. 
All Claims shall be determined by one arbitrator; however, if Claims
exceed Five Million and 00/100 Dollars ($5,000,000.00), upon the request of any
party, the Claims shall be decided by three arbitrators.  All arbitration hearings shall commence
within ninety (90) days of the demand for arbitration and close within ninety
(90) days of commencement and the award of the arbitrator(s) shall be
issued within thirty (30) days of the close of the hearing.  However, the arbitrator(s), upon a showing of
good cause, may extend the commencement of the hearing for up to an additional
sixty (60) days.  The arbitrator(s) shall
provide a concise written statement of reasons for the award.  The arbitration award may be submitted to any
court having jurisdiction to be confirmed and enforced.

 

The
arbitrator(s) will have the authority to decide whether any Claim is
barred by the statute of limitations and, if so, to dismiss the arbitration on
that basis.  For purposes of the
application of the statute of limitations, the service on JAMS under applicable
JAMS rules of a notice of Claim is the equivalent of the filing of a
lawsuit.  Any dispute concerning this
arbitration provision or whether a claim is arbitrable shall be determined by
the arbitrator(s).  The arbitrator(s) shall
have the power to award legal fees pursuant to the terms of the Loan Agreement.

 

This
paragraph does not limit the right of the Lender to: (i) exercise
self-help remedies, such as but not limited to, setoff; (ii) initiate judicial
or nonjudicial foreclosure against any real or personal property collateral; (iii) exercise
any judicial or power of sale rights; or (iv) act in a court of law to
obtain an interim remedy, such as but not limited to, injunctive relief, writ
of possession or appointment of a receiver, or additional or supplementary
remedies.

 

17.                                 WAIVER OF JURY TRIAL. BY AGREEING TO BINDING ARBITRATION, THE
BORROWER AND THE LENDER IRREVOCABLY AND VOLUNTARILY WAIVE ANY RIGHT THEY MAY HAVE
TO A TRIAL BY JURY IN RESPECT OF A CLAIM. 
FURTHERMORE, WITHOUT INTENDING IN ANY WAY TO LIMIT THIS AGREEMENT TO
ARBITRATE, TO THE EXTENT ANY CLAIM IS NOT ARBITRATED, THE PARTIES IRREVOCABLY
AND VOLUNTARILY WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF SUCH CLAIM.  THIS PROVISION IS
A MATERIAL INDUCEMENT FOR THE PARTIES ENTERING INTO THIS SIXTH AMENDMENT AND
THE LOAN AGREEMENT.

 

18.                                 No Oral Agreements. 
This Sixth Amendment, the Loan Agreement, the other Loan Documents, and
the other Amendment Documents constitute the entire agreement of the parties
concerning the subject matter hereof and may not be contradicted by evidence of
prior, contemporaneous or subsequent oral agreements of the parties.  There are no unwritten or oral agreements
between the parties.

 

12

 

19.                                 Illegality or
Unenforceability.  Any determination that any
provision or application of this Sixth Amendment is invalid, illegal, or
unenforceable in any respect, or in any instance, shall not affect the validity,
legality, or enforceability of any such provision in any other instance, or the
validity, legality, or enforceability of any other provision of this Sixth
Amendment.

 

20.                                 Counterparts.  This Sixth Amendment may be executed in
multiple identical counterparts, each of which when duly executed shall be
deemed an original, and all of which shall be construed together as one
agreement.  This Sixth Amendment will not
be binding on or constitute evidence of a contract between the parties hereto
until such time as a counterpart has been executed by such party and a copy
thereof is delivered to each other party to this Sixth Amendment.

 

(Signatures and Notary Acknowledgments continue on
following pages)

 

13

 

IN
WITNESS WHEREOF, the undersigned have duly executed and delivered this Sixth
Amendment to Revolving Line of Credit Loan Agreement, Term Loan Agreement and
Security Agreement under seal as of the day and year first hereinabove set
forth.

 

	
   

  	
  EF
  JOHNSON TECHNOLOGIES, INC., a Delaware corporation
  (formerly known as EFJ, INC.)

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Jana Ahlfinger Bell

  	
   (SEAL)

  
	
   

  	
  Name:
  Jana Ahlfinger Bell

  
	
   

  	
  Title:
  Executive Vice President and Chief Financial Officer

  
	
   

  	
   

  
	
  State of Texas

  	
  )

  
	
  County of Dallas

  	
  ) To Wit:

  
	
   

  	
   

  
	
  Acknowledged before me by
  Jana Ahlfinger Bell as Executive Vice President and Chief Financial Officer
  of EF Johnson Technologies, Inc. (formerly known as EFJ, Inc.), a
  Delaware corporation, this 2nd of March, 2010.

  
	
   

  
	
   

  	
  /s/
  Amy M. Fritts

  
	
   

  	
  Notary
  Public

  
	
   

  	
   

  
	
  My
  commission expires: 11/7/2013

  	
   

  
	
  My
  registration number:  12548867-6

  	
   

  
	
   

  	
   

  
	
   

  	
  E.F.
  JOHNSON COMPANY, a Minnesota corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Jana Ahlfinger Bell

  	
   (SEAL)

  
	
   

  	
  Name:
  Jana Ahlfinger Bell

  
	
   

  	
  Title:
  Chief Financial Officer

  
	
   

  	
   

  
	
  State of Texas

  	
  )

  
	
  County of Dallas

  	
  ) To Wit:

  
	
   

  	
   

  
	
  Acknowledged before me by
  Jana Ahlfinger Bell as Chief Financial Officer of E.F.  Johnson Company, a Minnesota corporation,
  this 2nd of March, 2010.

  
	
   

  	
   

  
	
   

  	
  /s/
  Amy M. Fritts

  
	
   

  	
  Notary
  Public

  
					

 

My commission expires:
11/7/2013

My registration number:  12548867-6

 

14

 

	
   

  	
  3e
  TECHNOLOGIES INTERNATIONAL, INC., a Maryland corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Jana Ahlfinger Bell

  	
   (SEAL)

  
	
   

  	
  Name:
  Jana Ahlfinger Bell

  
	
   

  	
  Title:
  Chief Financial Officer

  
	
   

  	
   

  
	
  State of Texas

  	
  )

  
	
  County of Dallas

  	
  ) To Wit:

  
	
   

  	
   

  
	
  Acknowledged before me by
  Jana Ahlfinger Bell as Chief Financial Officer of 3e Technologies
  International, Inc., a Maryland corporation, this 2nd of March, 2010.

  
	
   

  	
   

  
	
   

  	
  /s/
  Amy M. Fritts

  
	
   

  	
  Notary
  Public

  
	
   

  	
   

  
	
  My
  commission expires: 11/7/2013

  	
   

  
	
  My
  registration number:  12548867-6

  	
   

  
	
   

  	
   

  
	
   

  	
  BANK
  OF AMERICA, N.A., a national banking association

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Fred P. Lucy, II

  	
   (SEAL)

  
	
   

  	
  Name:
  Fred P. Lucy

  
	
   

  	
  Title:
  Senior Vice President

  
	
   

  	
   

  
	
  State of Rhode Island

  	
  )

  
	
  County of Providence

  	
  ) To Wit:

  
	
   

  	
   

  
	
  Acknowledged before me by
  Fred P. Lucy, II as Sr. Vice President of Bank of America, N.A., this
  1st day of March, 2010.

  
	
   

  	
   

  
	
   

  	
  /s/
  Jane A. Martin

  
	
   

  	
  Notary
  Public

  
	
   

  	
   

  
	
  My
  commission expires: 2/12/14

  	
   

  
	
  My
  registration number: 42760

  	
   

  
					

 

15

 

Exhibit “A”

 

Form of Fifth Amendment
to Revolving Note

 

16

 

Exhibit “B”

 

Form of Third Amendment
to Term Note

 

17

 

Exhibit “C”

 

Form of First Amendment
to Pledge Agreement

 

18Exhibit 10.2

 

IMPORTANT NOTICE

 

THIS INSTRUMENT CONTAINS A CONFESSION OF JUDGMENT
PROVISION WHICH CONSTITUTES A WAIVER OF IMPORTANT RIGHTS YOU MAY HAVE AS A
DEBTOR AND ALLOWS THE CREDITOR TO OBTAIN A JUDGMENT AGAINST YOU WITHOUT ANY
FURTHER NOTICE.

 

FIFTH AMENDMENT

TO REVOLVING NOTE

 

THIS FIFTH
AMENDMENT TO REVOLVING NOTE (this “Fifth Amendment”) is made as of March 1,
2010, by and among EF JOHNSON TECHNOLOGIES,
INC. (formerly known as EFJ, Inc.), a Delaware corporation, E.F. JOHNSON COMPANY, a Minnesota corporation
(successor-by-merger to Transcrypt International, Inc.), and 3e TECHNOLOGIES INTERNATIONAL, INC., a Maryland corporation
(collectively, jointly and severally, the “Borrower”) and BANK OF AMERICA, N.A., a national banking association (the “Lender”).

 

RECITALS

 

A.                                   The Borrower is obligated to the Lender
with respect to a revolving line of credit loan (the “Revolving Loan”)
evidenced by that certain Revolving Note dated as of November 15, 2002, as
amended by that certain First Amendment to Revolving Note dated as of September 13,
2004, and as further amended by that certain Second Amendment to Revolving Note
dated as of July 11, 2006, and as further amended by that certain Third
Amendment to Revolving Note dated as of March 10, 2008, and as further amended
by that certain Fourth Amendment to Revolving Note dated as of March 16,
2009, made by the Borrower payable to the Lender in the maximum principal
amount of Ten Million and 00/100 Dollars ($10,000,000.00) (as amended and in
effect, the “Revolving Note”).

 

B.                                     The Revolving Note evidences the Borrower’s
obligations to repay advances of principal made by the Lender under a Revolving
Line of Credit Loan Agreement and Security Agreement, dated as of November 15,
2002, as amended by that certain First Amendment to Revolving Line of Credit
Loan Agreement and Security Agreement dated as of September 13, 2004, and
as further amended by that certain Second Amendment to Revolving Line of Credit
Loan Agreement and Security Agreement dated as of July 11, 2006, and as
further amended by that certain Third Amendment to Revolving Line of Credit
Loan Agreement, Term Loan Agreement and Security Agreement dated as of March 6,
2007, and as further modified by that certain Fourth Amendment to Revolving
Line of Credit Loan Agreement, Term Loan Agreement and Security Agreement dated
as of March 10, 2008, and as further modified by that certain Fifth
Amendment to Revolving Line of Credit Loan Agreement, Term Loan Agreement and
Security Agreement dated as of March 16, 2009 (as amended and in effect, the
“Loan Agreement”). The Revolving Note is governed, in part, by certain
provisions of the Loan Agreement.

 

 

C.                                     Contemporaneously with the execution and
delivery of this Fifth Amendment, the Borrower and the Lender are entering into
that certain Sixth Amendment to Revolving Line of Credit Loan Agreement, Term
Loan Agreement and Security Agreement dated as of March 1, 2010 (the “Loan
Agreement Amendment”). The Loan Agreement Amendment, among other things, further
amends the Loan Agreement (1) to provide for the waiver of certain
financial covenant defaults for one or more of the fiscal quarters of the
Borrower ending (i) March 31, 2009, (ii) June 30, 2009, (iii) October 31,
2009, and/or (iv) December 31, 2009, (2) to provide for the waiver
of certain financial covenants for the fiscal quarter of the Borrower ending March 31,
2010, (3) to reduce the maximum principal amount of the Revolving Loan to
be extended by the Lender to the Borrower from Ten Million and 00/100 Dollars
($10,000,000.00) to Three Million Seven Hundred Fifty Thousand and 00/100
Dollars ($3,750,000.00), and (4) for certain other purposes.

 

D.                                    In connection therewith, the Borrower and
the Lender desire to, among other things, amend the Revolving Note (1) to reduce
the maximum principal amount of the Revolving Loan to be extended by the Lender
to the Borrower from Ten Million and 00/100 Dollars ($10,000,000.00) to Three
Million Seven Hundred Fifty Thousand and 00/100 Dollars ($3,750,000.00), (2) to
revise the interest rate in effect under the Revolving Note, and (3) for
certain other purposes.

 

AGREEMENTS

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained, and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Borrower and the Lender hereby agree as follows:

 

1.                                       Capitalized Terms. Capitalized terms used in this Fifth
Amendment but not defined herein have the meanings ascribed to them in the
Revolving Note.

 

2.                                       Ratification of Revolving
Note; Further Assurances. The Borrower hereby ratifies, confirms, and
reaffirms all and singular the terms and conditions of the Revolving Note. The
Borrower further acknowledges and agrees that (a) except as specifically
amended in this Fifth Amendment, all terms and conditions of the Revolving Note
shall remain in full force and effect and (b) the Borrower has no offsets
or defenses to its obligations under the Revolving Note. The Borrower shall
from and after the date of the execution of this Fifth Amendment, execute and
deliver to the Lender whatever additional documents, instruments, and
agreements that the Lender may require to give effect to the terms and
conditions of this Fifth Amendment.

 

3.                                       Amendments to Revolving
Note.  Effective as of the date of the execution of
this Fifth Amendment, the Revolving Note is hereby amended as follows:

 

3.1                                 Amendment of Definition of
Borrower. The
definition of “Borrower” as set forth in the Revolving Note is hereby amended
to mean EF Johnson Technologies, Inc. (formerly known as EFJ, Inc.),
a Delaware corporation, E.F. Johnson Company, a Minnesota corporation

 

2

 

(successor-by-merger to Transcrypt International, Inc.), and 3e
Technologies International, Inc., a Maryland corporation, jointly and
severally.

 

3.2                                 Amendment of Definition of
Principal Sum.
The definition of “Principal Sum” as set forth in the Revolving Note is hereby
decreased to, and amended to mean, Three Million Seven Hundred Fifty Thousand
and 00/100 Dollars ($3,750,000.00). To the extent that the principal balance
owing under the Revolving Note as of the date of this Fifth Amendment exceeds Three
Million Seven Hundred Fifty Thousand and 00/100 Dollars ($3,750,000.00) (the “Excess
Principal Balance”), the Borrower shall, contemporaneously with the
execution and delivery of this Fifth Amendment, deliver payment to the Lender,
in good and collected funds, in a sum equal to or exceeding the Excess
Principal Balance, to be applied towards the principal balance owing under the
Revolving Note.

 

3.3                                 Amendment to Interest
Section. Section 1
of the Revolving Note entitled “Interest”
is hereby deleted in its entirety and the following inserted in its place:

 

“1.                                 Interest. Interest on the principal balance
outstanding from time to time shall accrue at a fluctuating annual rate equal
to the LIBOR-Based Rate (as hereinafter defined).

 

“LIBOR-Based Rate”
means the interest rate equal to the LIBOR Rate (as hereinafter defined) in
effect from time to time plus five hundred (500) basis points.

 

“LIBOR Rate” means
the interest rate determined by the following formula, rounded upward to the
nearest 1/100 of one percent (provided, however, that at no time after May 31,
2010 shall the LIBOR Rate be less than two hundred (200) basis points):

 

	
  LIBOR
  Rate

  	
  =

  	
  London
  Inter-Bank Offered Rate

  	
   

  
	
   

  	
   

  	
  (1.00 - Reserve
  Percentage)

  	
   

  

 

“London Inter-Bank
Offered Rate” means the average per annum interest rate at which U.S. dollar
deposits would be offered for an “Interest Period” of one (1) month by major
banks in the London inter-bank market, as shown on the Telerate Page 3750
(or any successor page) at approximately 11:00 a.m. London time two (2) London
Banking Days before the commencement of the Interest Period. If such rate does
not appear on the Telerate Page 3750 (or any successor page), the rate for
that Interest Period will be determined by such alternate method as reasonably
selected by the Lender. A “London Banking Day” is a day on which the Lender’s
London Banking Center is open for business and dealing in offshore dollars. “Reserve
Percentage” means the total of the maximum reserve percentages for determining
the reserves to be maintained by member banks of the Federal Reserve System for
Eurocurrency Liabilities, as defined in Federal Reserve Board Regulation D,
rounded upward to the nearest 1/100 of one percent. The percentage will be
expressed as a decimal, and will include, but not be limited to, marginal,
emergency, supplemental, special, and other reserve percentages. The first day
of the Interest Period must be a day other than a Saturday, or a Sunday on
which the Lender is open for business in New York and London and dealing in
offshore dollars. The last day of the Interest Period and the actual number of
days during the Interest Period will be determined by the Lender using the
practices of the London inter-bank market. Absent manifest error, the Lender’s
certificate to the Borrower stating the LIBOR Rate for each Interest Period
shall be conclusive.

 

The rate at which
interest shall accrue under this Note may change immediately upon any change at
the commencement of each Interest Period (if the London Inter-Bank Offered Rate
has changed).

 

3

 

If the LIBOR Rate
is discontinued or unavailable, interest on the outstanding principal balance
shall accrue at the Prime Rate (as hereafter defined) plus (a) at any time
prior to May 31, 2010, Two percent (2.0%), and (b) from and after May 31,
2010, Three and Three Quarters of One Percent (3.75%). The “Prime Rate” means
the fluctuating rate announced by the Lender from time to time, in the Lender’s
sole discretion, as the Lender’s Prime Rate. Changes in the Prime Rate will be
effective, without prior notice, as of the date any change is announced. The
Prime Rate is a reference rate only; it is not necessarily the most favorable
rate of interest that the Lender charges to any borrower or class of borrowers.

 

All interest
payable under the terms of this Note shall be calculated by applying a daily
interest rate, determined by multiplying the outstanding principal balance by
the applicable annual interest rate and dividing the resulting product by three
hundred sixty (360), to the actual number of days principal is outstanding.”

 

4.                                       Confession of judgment. The Borrower hereby appoints or
reappoints (as the case may be) Joseph P. Corish and Jennifer A. Brust, and
each of them, as the Borrower’s true and lawful attorneys-in-fact, for the
Borrower, in the Borrower’s name, place and stead, to confess judgment against
the Borrower, following the occurrence of an Event of Default, in the office of
the Clerk of the Circuit Court of Montgomery County, Maryland, for the
outstanding principal balance owing under the Revolving Note, as amended
hereby, together with interest, late payment charges, court costs, and
attorneys’ fees of fifteen percent (15.0%) of the then outstanding principal
balance, hereby ratifying and confirming the acts of said attorneys-in-fact as
if done by the Borrower. Notwithstanding the amount confessed for attorneys’
fees, the Lender agrees that enforcement of the judgment for such attorneys’
fees so confessed shall not exceed the amount of fees and expenses actually
charged by counsel for the Lender for services rendered by counsel in
connection with the confession of such judgment and the collection of the sums
owing by the Borrower to the Lender. The Borrower consents to immediate
execution of any such confessed judgment and waives the benefit of any
exemption laws. Any provisions set forth hereafter regarding arbitration of
disputes between the Borrower and the Lender shall not be deemed to limit the Lender’s
right to have the attorneys-in-fact named in this paragraph confess judgment
against the Borrower in favor of the Lender following the occurrence of an
Event of Default.

 

5.                                       Arbitration; Waiver of
Jury Trial. The
Provisions of the Loan Agreement specifying that certain disputes between the
Borrower and the Lender shall be resolved by binding arbitration and that the
Borrower and the Lender waive any present or future right that they may have to
a trial by jury are incorporated by reference into the Revolving Note and shall
have the same force and effect as if fully set forth in the Revolving Note.

 

6.                                       Lender consent. The Lender has executed this Fifth
Amendment for the sole purpose of evidencing its consent hereto, and not for
the purpose of becoming liable on the Revolving Note as a co-maker, endorser, or
guarantor.

 

7.                                       No Oral Agreements. This Fifth Amendment constitutes the
entire agreement of the parties concerning the subject matter hereof and may
not be contradicted by evidence of prior, contemporaneous or subsequent oral
agreements of the parties. There are no unwritten or oral agreements between
the parties.

 

4

 

8.                                       Illegality or
Unenforceability. Any determination that any provision or application of this Fifth
Amendment is invalid, illegal, or unenforceable in any respect, or in any
instance, shall not affect the validity, legality, or enforceability of any
such provision in any other instance, or the validity, legality, or
enforceability of any other provision of this Fifth Amendment.

 

9.                                       Counterparts. This Fifth
Amendment may be executed in multiple identical counterparts, each of which
when duly executed shall be deemed an original, and all of which shall be
construed together as one agreement. This Fifth Amendment will not be binding
on or constitute evidence of a contract between the parties hereto until such
time as a counterpart has been executed by such party and a copy thereof is
delivered to each other party to this Fifth Amendment.

 

(Signatures and Notary Acknowledgments on following pages)

 

5

 

IN
WITNESS WHEREOF, the undersigned have duly executed this Fifth Amendment to
Revolving Note as of the day and year first hereinabove set forth, the Lender
having signed for the sole purpose of evidencing its consent to the amendments
herein contained and not for the purpose of becoming liable on the Revolving
Note as a co-maker, endorser, or guarantor.

 

	
   

  	
  EF
  JOHNSON TECHNOLOGIES, INC., a Delaware corporation
  (formerly known as EFJ, INC.)

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Jana Ahlfinger Bell

  	
   (SEAL)

  
	
   

  	
  Name:
  Jana Ahlfinger Bell

  
	
   

  	
  Title:
  Executive Vice President and Chief Financial Officer

  
	
   

  	
   

  
	
  State of Texas

  	
  )

  
	
  County of Dallas

  	
  ) To Wit:

  
	
   

  	
   

  
	
  Acknowledged before me by
  Jana Ahlfinger Bell as Executive Vice President and Chief Financial Officer
  of EF Johnson Technologies, Inc. (formerly known as EFJ, Inc.), a
  Delaware corporation, this 2nd of March, 2010.

  
	
   

  	
   

  
	
   

  	
  /s/
  Amy M. Fritts

  
	
   

  	
  Notary
  Public

  
	
   

  	
   

  
	
  My
  commission expires: 11-7-2013

  	
   

  
	
  My
  registration number: 12548867-6

  	
   

  
	
   

  	
   

  
	
   

  	
  E.F.
  JOHNSON COMPANY, a Minnesota corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Jana Ahlfinger Bell

  	
   (SEAL)

  
	
   

  	
  Name:
  Jana Ahlfinger Bell

  
	
   

  	
  Title:
  Chief Financial Officer

  
	
   

  	
   

  
	
  State of Texas

  	
  )

  
	
  County of Dallas

  	
  ) To Wit:

  
	
   

  	
   

  
	
  Acknowledged before me by
  Jana Ahlfinger Bell as Chief Financial Officer of E.F. Johnson Company, a
  Minnesota corporation, this 2nd of March, 2010.

  
	
   

  	
   

  
	
   

  	
  /s/
  Amy M. Fritts

  
	
   

  	
  Notary
  Public

  
	
   

  	
   

  
	
  My
  commission expires: 11-7-2013

  	
   

  
	
  My
  registration number: 12548867-6

  	
   

  
					

 

6

 

	
   

  	
  3e
  TECHNOLOGIES INTERNATIONAL, INC., a Maryland corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Jana Ahlfinger Bell

  	
   (SEAL)

  
	
   

  	
  Name:
  Jana Ahlfinger Bell

  
	
   

  	
  Title:
  Chief Financial Officer

  
	
   

  	
   

  
	
  State of Texas

  	
  )

  
	
  County of Dallas

  	
  ) To Wit:

  
	
   

  	
   

  
	
  Acknowledged before me by
  Jana Ahlfinger Bell as Chief Financial Officer of 3e Technologies
  International, Inc., a Maryland corporation, this 2nd of March, 2010.

  
	
   

  	
   

  
	
   

  	
  /s/
  Amy M. Fritts

  
	
   

  	
  Notary
  Public

  
	
   

  	
   

  
	
  My
  commission expires: 11-7-2013

  	
   

  
	
  My
  registration number: 12548867-6

  	
   

  
	
   

  	
   

  
	
   

  	
  BANK
  OF AMERICA, N.A., a national banking association

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Fred P. Lucy, II

  	
   (SEAL)

  
	
   

  	
  Name:
  Fred P. Lucy, II

  
	
   

  	
  Title:
  Senior Vice President

  
	
   

  	
   

  
	
  State of Rhode Island

  	
  )

  
	
  County of Providence

  	
  ) To Wit:

  
	
   

  	
   

  
	
  Acknowledged before me by
  Fred P. Lucy, II as Sr. Vice President of Bank of America, N.A., this
  1st day of March, 2010.

  
	
   

  	
   

  
	
   

  	
  /s/
  Jane A. Martin

  
	
   

  	
  Notary
  Public

  
	
   

  	
   

  
	
  My
  commission expires: 2/12/14

  	
   

  
	
  My
  registration number: 42760 

  	
   

  
					

 

7

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