Document:

Release Agreement

 Exhibit 10.9 
 RELEASE AGREEMENT 
 This Release Agreement (the “Agreement”) is entered into
as of January 16, 2008, by and between Quantum Fuel Systems Technologies Worldwide, Inc. (“Quantum”) and WB Automotive Holdings, Inc. (“WB Holdings”) (collectively, the “Parties”). 

WHEREAS, Whitebox Convertible Arbitrage Partners L.P., Whitebox Hedged High Yield Partners L.P., Pandora Select Partners L.P. and Whitebox
Intermarket Partners L.P. (“Purchasers”) and Tecstar Automotive Group, Inc. (“TAG”) entered into a Convertible Senior Subordinated Note Purchase Agreement dated as of July 12, 2004 (the “Note Purchase
Agreement”), in connection with which TAG issued to Purchasers Convertible Subordinated Promissory Notes (the “Convertible Sub Notes”) in the aggregate principal amount of $15,000,000; and 
 WHEREAS, pursuant to the terms of a First Amendment to Convertible Senior Subordinated Note Purchase Agreement, dated as of January 31, 2007
(the “First Amendment to Note Purchase Agreement”), and a Second Amendment to Convertible Senior Subordinated Note Purchase Agreement, dated as of November 14, 2007 (the “Second Amendment to Note Purchase
Agreement”), TAG and Purchasers amended the Note Purchase Agreement (the Note Purchase Agreement, as amended by the First Amendment to Note Purchase Agreement and the Second Amendment to Note Purchase Agreement, the “Amended Note
Purchase Agreement”); and 
 WHEREAS, in connection with the First Amendment to Note Purchase Agreement, TAG issued, to
Purchasers Amended and Restated Convertible Subordinated Promissory Notes dated January 31, 2007, in the aggregate principal amount of $15,637,500, which were subsequently amended and restated on September 13, 2007 and November 14,
2007 to reduce the aggregate principal amount to $15,308,220 (all such notes as amended and restated, the “Amended and Restated Convertible Sub Notes”) (all obligations of TAG under the Amended Note Purchase Agreement and the
Amended and Restated Convertible Sub Notes are sometimes collectively referred to as the “Amended and Restated Convertible Sub Note Obligations”); and 
 WHEREAS, TAG executed a Security Agreement, dated January 31, 2007 (the “TAG Security Agreement”), under which, as security for the Amended and Restated Convertible Sub Note Obligations,
TAG granted to Purchasers a security interest in all of TAG’s assets (the “Collateral”), including its stock in all of its subsidiaries and including all of its accounts receivable; and 
 WHEREAS, Quantum executed a Guaranty dated January 31, 2007 (the “Quantum Convertible Sub Note Guaranty”), absolutely and
unconditionally guaranteeing repayment of the Amended and Restated Convertible Sub Note Obligations; and 
 WHEREAS, pursuant to the
terms of an Assignment Agreement dated as of January 13, 2008 (the (“Amended and Restated Convertible Sub Notes Assignment Agreement”), Purchasers assigned to WB Holdings all of Purchasers’ right, title and interest in the
Amended Note Purchase Agreement, the Amended and Restated Convertible Sub Notes, the TAG Security Agreement, and the Quantum Guaranty; and 
 WHEREAS, pursuant to the terms of a Strict Foreclosure Agreement dated January 16, 2008, TAG transferred, conveyed, assigned and surrendered all of its right, title and interest in certain of the Collateral (the
“Transferred Collateral”) to WB Holdings in full payment, satisfaction and release of the Amended and Restated Convertible Sub Note Obligations and the Quantum Convertible Sub Note Guaranty (the “Strict Foreclosure
Agreement”); and 
 WHEREAS, TAG also executed a Promissory Note, dated November 6, 2007 (the “November Term
Note”) in the original principal amount of $5,000,000 in favor of WB QT; and 

 WHEREAS, to secure the November Term Note, Quantum and TAG, among others, executed a First
Amendment to Security Agreement, dated November 6, 2007, amending the terms of that certain Security Agreement, dated January 31, 2007 (the “Credit Facility Security Agreement”), under which Quantum and TAG, among others,
granted a security interest to secure the obligations of Quantum to Purchasers (the “Credit Facility Obligation”) under the terms of a certain Credit Agreement dated January 31, 2007 (the “Credit Agreement”);
and 
 WHEREAS, the Credit Facility Security Agreement has been amended, pursuant to the terms of a Second Amendment to Security
Agreement dated January 16, 2008, to exclude the November Term Note from the obligations secured thereunder; and 
 WHEREAS, by
Security Agreement dated January 16, 2008 (the “November Term Note Security Agreement”), TAG granted and WB QT a security interest in its assets to secure the November Term Note; and 
 WHEREAS, Quantum executed a Guaranty, dated November 6, 2007 (the “November Term Note Guaranty”), absolutely and
unconditionally guaranteeing payment of the November Term Note; and 
 WHEREAS, the November Term Note is currently in default and
Quantum has made no payment under the November Term Note Guaranty; and 
 WHEREAS, pursuant to the terms of an Assignment Agreement
dated as of January 13, 2008 (the (“November Term Note Assignment Agreement”), WB QT assigned to WB Holdings all of WB QT’s right, title and interest in the November Term Note, the November Term Note Security Agreement and
the November Term Note Guaranty; and 
 WHEREAS, in addition to the release set forth in the Strict Foreclosure Agreement, Quantum has
requested that WB Holdings release Quantum from its liability under the November Term Note Guaranty, and from certain other obligations; and 
 WHEREAS, WB Holdings is willing to release Quantum from its liability under the November Term Note Guaranty and such other obligations under the terms and conditions set forth below. 
 NOW THEREFORE, in consideration of the mutual covenants set forth below, it is hereby agreed as follows: 
 1. Recitals Incorporated. The recitals and prefatory phrases and paragraphs set forth above are hereby incorporated in full, and made a part
of, this Agreement. 
 2. Payment of $1 Million and Assumption of Debt. In consideration for the release granted to it under this
Agreement, Quantum shall: (a) upon execution of this Agreement and the documents referenced in paragraph 3 of this Agreement, pay to WB Holdings, by wire transfer, the sum of One Million Dollars ($1,000,000); and (b) assume the obligation
to pay unpaid interest that has accrued through the present under the Amended and Restated Convertible Sub Notes in the amount of $887,456.30, such amount having been incorporated into the face amount of the Convertible Promissory Note attached
hereto as Exhibit C. WB Holdings acknowledges that the payment and the assumption of debt hereunder shall constitute full and complete payment by Quantum for the obligations released hereby. 
 3. Release of Liability in Favor of Quantum. Effective upon the execution of this Agreement, the Third Amendment to Credit Agreement in the form
attached hereto as Exhibit A, the Term B Note in the form attached hereto as Exhibit B, the Convertible Promissory Note in the form attached hereto as Exhibit C and the Convertible Note Purchase Agreement in the form attached
hereto as Exhibit D, and upon the receipt of the $1 million payment referenced in paragraph 2 of this Agreement, WB Holdings, on its own behalf and on behalf of its subsidiaries that were former subsidiaries of TAG (the
“Subsidiaries”): (a) hereby releases and forever discharges Quantum and its respective shareholders, officers, agents, professionals, employees, attorneys, representatives, affiliates, subsidiaries, directors, 

  

 2 

 
predecessors, successors and assigns, and each of them (collectively, the “Quantum Releasees”) from any and all rights, claims, remedies and
causes of action whether known or unknown, liquidated or unliquidated, contingent or absolute, accrued or unaccrued, matured or unmatured, insured or uninsured, joint or several, determined or undetermined, determinable or otherwise from the
beginning of time through the date of this Agreement that WB Holdings and the Subsidiaries have, had or may have against the Quantum Releasees, including but not limited to any claims against the Quantum Releasees under the Amended and Restated
Convertible Sub Note Obligations, the Quantum Convertible Sub Note Guaranty, the November Term Note Guaranty, the November Term Note Security Agreement and including but not limited to any claims for indemnification, contribution, reimbursement or
subrogation that WB Holdings or the Subsidiaries has, had or may have against the Quantum Releasees arising out of any claim by a third party (a “Third Party Claimant”) against WB Holdings or any of the Subsidiaries (the
“Released Claims Against Quantum”); and (b) covenants not to sue the Quantum Releasees on account of any of the Released Claims Against Quantum. Notwithstanding anything herein to the contrary, nothing herein shall constitute a
waiver of any of the obligations of any of the Quantum Releasees under this Agreement or under the Strict Foreclosure Agreement. 
 4.
Defense of TAG in Litigation in which TAG and a Subsidiary are Party Defendants. In any litigation, brought by a Third Party Claimant, in which TAG and any Subsidiary are co-defendants, the Subsidiary shall assume the defense of TAG, at the
Subsidiary’s cost, provided that: (a) the economic interests of the Subsidiary and of TAG as defendants in the litigation are aligned in all material respects; (b) the cost of defending TAG does not materially increase the costs,
including attorneys fees, that the Subsidiary would otherwise incur if TAG were not a defendant, and (c) TAG fails to notify the Subsidiary that TAG wishes to assume its own defense. In the event that a Subsidiary defendant determines, in its
reasonable discretion, that its interests are not materially aligned with TAG’s or that defending TAG in the litigation will materially increase the Subsidiary’s costs of defense, including attorneys’ fees, then that Subsidiary shall
provide written notice to TAG of such determination, whereupon, on the date specified in the notice, which shall in no event be less than ten business days from the date of the notice, the obligation to defend TAG shall terminate. 
 5. Release of Liability in Favor of the WB Holdings. Quantum hereby: (a) releases and forever discharges WB Holdings and its shareholders,
officers, agents, professionals, employees, attorneys, representatives, affiliates, subsidiaries, directors, predecessors, successors and assigns, and each of them (collectively, the “WB Holdings Releasees”), from any and all
rights, claims, remedies and causes of action whether known or unknown, liquidated or unliquidated, contingent or absolute, accrued or unaccrued, matured or unmatured, insured or uninsured, joint or several, determined or undetermined, determinable
or otherwise from the beginning of time through the date of this Agreement (the “Released Claims against WB Holdings”), including but not limited to any claim that the transfer of assets under the Strict Foreclosure Agreement is
fraudulent, preferential or otherwise avoidable and (b) covenants not to sue any of the WB Holdings Releasees on account of any of the Released Claims against WB Holdings. Notwithstanding anything herein to the contrary, nothing herein shall
constitute a waiver of any of the obligations of any of the WB Holdings Releasees under this Agreement or the Strict Foreclosure Agreement. 
 6. Entire Agreement. This Agreement represents the final agreement between the Parties with respect to its subject matter, and may not be contradicted by evidence of prior or contemporaneous oral agreements among the parties.
There are no oral agreements between the Parties with respect to the subject matter of this Agreement. 
 7. Successors and
Assigns. This Agreement shall: (a) be binding on the Parties and their respective successors and assigns; and (b) inure to the benefit of the Parties and their respective successors and assigns. 
 8. Governing Law. This Agreement shall be governed by and construed in accordance with the law of the State of Michigan applicable to
contracts made and to be performed within such state without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Michigan or 

  

 3 

 
any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Michigan. 
 9. Amendment, Waiver. This Agreement may be amended, modified or waived only in a writing signed by both Parties. 
 10. Good Faith and Consultation with Legal Counsel. This Agreement has been jointly drafted by the Parties and each of the Parties has had
access to and the opportunity to consult with independent legal counsel. Each of the Parties acknowledges having read all of the terms of this Agreement and they enter into the Agreement voluntarily and without duress. 
 11. Severability. In the event that any one or more of the provisions of this Agreement shall be for any reason invalid, illegal or
unenforceable in any respect, the invalidity, illegality, or unenforceability shall not affect any other provision of the Agreement and such invalid, illegal or unenforceable provision shall be treated as if it had never been contained herein.

 12. Revival of Obligations. Notwithstanding any other provision of this Agreement, and in the event TAG becomes a debtor in a case
under Title 11 of the United States Code (the “Bankruptcy Code”), in the event that this Agreement, the Strict Foreclosure Agreement, the transfer of the Transferred Collateral under the Strict Foreclosure Agreement, any releases
under this Agreement or under the Strict Foreclosure Agreement, or any part thereof, is subsequently invalidated, declared to be a fraudulent or preferential transfer, set aside, avoided and/or required to be repaid to a trustee, receiver or any
other party, whether under any bankruptcy law, state or federal law, common law or equitable cause, or otherwise, then the obligations under the November Term Note and the November Term Note Guaranty, to the extent they remain unsatisfied, together
with all defenses, claims, counterclaims, rights and remedies, both legal and equitable, that TAG has or may have under the November Term Note, that Quantum has or may have under the November Term Note Guaranty and that TAG or Quantum may have under
applicable law, shall be revived and reinstated and shall continue in full force and effect until WB Holdings has received payment in full on such obligations.
 13. Notice. Any notice or other communication to any party in connection with this Agreement shall be in writing and shall be sent by manual delivery, facsimile transmission, overnight courier or United States
mail (postage prepaid) addressed to such party at the address specified below, or at such other address as such party shall have specified to the other party hereto in writing. All periods of notice shall be measured from the date of delivery
thereof if manually delivered, from the date of sending thereof if sent by facsimile transmission, from the first business day after the date of sending if sent by overnight courier, or from four days after the date of mailing if mailed. 

If to the TAG: 
 Tecstar Automotive
Group, Inc. 
 c/o Quantum Fuel Systems Technologies Worldwide, Inc. 
 570 Executive Drive 
 Troy, Michigan 48083

 Attn: Kenneth R. Lombardo 
 Facsimile No. 248-588-9958 
 with a copy to: 
 Foley & Lardner LLP 
 500 Woodward
Avenue 
 Suite 2700 
 Detroit,
Michigan 48226 
 Attn: Patrick Daugherty 
  

 4 

 If to WB Automotive Holdings or any Subsidiary: 
 Whitebox L.P. 
 3033 Excelsior Boulevard

 Suite 300 
 Minneapolis,
Minnesota 55416 
 Attn: Dale Willenbring 
 Facsimile No. (612) 253-6100 
 with a copy to: 
 Parsinen Kaplan Rosberg + Gotlieb P.A. 
 100
South Fifth Street 
 Suite 1100 
 Minneapolis, Minnesota 55402 
 Attn: David A. Orenstein 
  

 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the
day and year first above written. 
  

									
	 QUANTUM FUEL SYSTEMS
 TECHNOLOGIES WORLDWIDE,
INC.
	 		 	 WB AUTOMOTIVE
 HOLDINGS,
INC.

					
	By:	 	/s/ W. Brian Olson	 		 	By:	 	/s/ Jonathon Wood
	Its:	 	CFO	 		 	Its:	 	CFO

  

 6Security Agreement

 Exhibit 10.13 
 EXECUTION COPY 
 SECURITY AGREEMENT 
 THIS SECURITY AGREEMENT (this “Agreement”), dated as of January 16, 2008, is made and given by TECSTAR AUTOMOTIVE GROUP, INC., an
Indiana corporation (the “Grantor”) to WB QT, LLC, a Delaware limited liability company (the “Secured Party”). 
 RECITALS 
 A. The Grantor has executed a Promissory Note in the original principal amount of $5,000,000 dated as of
November 6, 2007 in favor of the Secured Party (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Note”). 
 B. It is a condition precedent to the obligation of the Secured Party to continue to extend credit accommodations pursuant to the Note that this
Agreement be executed and delivered by the Grantor. 
 C. The Grantor finds it advantageous, desirable and in its best interests to comply
with the requirement that it execute and deliver this Agreement to the Secured Party. 
 NOW, THEREFORE, in consideration of the premises and
in order to induce the Secured Party to continue to extend credit accommodations to the Grantor under the Note, the Grantor hereby agrees with the Secured Party for the Secured Party’s benefit as follows: 
 Section 1. Defined Terms. 
 1(a) As used in this Agreement, the following terms shall have the meanings indicated: 
 “Account” means a right to payment of a monetary obligation, whether or not earned by performance, (i) for property that has been or is to be sold, leased, licensed, assigned, or otherwise disposed of, (ii) for
services rendered or to be rendered, (iii) for a policy of insurance issued or to be issued, (iv) for a secondary obligation incurred or to be incurred, (v) for energy provided or to be provided, (vi) for the use or hire of a
vessel under a charter or other contract, (vii) arising out of the use of a credit or charge card or information contained on or for use with the card, or (viii) as winnings in a lottery or other game of chance operated, sponsored,
licensed or authorized by a State or governmental unit of a State, or person licensed or authorized to operate the game by a State or governmental unit of a State. The term includes health-care insurance receivables. 
 “Account Debtor” shall mean a Person who is obligated on or under any Account, Chattel Paper, Instrument or General
Intangible. 
 “Chattel Paper” shall mean a record or records that evidence both a monetary obligation and a
security interest in specific goods, a security interest in specific goods 

 
and software used in the goods, a security interest in specific goods and license of software used in the goods, a lease of specific goods, or a lease of
specific goods and license of software used in the goods. 
 “Collateral” shall mean all property and rights
in property now owned or hereafter at any time acquired by the Grantor in or upon which a Security Interest is granted to the Secured Party by the Grantor under this Agreement. 
 “Deposit Account” shall mean any demand, time, savings, passbook or similar account maintained with a bank. 

“Document” shall mean a document of title or a warehouse receipt. 
 “Equipment” shall mean all machinery, equipment, motor vehicles, furniture, furnishings and fixtures, including all
accessions, accessories and attachments thereto, and any guaranties, warranties, indemnities and other agreements of manufacturers, vendors and others with respect to such Equipment. 
 “Event of Default” shall have the meaning given to such term in Section 18 hereof. 
 “Financing Statement” shall have the meaning given to such term in Section 4 hereof. 
 “Fixtures” shall mean goods that have become so related to particular real property that an interest in them arises under
real property law. 
 “General Intangibles” shall mean any personal property (other than goods, Accounts,
Chattel Paper, Deposit Accounts, Documents, Instruments, Investment Property, Letter of Credit Rights and money) including things in action, contract rights, payment intangibles, software, corporate and other business records, inventions, designs,
patents, patent applications, service marks, trademarks, tradenames, trade secrets, internet domain names, engineering drawings, good will, registrations, copyrights, licenses, franchises, customer lists, tax refund claims, royalties, licensing and
product rights, rights to the retrieval from third parties of electronically processed and recorded data and all rights to payment resulting from an order of any court. 
 “Instrument” shall mean a negotiable instrument or any other writing which evidences a right to the payment of a monetary
obligation and is not itself a security agreement or lease and is of a type which is transferred in the ordinary course of business by delivery with any necessary endorsement or assignment. 
 “Inventory” shall mean goods, other than farm products, which are leased by a person as lessor, are held by a person for
sale or lease or to be furnished under a contract of service, are furnished by a person under a contract of service, or consist of raw materials, work in process, or materials used or consumed in a business or incorporated 

  

 2 

 
or consumed in the production of any of the foregoing and supplies, in each case wherever the same shall be located, whether in transit, on consignment, in
retail outlets, warehouses, terminals or otherwise, and all property the sale, lease or other disposition of which has given rise to an Account and which has been returned to the Grantor or repossessed by the Grantor or stopped in transit.

 “Investment Property” shall mean a security, whether certificated or uncertificated, a security
entitlement, a securities account and all financial assets therein, a commodity contract or a commodity account. 
 “Letter of Credit Right” shall mean a right to payment or performance under a letter of credit, whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance. 
 “Lien” shall mean any security interest, mortgage, pledge, lien, charge, encumbrance, title retention agreement or
analogous instrument or device (including the interest of the lessors under capitalized leases), in, of or on any assets or properties of the Person referred to. 
 “Obligations” shall mean (a) all principal of, interest on, and other obligations of the Grantor to the Secured
Party under the Note and any extension, renewal or replacement thereof, (b) all liabilities of the Grantor under this Agreement, and in all of the foregoing cases whether due or to become due, and whether now existing or hereafter arising or
incurred. 
 “Person” shall mean any individual, corporation, partnership, limited partnership, limited
liability company, joint venture, firm, association, trust, unincorporated organization, government or governmental agency or political subdivision or any other entity, whether acting in an individual, fiduciary or other capacity. 
 “Security Interest” shall have the meaning given such term in Section 2 hereof. 
 1(b) All other terms used in this Agreement which are not specifically defined herein shall have the meaning assigned to such terms in
Article 9 of the Uniform Commercial Code as in effect in the State of Minnesota. 
 1(c) Unless the context of this Agreement
otherwise clearly requires, references to the plural include the singular, the singular, the plural and “or” has the inclusive meaning represented by the phrase “and/or.” The words “include,” “includes” and
“including” shall be deemed to be followed by the phrase “without limitation.” The words “hereof,” “herein,” “hereunder” and similar terms in this Agreement refer to this Agreement as a whole and not
to any particular provision of this Agreement. References to Sections are references to Sections in this Agreement unless otherwise provided. 
 Section 2. Grant of Security Interest. As security for the payment and performance of all of the Obligations, the Grantor hereby grants to the Secured Party a security interest (the 

  

 3 

 
“Security Interest”) in all of the Grantor’s right, title, and interest in and to the following, whether now or hereafter owned,
existing, arising or acquired and wherever located: 
 2(a) All Accounts. 
 2(b) All Chattel Paper. 
 2(c) All Deposit Accounts. 
 2(d) All Documents. 
 2(e) All Equipment. 
 2(f) All Fixtures. 
 2(g) All General Intangibles. 
 2(h) All Instruments. 
 2(i) All Inventory. 
 2(j) All Investment Property. 
 2(k) All Letter of Credit Rights. 
 2(l) To the extent not otherwise included in the foregoing, all other rights to the payment of money, including rents and other sums payable to the Grantor under leases, rental agreements and other Chattel Paper; all
books, correspondence, credit files, records, invoices, bills of lading, and other documents relating to any of the foregoing, including, without limitation, all tapes, cards, disks, computer software, computer runs, and other papers and documents
in the possession or control of the Grantor or any computer bureau from time to time acting for the Grantor; all rights in, to and under all policies insuring the life of any officer, director, stockholder or employee of the Grantor, the proceeds of
which are payable to the Grantor; all accessions and additions to, parts and appurtenances of, substitutions for and replacements of any of the foregoing; and all proceeds (including insurance proceeds) and products thereof. 
 Section 3. Grantor Remains Liable. Anything herein to the contrary notwithstanding, (a) the Grantor shall remain liable under the
Accounts, Chattel Paper, General Intangibles and other items included in the Collateral to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed,
(b) the exercise by the Secured Party of any of the rights hereunder shall not release the Grantor from any of its duties or obligations under the Accounts or any other items included in the Collateral, and (c) the Secured Party shall have
no obligation or liability under Accounts, Chattel Paper, General Intangibles and other items included in the Collateral by reason of this Agreement, nor 

  

 4 

 
shall the Secured Party be obligated to perform any of the obligations or duties of the Grantor thereunder or to take any action to collect or enforce any
claim for payment assigned hereunder. 
 Section 4. Title to Collateral. The Grantor has (or will have at the time it acquires
rights in Collateral hereafter acquired or arising) and will maintain so long as the Security Interest may remain outstanding, title to each item of Collateral (including the proceeds and products thereof), free and clear of all Liens except the
Security Interest. The Grantor will not license any Collateral except in the ordinary course of business. The Grantor will defend the Collateral against all claims or demands of all Persons (other than the Secured Party) claiming the Collateral or
any interest therein. As of the date of execution of this Agreement, no valid and effective financing statement or other similar document used to perfect and preserve a security interest under the laws of any jurisdiction (a “Financing
Statement”) covering all or any part of the Collateral is on file in any recording office, except such as may have been filed in favor of the Secured Party relating to this Agreement. 
 Section 5. Disposition of Collateral. The Grantor will not sell, lease or otherwise dispose of, or discount or factor with or without
recourse, any Collateral. 
 Section 6. Names, Offices, Locations, Jurisdiction of Organization. The Grantor’s legal name
(as set forth in its constituent documents filed with the appropriate governmental official or agency) is as set forth in the opening paragraph hereof. The jurisdiction of organization of the Grantor is the state of Indiana and the organizational
number of the Grantor is set forth on the signature page of this Agreement. The Grantor will from time to time at the request of the Secured Party provide the Secured Party with current good standing certificates and/or state-certified constituent
documents from the appropriate governmental officials. The chief place of business and chief executive office of the Grantor are located at its address set forth on the signature page hereof. The Grantor will not locate or relocate any item of
Collateral into any jurisdiction in which an additional Financing Statement would be required to be filed to maintain the Secured Party’s perfected security interest, in such Collateral. The Grantor will not change its name, the location of its
chief place of business and chief executive office or its corporate structure (including without limitation, its jurisdiction of organization) unless the Secured Party has been given at least 30 days prior written notice thereof and the Grantor has
executed and delivered to the Secured Party such Financing Statements and other instruments required or appropriate to continue the perfection of the Security Interest. 
 Section 7. Rights to Payment. Except as the Grantor may otherwise advise the Secured Party in writing, each Account, Chattel Paper, Document, General Intangible and Instrument constituting or evidencing
Collateral is (or, in the case of all future Collateral, will be when arising or issued) the valid, genuine and legally enforceable obligation of the Account Debtor or other obligor named therein or in the Grantor’s records pertaining thereto
as being obligated to pay or perform such obligation. Without the Secured Party’s prior written consent, the Grantor will not agree to any modifications, amendments, subordinations, cancellations or terminations of the obligations of any such
Account Debtors or other obligors except in the ordinary course of business and in amounts not exceeding $25,000 per Account Debtor or other obligor in any calendar year. The Grantor will perform and comply in all material respects with all its

  

 5 

 
obligations under any items included in the Collateral and exercise promptly and diligently its rights thereunder. 
 Section 8. Further Assurances; Attorney-in-Fact. 
 8(a) The Grantor agrees that from time to time, at its expense, it will promptly execute and deliver all further instruments and
documents, and take all further action, that may be necessary or that the Secured Party may reasonably request, in order to perfect and protect the Security Interest granted or purported to be granted hereby or to enable the Secured Party to
exercise and enforce its rights and remedies hereunder with respect to any Collateral (but any failure to request or assure that the Grantor execute and deliver such instrument or documents or to take such action shall not affect or impair the
validity, sufficiency or enforceability of this Agreement and the Security Interest, regardless of whether any such item was or was not executed and delivered or action taken in a similar context or on a prior occasion). Without limiting the
generality of the foregoing, the Grantor will, promptly and from time to time at the request of the Secured Party: (i) execute and file such Financing Statements or continuation statements in respect thereof, or amendments thereto, and such
other instruments or notices (including fixture filings with any necessary legal descriptions as to any goods included in the Collateral which the Secured Party determines might be deemed to be fixtures, and instruments and notices with respect to
vehicle titles) as may be necessary or desirable, or as the Secured Party may request, in order to perfect, preserve and enhance the Security Interest granted or purported to be granted hereby; (ii) obtain from any bailee holding Collateral, an
acknowledgement, in form satisfactory to the Secured Party that such bailee holds such collateral for the benefit of the Secured Party; (iii) obtain from any securities intermediary, or other party holding any Collateral, control agreements in
form satisfactory to the Secured Party; (iv) deliver and pledge to the Secured Party all Instruments and Documents, duly indorsed or accompanied by duly executed instruments of transfer or assignment, with full recourse to the Grantor, all in
form and substance satisfactory to the Secured Party; and (v) obtain waivers, in form satisfactory to the Secured Party of any claim to any Collateral from any landlords or mortgagees of any property where any Inventory or Equipment is located.

 8(b) The Grantor hereby authorizes the Secured Party to file one or more Financing Statements or continuation statements in
respect thereof, and amendments thereto, relating to all or any part of the Collateral without the signature of the Grantor where permitted by law. The Grantor irrevocably waives any right to notice of any such filing. A photocopy or other
reproduction of this Agreement or any Financing Statement covering the Collateral or any part thereof shall be sufficient as a Financing Statement where permitted by law. 
 8(c) The Grantor will furnish to the Secured Party from time to time statements and schedules further identifying and describing the
Collateral and such other reports in connection with the Collateral as the Secured Party may reasonably request, all in reasonable detail and in form and substance reasonably satisfactory to the Secured Party. 
 8(d) In furtherance, and not in limitation, of the other rights, powers and remedies granted to the Secured Party in this Agreement, the
Grantor hereby appoints the 

  

 6 

 
Secured Party the Grantor’s attorney-in-fact, with full authority in the place and stead of the Grantor and in the name of the Grantor or otherwise,
from time to time in the Secured Party’s good faith discretion, to take any action (including the right to collect on any Collateral) and to execute any instrument that the Secured Party may reasonably believe is necessary or advisable to
accomplish the purposes of this Agreement, in a manner consistent with the terms hereof. 
 Section 9. Taxes and Claims. The
Grantor will promptly pay all taxes and other governmental charges levied or assessed upon or against any Collateral or upon or against the creation, perfection or continuance of the Security Interest, as well as all other claims of any kind
(including claims for labor, material and supplies) against or with respect to the Collateral, except to the extent (a) such taxes, charges or claims are being contested in good faith by appropriate proceedings, (b) such proceedings do not
involve any material danger of the sale, forfeiture or loss of any of the Collateral or any interest therein, and (c) such taxes, charges or claims are adequately reserved against on the Grantor’s books in accordance with generally
accepted accounting principles. 
 Section 10. Books and Records. The Grantor will keep and maintain at its own cost and expense
satisfactory and complete records of the Collateral, including a record of all payments received and credits granted with respect to all Accounts, Chattel Paper and other items included in the Collateral. 
 Section 11. Inspection, Reports. The Grantor will at all reasonable times permit the Secured Party or its representatives to examine or
inspect any Collateral, any evidence of Collateral and the Grantor’s books and records concerning the Collateral, wherever located. The Grantor will from time to time when requested by the Secured Party furnish to the Secured Party a report on
its Accounts, Chattel Paper, General Intangibles and Instruments, naming the Account Debtors or other obligors thereon, the amount due and the aging thereof. The Secured Party or its designee is authorized to contact Account Debtors and other
Persons obligated on any such Collateral from time to time to verify the existence, amount and/or terms of such Collateral. 
 Section 12. Notice of Loss. The Grantor will promptly notify the Secured Party of any loss of or material damage to any material item of Collateral or of any substantial adverse change, known to the Grantor, in any material item
of Collateral or the prospect of payment or performance thereof. 
 Section 13. Insurance. The Grantor will keep the Inventory
and Equipment insured against “all risks” for the full replacement cost thereof subject to a deductible not exceeding $100,000, and with an insurance company or companies satisfactory to the Secured Party, the policies to protect the
Secured Party as its interests may appear, with such policies or certificates with respect thereto to be delivered to the Secured Party at its request. Each such policy or the certificate with respect thereto shall provide that such policy shall not
be canceled or allowed to lapse unless at least 30 days prior written notice is given to the Secured Party. 
 Section 14. Lawful
Use; Fair Labor Standards Act. The Grantor will use and keep the Collateral, and will require that others use and keep the Collateral, only for lawful purposes, 

  

 7 

 
without violation of any federal, state or local law, statute or ordinance. All Inventory of the Grantor as of the date of this Agreement that was produced
by the Grantor, or with respect to which the Grantor performed any manufacturing or assembly process, was produced by the Grantor (or such manufacturing or assembly process was conducted) in compliance in all material respects with all requirements
of the Fair Labor Standards Act, and all Inventory produced, manufactured or assembled by the Grantor after the date of this Agreement will be so produced, manufactured or assembled, as the case may be. 
 Section 15. Action by the Secured Party. If the Grantor at any time fails to perform or observe any of the foregoing agreements, the Secured
Party shall have (and the Grantor hereby grants to the Secured Party) the right, power and authority (but not the duty) to perform or observe such agreement on behalf and in the name, place and stead of the Grantor (or, at the Secured Party’s
option, in the Secured Party’s name) and to take any and all other actions which the Secured Party may reasonably deem necessary to cure or correct such failure (including, without limitation, the payment of taxes, the satisfaction of Liens,
the procurement and maintenance of insurance, the execution of assignments, security agreements and Financing Statements, and the indorsement of instruments); and the Grantor shall thereupon pay to the Secured Party on demand the amount of all
monies expended and all costs and expenses (including reasonable attorneys’ fees and legal expenses) incurred by the Secured Party in connection with or as a result of the performance or observance of such agreements or the taking of such
action by the Secured Party, together with interest thereon from the date expended or incurred at the highest lawful rate then applicable to any of the Obligations, and all such monies expended, costs and expenses and interest thereon shall be part
of the Obligations secured by the Security Interest. 
 Section 16. Insurance Claims. As additional security for the payment and
performance of the Obligations, the Grantor hereby assigns to the Secured Party any and all monies (including proceeds of insurance and refunds of unearned premiums) due or to become due under, and all other rights of the Grantor with respect to,
any and all policies of insurance now or at any time hereafter covering the Collateral or any evidence thereof or any business records or valuable papers pertaining thereto. At any time, whether before or after the occurrence of any Event of
Default, the Secured Party may (but need not), in the Secured Party’s name or in the Grantor’s name, execute and deliver proofs of claim, receive all such monies, indorse checks and other instruments representing payment of such monies,
and adjust, litigate, compromise or release any claim against the issuer of any such policy. Notwithstanding any of the foregoing, so long as no Event of Default exists the Grantor shall be entitled to all insurance proceeds with respect to
Equipment or Inventory provided that such proceeds are applied to the cost of replacement Equipment or Inventory. 
 Section 17. The
Secured Party’s Duties. The powers conferred on the Secured Party hereunder are solely to protect its interest in the Collateral and shall not impose any duty upon it to exercise any such powers. The Secured Party shall be deemed to have
exercised reasonable care in the safekeeping of any Collateral in its possession if such Collateral is accorded treatment substantially equal to the safekeeping which the Secured Party accords its own property of like kind. Except for the
safekeeping of any Collateral in its possession and the accounting for 

  

 8 

 
monies and for other properties actually received by it hereunder, the Secured Party shall have no duty, as to any Collateral, as to ascertaining or taking
action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Collateral, whether or not the Secured Party has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to
preserve rights against any Persons or any other rights pertaining to any Collateral. The Secured Party will take action in the nature of exchanges, conversions, redemptions, tenders and the like requested in writing by the Grantor with respect to
the Collateral in the Secured Party’s possession if the Secured Party in its reasonable judgment determines that such action will not impair the Security Interest or the value of the Collateral, but a failure of the Secured Party to comply with
any such request shall not of itself be deemed a failure to exercise reasonable care with respect to the taking of any necessary steps to preserve rights against any Persons or any other rights pertaining to any Collateral. 
 Section 18. Default. Each of the following occurrences shall constitute an “Event of Default” under this Agreement:
(a) the Grantor shall fail to observe or perform any covenant or agreement applicable to the Grantor under this Agreement; or (b) any representation or warranty made by the Grantor in this Agreement or any schedule, exhibit, supplement or
attachment hereto or in any financial statements, or reports or certificates heretofore or at any time hereafter submitted by or on behalf of the Grantor to the Secured Party shall prove to have been untrue or misleading in any material respect when
made; or (c) any Event of Default shall occur under the Note which has not been waived pursuant to the terms thereof. 
 Section 19. Remedies on Default. Upon the occurrence of an Event of Default and at any time thereafter: 
 19(a) The Secured Party may exercise and enforce any and all rights and remedies available upon default to a secured party under Article 9 of the Uniform Commercial Code as in effect in the State of Minnesota. 
 19(b) The Secured Party shall have the right to enter upon and into and take possession of all or such part or parts of the properties of
the Grantor, including lands, plants, buildings, Equipment, Inventory and other property as may be necessary or appropriate in the judgment of the Secured Party to permit or enable the Secured Party to manufacture, produce, process, store or sell or
complete the manufacture, production, processing, storing or sale of all or any part of the Collateral, as the Secured Party may elect, and to use and operate said properties for said purposes and for such length of time as the Secured Party may
deem necessary or appropriate for said purposes without the payment of any compensation to the Grantor therefor. The Secured Party may require the Grantor to, and the Grantor hereby agrees that it will, at its expense and upon request of the Secured
Party forthwith, assemble all or part of the Collateral as directed by the Secured Party and make it available to the Secured Party at a place or places to be designated by the Secured Party. 
 19(c) Any disposition of Collateral may be in one or more parcels at public or private sale, at any of the Secured Party’s offices or
elsewhere, for cash, on credit, or for future delivery, and upon such other terms as the Secured Party may reasonably believe are 

  

 9 

 
commercially reasonable. The Secured Party shall not be obligated to dispose of Collateral regardless of notice of sale having been given, and the Secured
Party may adjourn any public or private sale from time to time by announcement made at the time and place fixed therefor, and such disposition may, without further notice, be made at the time and place to which it was so adjourned. 
 19(d) The Secured Party is hereby granted a license or other right to use, without charge, all of the Grantor’s property, including,
without limitation, all of the Grantor’s labels, trademarks, copyrights, patents and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale and selling any
Collateral, and the Grantor’s rights under all licenses and all franchise agreements shall inure to the Secured Party’s benefit until the Obligations are paid in full. 
 19(e) If notice to the Grantor of any intended disposition of Collateral or any other intended action is required by law in a particular
instance, such notice shall be deemed commercially reasonable if given in the manner specified for the giving of notice in Section 24 hereof at least ten calendar days prior to the date of intended disposition or other action, and the Secured
Party may exercise or enforce any and all other rights or remedies available by law or agreement against the Collateral, against the Grantor, or against any other Person or property. The Secured Party (i) may dispose of the Collateral in its
then present condition or following such preparation and processing as the Secured Party deems commercially reasonable, (ii) shall have no duty to prepare or process the Collateral prior to sale, (iii) may disclaim warranties of title,
possession, quiet enjoyment and the like, and (iv) may comply with any applicable state or federal law requirements in connection with a disposition of the Collateral and none of the foregoing actions shall be deemed to adversely affect the
commercial reasonableness of the disposition of the Collateral. 
 Section 20. Remedies as to Certain Rights to Payment. Upon the
occurrence of an Event of Default and any time thereafter, the Secured Party may notify any Account Debtor or other Person obligated on any Accounts or other Collateral that the same have been assigned or transferred to the Secured Party and that
the same should be performed as requested by, or paid directly to, the Secured Party, as the case may be. The Grantor shall join in giving such notice, if the Secured Party so requests. The Secured Party may, in the Secured Party’s name or in
the Grantor’s name, demand, sue for, collect or receive any money or property at any time payable or receivable on account of, or securing, any such Collateral or grant any extension to, make any compromise or settlement with or otherwise agree
to waive, modify, amend or change the obligation of any such Account Debtor or other Person. If any payments on any such Collateral are received by the Grantor after an Event of Default has occurred, such payments shall be held in trust by the
Grantor as the property of the Secured Party and shall not be commingled with any funds or property of the Grantor and shall be forthwith remitted to the Secured Party for application on the Obligations. 
 Section 21. Application of Proceeds. All cash proceeds received by the Secured Party in respect of any sale of, collection from, or other
realization upon all or any part of the Collateral may, in the discretion of the Secured Party, be held by the Secured Party as collateral 

  

 10 

 
for, or then or at any time thereafter be applied in whole or in part by the Secured Party against, all or any part of the Obligations (including, without
limitation, any expenses of the Secured Party payable pursuant to Section 22 hereof). 
 Section 22. Costs and Expenses;
Indemnity. The Grantor will pay or reimburse the Secured Party on demand for all out-of-pocket expenses, including in each case all filing and recording fees, taxes, and all reasonable charges and disbursements of outside counsel to the Secured
Party, and/or the allocated costs of in-house counsel incurred from time to time, in connection with the creation, perfection, protection, satisfaction, foreclosure, collection or enforcement of the Security Interest and the preparation,
administration, continuance, amendment or enforcement of this Agreement, and all such costs and expenses shall be part of the Obligations secured by the Security Interest. The Grantor shall indemnify and hold the Secured Party harmless from and
against any and all claims, losses and liabilities (including reasonable attorneys’ fees) growing out of or resulting from this Agreement and the Security Interest hereby created (including enforcement of this Agreement) or the Secured
Party’s actions pursuant hereto, except claims, losses or liabilities resulting from the Secured Party’s gross negligence or willful misconduct as determined by a final judgment of a court of competent jurisdiction. Any liability of the
Grantor to indemnify and hold the Secured Party harmless pursuant to the preceding sentence shall be part of the Obligations secured by the Security Interest. The obligations of the Grantor under this Section shall survive any termination of this
Agreement. 
 Section 23. Waivers; Remedies; Marshalling. This Agreement may be waived, modified, amended, terminated or
discharged, and the Security Interest may be released, only explicitly in a writing signed by the Secured Party. A waiver so signed shall be effective only in the specific instance and for the specific purpose given. Mere delay or failure to act
shall not preclude the exercise or enforcement of any rights and remedies available to the Secured Party. All rights and remedies of the Secured Party shall be cumulative and may be exercised singly in any order or sequence, or concurrently, at the
Secured Party’s option, and the exercise or enforcement of any such right or remedy shall neither be a condition to nor bar the exercise or enforcement of any other. The Grantor hereby waives all requirements of law, if any, relating to the
marshalling of assets which would be applicable in connection with the enforcement by the Secured Party of its remedies hereunder, absent this waiver. 
 Section 24. Notices. Any notice or other communication to any party in connection with this Agreement shall be in writing and shall be sent by manual delivery, facsimile transmission, overnight courier or
United States mail (postage prepaid) addressed to such party at the address specified on the signature page hereof, or at such other address as such party shall have specified to the other party hereto in writing. All periods of notice shall be
measured from the date of delivery thereof if manually delivered, from the date of sending thereof if sent by facsimile transmission, from the first business day after the date of sending if sent by overnight courier, or from four days after the
date of mailing if mailed. 
 Section 25. Grantor Acknowledgments. The Grantor hereby acknowledges that (a) it has been
advised by counsel in the negotiation, execution and delivery of this Agreement, (b) the 

  

 11 

 
Secured Party has no fiduciary relationship to the Grantor, the relationship being solely that of debtor and creditor, and (c) no joint venture exists
between the Grantor and the Secured Party. 
 Section 26. Representations and Warranties. The Grantor hereby represents and
warrants to the Secured Party that: 
 26(a) The Grantor is a corporation duly incorporated, validly existing and in good
standing under the laws of the State of Indiana and has the corporate power and authority and the legal right to own and operate its properties and to conduct the business in which it is currently engaged. 
 26(b) The Grantor has the power and authority and the legal right to execute and deliver, and to perform its obligations under, this
Agreement and has taken all necessary corporate action to authorize such execution, delivery and performance. 
 26(c) This
Agreement constitutes a legal, valid and binding obligation of the Grantor enforceable in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 
 26(d) The execution, delivery and performance of this Agreement will not (i) violate any provision of any law, statute, rule or regulation or any order, writ, judgment, injunction, decree, determination or award
of any court, governmental agency or arbitrator presently in effect having applicability to the Grantor, (ii) violate or contravene any provision of the Articles of Incorporation or bylaws of the Grantor, or (iii) result in a breach of or
constitute a default under any indenture, loan or credit agreement or any other agreement, lease or instrument to which the Grantor is a party or by which it or any of its properties may be bound or result in the creation of any Lien thereunder. The
Grantor is not in default under or in violation of any such law, statute, rule or regulation, order, writ, judgment, injunction, decree, determination or award or any such indenture, loan or credit agreement or other agreement, lease or instrument
in any case in which the consequences of such default or violation could have a material adverse effect on the business, operations, properties, assets or condition (financial or otherwise) of the Grantor. 
 26(e) Except for filings, recordings and registrations to perfect the Security Interest, no order, consent, approval, license,
authorization or validation of, or filing, recording or registration with, or exemption by, any governmental or public body or authority is required on the part of the Grantor to authorize, or is required in connection with the execution, delivery
and performance of, or the legality, validity, binding effect or enforceability of, this Agreement. 
 26(f) There are no
actions, suits or proceedings pending or, to the knowledge of the Grantor, threatened against or affecting the Grantor or any of its properties before any court or arbitrator, or any governmental department, board, agency or other instrumentality
which, if determined adversely to the Grantor, would have a material adverse effect on the business, 

  

 12 

 
operations, property or condition (financial or otherwise) of the Grantor or on the ability of the Grantor to perform its obligations hereunder. 

Section 27. Continuing Security Interest; Assignments under Note. This Agreement shall (a) create a continuing security interest in
the Collateral and shall remain in full force and effect until payment in full of the Obligations and the expiration of the obligations, if any, of the Secured Party to extend credit accommodations to the Grantor, (b) be binding upon the
Grantor, its successors and assigns, and (c) inure to the benefit of, and be enforceable by, the Secured Party and its successors, transferees, and assigns. Without limiting the generality of the foregoing clause, (c) the Secured Party may
assign or otherwise transfer all or any portion of its rights and obligations under the Note to any other Persons to the extent and in the manner provided in the Note and may similarly transfer all or any portion of its rights under this Agreement
to such Persons. 
 Section 28. Termination of Security Interest. Upon payment in full of the Obligations and the expiration of
any obligation of the Secured Party to extend credit accommodations to the Grantor, the Security Interest granted hereby shall terminate. Upon any such termination, the Secured Party will return to the Grantor such of the Collateral then in the
possession of the Secured Party as shall not have been sold or otherwise applied pursuant to the terms hereof and execute and deliver to the Grantor such documents as the Grantor shall reasonably request to evidence such termination. Any reversion
or return of Collateral upon termination of this Agreement and any instruments of transfer or termination shall be at the expense of the Grantor and shall be without warranty by, or recourse on, the Secured Party. As used in this Section,
“Grantor” includes any assigns of the Grantor, any Person holding a subordinate security interest in any of the Collateral or whoever else may be lawfully entitled to any part of the Collateral. 
 Section 29. Governing Law and Construction. THE VALIDITY, CONSTRUCTION AND ENFORCEABILITY OF THIS AGREEMENT SHALL BE
GOVERNED BY THE LAWS OF THE STATE OF MINNESOTA, WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF, EXCEPT TO THE EXTENT THAT THE VALIDITY OR PERFECTION OF THE SECURITY INTEREST HEREUNDER, OR REMEDIES HEREUNDER, IN RESPECT OF ANY
PARTICULAR COLLATERAL ARE MANDATORILY GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF MINNESOTA. Whenever possible, each provision of this Agreement and any other statement, instrument or transaction contemplated hereby or
relating hereto shall be interpreted in such manner as to be effective and valid under such applicable law, but, if any provision of this Agreement or any other statement, instrument or transaction contemplated hereby or relating hereto shall be
held to be prohibited or invalid under such applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement
or any other statement, instrument or transaction contemplated hereby or relating hereto. 
 Section 30. Consent to
Jurisdiction. AT THE OPTION OF THE SECURED PARTY, THIS AGREEMENT MAY BE ENFORCED IN ANY FEDERAL COURT OR 

  

 13 

 
MINNESOTA STATE COURT SITTING IN MINNEAPOLIS, MINNESOTA; AND THE GRANTOR CONSENTS TO THE JURISDICTION AND VENUE OF ANY SUCH COURT AND WAIVES ANY ARGUMENT
THAT VENUE IN SUCH FORUMS IS NOT CONVENIENT. IN THE EVENT THE GRANTOR COMMENCES ANY ACTION IN ANOTHER JURISDICTION OR VENUE UNDER ANY TORT OR CONTRACT THEORY ARISING DIRECTLY OR INDIRECTLY FROM THE RELATIONSHIP CREATED BY THIS AGREEMENT, THE SECURED
PARTY AT ITS OPTION SHALL BE ENTITLED TO HAVE THE CASE TRANSFERRED TO ONE OF THE JURISDICTIONS AND VENUES ABOVE-DESCRIBED, OR IF SUCH TRANSFER CANNOT BE ACCOMPLISHED UNDER APPLICABLE LAW, TO HAVE SUCH CASE DISMISSED WITHOUT PREJUDICE.

 Section 31. Waiver of Notice and Hearing. THE GRANTOR HEREBY WAIVES ALL RIGHTS TO A JUDICIAL HEARING OF ANY KIND
PRIOR TO THE EXERCISE BY THE SECURED PARTY OF ITS RIGHTS TO POSSESSION OF THE COLLATERAL WITHOUT JUDICIAL PROCESS OR OF ITS RIGHTS TO REPLEVY, ATTACH, OR LEVY UPON THE COLLATERAL WITHOUT PRIOR NOTICE OR HEARING. THE GRANTOR ACKNOWLEDGES THAT IT HAS
BEEN ADVISED BY COUNSEL OF ITS CHOICE WITH RESPECT TO THIS PROVISION AND THIS AGREEMENT. 
 Section 32. Waiver of Jury
Trial. EACH OF THE GRANTOR AND THE SECURED PARTY, BY ITS ACCEPTANCE OF THIS AGREEMENT, IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY. 
 Section 33. Counterparts. This Agreement may be executed in any number of counterparts, each of which when so
executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument. 
 Section 34. General. All representations and warranties contained in this Agreement or in any other agreement between the Grantor and the Secured Party shall survive the execution, delivery and performance of this Agreement and
the creation and payment of the Obligations. The Grantor waives notice of the acceptance of this Agreement by the Secured Party. Captions in this Agreement are for reference and convenience only and shall not affect the interpretation or meaning of
any provision of this Agreement. 
 [Signature Follows On Succeeding Page] 
  

 14 

 IN WITNESS WHEREOF, the Grantor has caused this Agreement to be duly executed and delivered by its
officer thereunto duly authorized as of the date first above written. 
  

			
	TECSTAR AUTOMOTIVE GROUP, INC.
		
	By	 	/s/ Kenneth R. Lombardo
	Name	 	Kenneth R. Lombardo
	Title	 	Secretary

 Address for the Grantor: 
 570 Executive Drive 
 Troy, Michigan 48083 
 Fax:
                                        
     
 Grantor’s Org # 1990120776 
 Grantor’s Tax ID # 35-1817634 
 Address for the Secured Party: 
 Suite 300 
 3033 Excelsior Boulevard 
 Minneapolis, MN 55416 
 Fax: (612) 253-6180 
  

 S-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00138-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00138-of-00352.parquet"}]]