Document:

Promissory Note

 Exhibit 10.9 

 

									
	LOAN NUMBER	  	LOAN NAME	  	ACCT. NUMBER	  	NOTE DATE	  	INITIALS
					
	9549601	  	MANITEX
LOAD KING, INC.	  	0000423612-01	  	11/2/11	  	RS
	NOTE AMOUNT	  	INDEX
(w/Margin)	  	RATE	  	MATURITY DATE	  	LOAN PURPOSE
	$400,000.00	  	Index 12-
Monthly Avg 5
Year Treasury
plus 4.000%	  	6.250%	  	11/2/18	  	Commercial
	 Creditor Use

Only

 PROMISSORY NOTE 
 (Commercial – Single Advance) 
  
 DATE AND PARTIES. The date of this Promissory Note (Note) is November 2, 2011. The parties and their addresses are: 
 LENDER: 
 HOME FEDERAL BANK 

225 S MAIN AVE 

SIOUX FALLS, SD 57104 
 Telephone: (605) 336-2470 
 BORROWER: 

MANITEX LOAD KING, INC. 
 a Michigan Corporation 
 701 E ROSE STREET 

ELK POINT, SD 57025 
 1.
DEFINITIONS. As used in this Note, the terms have the following meanings: 
 A. Pronouns. The pronouns “I,”
“me,” and “my” refer to each Borrower signing this Note, individually and together. “You” and “Your” refer to the Lender. 
 B. Note. Note refers to this document, and any extensions, renewals, modifications and substitutions of this Note. 
 C. Loan. Loan refers to this transaction generally, including obligations and duties arising from the terms of all documents prepared or submitted for this transaction such as applications,
security agreements, disclosures or notes, and this Note. 
 D. Loan Documents. Loan Documents refer to all the documents
executed as a part of or in connection with the Loan. 
 E. Property. Property is any property, real or personal, that
secures my performance of the obligations of this Loan. 
 F. Percent. Rates and rate change limitations are expressed as
annualized percentages. 
 G. Dollar Amounts. All dollar amounts will be payable in lawful money of the United States of
America. 

  

					
	MANITEX LOAD KING, INC.	  		  	
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 2. PROMISE TO PAY. For value received, I promise to pay you or your order, at your address, or at
such other location as you may designate, the principal sum of $400,000.00 (Principal) plus interest from November 2, 2011 on the unpaid Principal balance until this Note matures or this obligation is accelerated. 

3. INTEREST. Interest will accrue on the unpaid Principal balance of this Note at the rate of 6.250 percent (Interest Rate) until
November 2, 2016, after which time it may change as described in the Variable Rate subsection. 
 A. Interest After
Default. If you declare a default under the terms of the Loan, including for failure to pay in full at maturity, you may increase the Interest Rate otherwise payable as described in this section. In such event, interest will accrue on the unpaid
Principal balance of this Note at a rate equal to the rate in effect prior to default, plus 3.000 percent, for so long as such default continues or is waived. 
 B. Maximum Interest Amount. Any amount assessed or collected as interest under the terms of this Note will be limited to the maximum lawful amount of interest allowed by state or federal law,
whichever is greater. Amounts collected in excess of the maximum lawful amount will be applied first to the unpaid Principal balance. Any remainder will be refunded to me. 
 C. Statutory Authority. The amount assessed or collected on this Note is authorized by the South Dakota usury laws under S.D. Codified Laws Ann. §§ 54-3-13 and 54-3-14. 

D. Accrual. Interest accrues using an Actual/360 days counting method. 

E. Variable Rate. The Interest Rate may change during the term of this transaction. 

(1) Index. Beginning with the first Change Date, the Interest Rate will be based on the following index: Monthly average yield on 5
year Constant Maturity of U.S. Treasury Securities. 
 The Current Index is the most recent index figure available on each Change
Date. You do not guaranty by selecting this Index, or the margin, that the Interest Rate on this Note will be the same rate you charge on any other loans or class of loans you make to me or other borrowers. If this Index is no longer available, you
will substitute a similar index. You will give me notice of your choice. 
 (2) Change Date. Each date on which the
Interest Rate may change is called a Change Date. The Interest Rate may change November 2, 2016 and every 5 years thereafter. 
 (3) Calculation Of Change. On each Change Date you will calculate the Interest Rate, which will be the Current Index plus 4.000 percent. The result of this calculation will be rounded up to the
nearest .001 percent. Subject to any limitations, this will be the Interest Rate until the next Change Date. The new Interest Rate will become effective on each Change Date. The Interest Rate and other charges on this Note will never exceed the
highest rate or charge allowed by law for this Note. 
 (4) Limitations. The Interest Rate changes are subject to the
following limitations: 
 (a) Lifetime. The Interest Rate will never be less than 5.000 percent.

 (5) Effect Of Variable Rate. A change in the Interest Rate will have the following effect on the payments: The amount
of scheduled payments will change. 

  

					
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 4. PAYMENT. I agree to pay this Note in 84 payments. A payment of $5,908.91 will be due
December 2, 2011, and on the 30th day of each month thereafter. I will make 60 scheduled payments of this amount. The scheduled payment amount may then change every 60 payments thereafter. Changes in the Interest Rate will not affect the
scheduled payment amount during these periods. With each scheduled payment change the payment amount will be adjusted to reflect changes in the Interest Rate during the remaining term of this Note. In addition, changes to the scheduled payment
amounts are subject to changes in the Interest Rate as described in the Variable Rate subsection of this Note. A final payment of the entire unpaid balance of Principal and interest will be due November 2, 2018. 

Payments will be rounded to the nearest $.01. With the final payment I also agree to pay any additional fees or charges owing and the amount of any
advances you have made to others on my behalf. Payments scheduled to be paid on the 29th, 30th or 31st day of a month that contains no such day will, instead, be made on the last day of such month. 

If the amount of a scheduled payment does not equal or exceed interest accrued during the payment period the unpaid portion will be added to, and will be
payable with, the next scheduled payment. 
 Each payment I make on this Note will be applied first to interest that is due then to principal
that is due, and finally to any charges that I owe other than principal and interest. If you and I agree to a different application of payments, we will describe our agreement on this Note. You may change how payments are applied in your sole
discretion without notice to me. The actual amount of my final payment will depend on my payment record. 
 5. PREPAYMENT. I may prepay
this Loan in full or in part at any time. Any partial prepayment will not excuse any later scheduled payments until I pay in full. 
 6. LOAN
PURPOSE. The purpose of this Loan is REFINANCE TEREX. 
 7. ADDITIONAL TERMS. BORROWER SHALL PROVIDE LENDER WITH ANNUAL FINANCIAL
STATEMENTS WITHOUT FOOTNOTES 
 8. SECURITY. The Loan is secured by separate security instruments prepared together with this Note as
follows: 
  

			
	 Document Name
	  	Parties to Document
	 Security Agreement—MANITEX

LOAD KING, INC.
	  	MANITEX LOAD KING, INC.

 9. DEFAULT. I will be in default if any of the following events (known separately and collectively as an Event of
Default) occur: 
 A. Payments. I fail to make a payment in full within 15 days of when due. 

B. Insolvency or Bankruptcy. The dissolution or appointment of a receiver by or on behalf of, application of any debtor relief law,
the assignment for the benefit of creditors by or on behalf of, the voluntary or involuntary termination of existence by, or the commencement of any proceeding under any present or future federal or state insolvency, bankruptcy, reorganization,
composition or debtor relief law by or against me or any co-signer, endorser, surety or guarantor of this Note or any other obligations I have with you which is not stayed or dismissed within 60 days. 

  

					
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 C. Business Termination. I dissolve, reorganize, end my business or existence.

 D. New Organizations. Without your written consent, I merge into, or consolidate with an entity; materially change my
legal structure. 
 E. Failure to Perform. I fail, in a material manner, to perform any condition or to keep any promise
or covenant of this Note which failure continues for a period of 15 days after notice by you of such failure. 
 F. Other
Documents. A default occurs under the terms of any other Loan Documents and such default continues for a period of 15 days. 

G. Other Agreements. I am in default on any other debt or agreement I have with you. 

H. Misrepresentation. I make any written statement or provide any financial information that is materially untrue, inaccurate, or
conceals a material fact at the time it is made or provided. 
 I. Judgment. I fail to satisfy or appeal any judgment
against me in excess of $500,000. 
 J. Forfeiture. The Property is used in a manner or for a purpose that threatens
confiscation by a legal authority. 
 K. Name Change. I change my name without notifying you and you suffer a loss as a
result of such failure. 
 L. Property Transfer. I transfer all or a substantial part of my property. 

M. Property Value. You determine in good faith that the value of the Property is materially impaired. 

N. Material Change. I will notify you if there is a material change in the ownership of my business. 

10. DUE ON SALE OR ENCUMBRANCE. You may, at your option, declare the entire balance of this Note to be immediately due and payable upon the
creation of, or contract for the creation of, any material lien, encumbrance, transfer or sale of all or any part of the Property except any lien created in connection with borrowings from the State of South Dakota Board of Economic Development or
Comerica. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. 
 11. WAIVERS AND CONSENT. To
the extent not prohibited by law, I waive protest, presentment for payment and demand. 
 A. Additional Waivers By Borrower.
In addition, I, and any party to this Note and Loan, to the extent permitted by law, consent to certain actions you may take, and generally waive defenses that may be available based on these actions or based on the status of a party to this
Note. 
 (1) You may renew or extend payments on this Note, regardless of the number of such renewals or extensions.

 (2) You may release any Borrower, endorser, guarantor, surety, accommodation maker or any other co-signer. 

(3) You may release, substitute or impair any Property securing this Note. 

(4) You, or any institution participating in this Note, may invoke your right of set-off. 

  

					
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 (5) You may enter into any sales, repurchases or participations of this Note to any
person in any amounts and I waive notice of such sales, repurchases or participations. 
 (6) I agree that any of us
signing this Note as a Borrower is authorized to modify the terms of this Note or any instrument securing or relating to this Note (other than the guaranty). 
 B. No Waiver By Lender. Your course of dealing, or your forbearance from, or delay in, the exercise of any of your rights, remedies, privileges or right to insist upon my strict performance of any
provisions contained in this Note, or any other Loan Document, shall not be construed as a waiver by you, unless any such waiver is in writing and is signed by you. 
 12. REMEDIES. After I default, and the expiration of a 30 day cure period, you may at your option do any one or more of the following. 

A. Acceleration. You may make all or any part of the amount owing by the terms of this Note immediately due. 

B. Sources. You may use any and all remedies you have under state or federal law or in any Loan Document. 

C. Insurance Benefits. You may make a claim for any and all insurance benefits or refunds that may be available on my default.

 D. Payments Made On My Behalf. Amounts advanced on my behalf will be immediately due and may be added to the balance
owing under the terms of this Note, and accrue interest at the highest post-maturity interest rate. 
 E. Set-Off. You may
use the right of set-off. This means you may set-off any amount due and payable under the terms of this Note against any right I have to receive money from you. 
 My right to receive money from you includes any deposit or share account balance I have with you; any money owed to me on an item presented to you or in your possession for collection or exchange; and any
repurchase agreement or other non-deposit obligation. “Any amount due and payable under the terms of this Note” means the total amount to which you are entitled to demand payment under the terms of this Note at the time you set-off.

 Subject to any other written contract, if my right to receive money from you is also owned by someone who has not agreed to
pay this Note, your right of set-off will apply to my interest in the obligation and to any other amounts I could withdraw on my sole request or endorsement. 
 Your right of set-off does not apply to an account or other obligation where my rights arise only in a representative capacity. It also does not apply to any Individual Retirement Account or other
tax-deferred retirement account. 
 You will not be liable for the dishonor of any check when the dishonor occurs because you
set-off against any of my accounts. I agree to hold you harmless from any such claims arising as a result of your exercise of your right of set-off. 
 F. Waiver. Except as otherwise required by law, by choosing any one or more of these remedies you do not give up your right to use any other remedy. You do not waive a default if you choose not to
use a remedy. By electing not to use any remedy, you do not waive your right to later consider the event a default and to use any remedies if the default continues or occurs again. 
 13. COLLECTION EXPENSES AND ATTORNEYS’ FEES. On or after the occurrence of an Event of Default, and the expiration of a 30 day cure period, to the extent permitted by law, I agree to pay all
expenses of collection, enforcement or 

  

					
	MANITEX LOAD KING, INC.	  		  	
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 protection of your rights and remedies under this Note or any other Loan Document. Expenses
include, but are not limited to, court costs and other legal expenses, including any reasonable attorney’s fees if allowed by law. These expenses are due and payable immediately. If not paid immediately, these expenses will bear interest from
the date of payment until paid in full at the highest interest rate in effect as provided for in the terms of this Note. All fees and expenses will be secured by the Property I have granted to you, if any. In addition, to the extent permitted by the
United States Bankruptcy Code, I agree to pay the reasonable attorneys’ fees incurred by you to protect your rights and interests in connection with any bankruptcy proceedings initiated by or against me. 

14. COMMISSIONS. I understand and agree that you (or your affiliate) will earn commissions or fees on any insurance products, and may earn such
fees on other services that I buy through you or your affiliate. 
 15. WARRANTIES AND REPRESENTATIONS. I make to you the following
warranties and representations which will continue as long as this Note is in effect: 
 A. Power. I am in good standing
in South Dakota. I have the power and authority to enter into this transaction and to carry on my business or activity as it is now being conducted and, as applicable, am qualified to do so in South Dakota. 

B. Authority. The execution, delivery and performance of this Note and the obligation evidenced by this Note are within my powers,
have been duly authorized, have received all necessary governmental approval, will not violate any provision of law, or order of court or governmental agency, and will not violate any agreement to which I am a party or to which I am or any of my
Property is subject. 
 C. Name and Place of Business. Other than previously disclosed in writing to you I have not
changed my name or principal place of business within the last 2 years and have not used any other trade or fictitious name in the last 2 years. I will preserve my existing name, trade names and franchises. 

16. INSURANCE. I agree to obtain the insurance described in this Loan Agreement. 

A. Property Insurance. I will insure or retain insurance coverage on the Property and abide by the insurance requirements of any
security instrument securing the Loan. 
 B. Flood Insurance. Flood insurance is not required at this time. It may be
required in the future should the property be included in an updated flood plain map. If required in the future, I may obtain flood insurance from anyone I want that is reasonably acceptable to you. 

C. Insurance Warranties. I agree to purchase any insurance coverages that are, in the amounts that, in my judgment are reasonably
prudent. I will provide you with continuing proof of coverage. I will have the insurance company name you as loss payee on any insurance policy. You will apply the insurance proceeds toward what I owe you on the outstanding balance. I agree that if
the insurance proceeds do not cover the amounts I still owe you, I will pay the difference. I will keep the insurance until all debts secured by this agreement are paid. 
 17. APPLICABLE LAW. This Note is governed by the laws of South Dakota, the United States of America, and to the extent required, by the laws of the jurisdiction where the Property is located,
except to the extent such state laws are preempted by federal law. 

  

					
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 18. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. My obligation to pay the Loan is independent of
the obligation of any other person who has also agreed to pay it. You may sue me alone, or anyone else who is obligated on the Loan, or any number of us together, to collect the Loan. Extending the Loan or new obligations under the Loan, will not
affect my duty under the Loan and I will still be obligated to pay the Loan. This Note shall inure to the benefit of and be enforceable by you and your successors and assigns and shall be binding upon and enforceable against me, my successors, heirs
and assigns. 
 19. AMENDMENT, INTEGRATION AND SEVERABILITY. This Note may not be amended or modified by oral agreement. No amendment or
modification of this Note is effective unless made in writing and executed by you and me. This Note and the other Loan Documents are the complete and final expression of the agreement. If any provision of this Note is unenforceable, then the
unenforceable provision will be severed and the remaining provisions will still be enforceable. No present or future agreement securing any other debt I owe you will secure the payment of this Loan if, with respect to this loan, you fail to fulfill
any necessary requirements or limitations of Sections 19(a), 32 or 35 of Regulation Z or if, as a result, this Loan would become subject to Section 670 of the John Warner National Defense Authorization Act for Fiscal Year 2007. 

20. INTERPRETATION. Whenever used, the singular includes the plural and the plural includes the singular. The section headings are for convenience
only and are not to be used to interpret or define the terms of this Note. 
 21. NOTICE, FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS.
Unless otherwise required by law, any notice will be given by delivering it or mailing it by first class mail to the appropriate party’s address listed in the DATE AND PARTIES section, or to any other address designated in writing. Notice
to one Borrower will be deemed to be notice to all Borrowers. I will inform you in writing of any change in my name, address or other application information. I will provide you any correct financial statements without footnotes. I agree to sign,
deliver, and file any additional documents or certifications that you may consider necessary to perfect, continue, and preserve my obligations under this Loan and to confirm your lien status on any Property. Time is of the essence. 

22. CREDIT INFORMATION. I agree to supply you with whatever business information you reasonably request. You will make requests for this
information without undue frequency, and will give me reasonable time in which to supply the information. 
 23. ERRORS AND OMISSIONS. I
agree, if requested by you, to fully cooperate in the correction, if necessary, in the reasonable discretion of you of any and all loan closing documents so that all documents accurately describe the loan between you and me. I agree to assume all
costs including by way of illustration and not limitation, actual expenses, legal fees and marketing losses for failing to reasonably comply with your requests within thirty (30) days. 
 24. SIGNATURES. By signing under seal, I agree to the terms contained in this Note. I also acknowledge receipt of a copy of this Note. 

 

  

					
	MANITEX LOAD KING, INC.	  		  	
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 24. SIGNATURES. By signing under seal, I agree to the terms contained in this Note. I also
acknowledge receipt of a copy of this Note. 
 BORROWER: 

MANITEX LOAD KING, INC. 
 By /s/ David H.
Gransee                                        
         (Seal)  None 
 DAVID H GRANSEE, VICE PRESIDENT

  

					
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 Exhibit 10.10 
 SECURITY AGREEMENT 
  
 DATE AND PARTIES. The date of this Security Agreement (Agreement) is November 2, 2011. The parties and their addresses are: 

SECURED PARTY: 
 HOME FEDERAL BANK 
 225 S MAIN AVE 

SIOUX FALLS, SD 57104 
 DEBTOR: 
 MANITEX LOAD KING, INC. 

a Michigan Corporation 
 701 E ROSE STREET 
 ELK POINT, SD 57025 

The pronouns “you” and “your” refer to the Secured Party. The pronouns “I,” “me” and “my” refer to each
person or entity signing this Agreement as Debtor and agreeing to give the Property described in this Agreement as security for the Secured Debts. 
 1. SECURED DEBTS. The term “Secured Debts” includes and this Agreement will secure each of the following: 
 A. Specific Debts. The following debts and all extensions, renewals, refinancings, modifications and replacements. A promissory note, No. 9549601, dated November 2, 2011, from me to you,
in the amount of $400,000.00. 
 B. All Debts. All present and future debts from me to you, even if this Agreement is not
specifically referenced, the future debts are also secured by other collateral, or if the future debt is unrelated to or of a different type than this debt. Nothing in this Agreement constitutes a commitment to make additional or future loans or
advances. Any such commitment must be in writing. 
 This Agreement will not secure any debt for which you fail to give any
required notice of the right of rescission. This Agreement will not secure any debt for which a non-possessory, non-purchase money security interest is created in “household goods” in connection with a “consumer loan,” as those
terms are defined by federal law governing unfair and deceptive credit practices. In addition, this Agreement will not secure any other debt if, with respect to such other debt, you fail to fulfill any necessary requirements or limitations of
Sections 19(a), 32 or 35 of Regulation Z or if, as a result, the other debt would become subject to Section 670 of the John Warner National Defense Authorization Act for Fiscal Year 2007. 

C. Sums Advanced. All sums advanced and expenses incurred by you under the terms of this Agreement. 

Loan Documents refer to all the documents executed in connection with the Secured Debts. 
 2. SECURITY INTEREST. To secure the payment and performance of the Secured Debts, I give you a security interest in all of the Property described in this Agreement that I own or have sufficient
rights in which to transfer an interest, now or in the future, wherever the Property is or will be located, and all proceeds and products from the Property (including, but not limited to, all 

  

					
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parts, accessories, repairs, replacements, improvements, and accessions to the Property). Property is all the collateral given as security for the Secured Debts and described in this Agreement,
and includes all obligations that support the payment or performance of the Property. “Proceeds” includes cash proceeds, non-cash proceeds and anything acquired upon the sale, lease, license, exchange, or other disposition of the Property;
any rights and claims arising from the Property; and any collections and distributions on account of the Property. This Agreement remains in effect until terminated in writing, even if the Secured Debts are paid and you are no longer obligated to
advance funds to me under any loan or credit agreement. 
 3. PROPERTY DESCRIPTION. The Property is described as follows: 

A. Equipment. All equipment including, but not limited to, all machinery, vehicles, furniture, fixtures, manufacturing equipment,
farm machinery and equipment, shop equipment, office equipment, excluding computers and recordkeeping equipment, and tools. All equipment described in a list or schedule which I give to you will also be included in the Property, but such a list is
not necessary for a valid security interest in my equipment. 
 4. WARRANTIES AND REPRESENTATIONS. I make to you the following warranties
and representations which will continue as long as this Agreement is in effect: 
 A. Power. I am in good standing in
South Dakota. I have the power and authority to enter into this transaction and to carry on my business or activity as it is now being conducted and, as applicable, am qualified to do so in South Dakota. 

B. Authority. The execution, delivery and performance of this Agreement and the obligation evidenced by this Agreement are within
my powers, have been duly authorized, have received all necessary governmental approval, will not violate any provision of law, or order of court or governmental agency, and will not violate any agreement to which I am a party or to which I am or
any of my property is subject. 
 C. Name and Location. My name indicated in the DATE AND PARTIES section is my exact
legal name. I am an entity organized and registered under the laws of Michigan. I will provide verification of registration and location upon your request. I will provide you with at least 15 days notice prior to any change in my name, address, or
state of organization or registration. 
 D. Business Name. Other than previously disclosed in writing to you I have not
changed my name or principal place of business within the last 2 years and have not used any other trade or fictitious name in the last 2 years. I will preserve my existing name, trade names and franchises. 

E. Ownership of Property. I represent that I own all of the Property. Your claim to the Property is ahead of the claims of any
other creditor, except as disclosed in writing to you prior to any advance on the Secured Debts. 
 5. DUTIES TOWARD PROPERTY. 

 A. Protection of Secured Party’s Interest. I will defend the Property against any other material claim. I agree to
take commercially reasonable steps to protect your security interest and to keep your claim in the Property ahead of the claims of other creditors. 
 I will keep books, records and accounts about the Property and my business in general. I will let you examine these and make copies on reasonable notice and at any reasonable time. I will prepare any
report or accounting you request which deals with the Property. 

  

					
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 B. Use, Location, and Protection of the Property. I will keep the Property in my
possession and in good repair to the extent required by my business. I will use it only for commercial purposes. I will not change this specified use without your prior written consent. You have the right of reasonable access to inspect the Property
and I will immediately inform you of any loss or damage to the Property. I will not cause or permit waste to the Property except reasonable wear and tear. 
 I will keep the Property at my address listed in the DATE AND PARTIES section, unless I give you notice, that I plan to keep it at another location. If the Property is to be used in other states, I will
give you a list of those states. The location of the Property is given to aid in the identification of the Property. It does not in any way limit the scope of the security interest granted to you. I will notify you in writing and obtain your prior
written consent to any change in location of any of the Property. I will not use the Property in violation of any law. I will notify you in writing of any change in my address, name or, if an organization, any change in my identity or structure.

 Until the Secured Debts are fully paid and this Agreement is terminated, I will not grant a security interest in any of the
Property without your prior written consent. I will pay all taxes and assessments levied or assessed against me or the Property and provide timely proof of payment of these taxes and assessments upon request unless such taxes or assessments are
being contested. 
 C. Selling, Leasing or Encumbering the Property. I will not sell, offer to sell, lease, or otherwise
transfer or encumber any material part of the Property without your prior written permission, except for Property sold in the ordinary course of business at fair market value. Any disposition of the Property contrary to this Agreement will violate
your rights. Your permission to sell the Property may be reasonably withheld without regard to the creditworthiness of any buyer or transferee. I will not permit the Property to be the subject of any court order affecting my rights to the Property
in any action by anyone other than you. 
 6. INSURANCE. I agree to obtain the insurance described in this Loan Agreement. 

A. Property Insurance. I will insure or retain insurance coverage on the Property and abide by the insurance requirements of any
security instrument securing the Loan. 
 B. Flood Insurance. Flood insurance is not required at this time. It may be
required in the future should the property be included in an updated flood plain map. If required in the future, I may obtain flood insurance from anyone I want that is reasonably acceptable to you. 

C. Insurance Warranties. I agree to purchase any insurance coverages that are, in the amounts that, in my judgment are reasonably
prudent. I will provide you with continuing proof of coverage. I will have the insurance company name you as loss payee on any insurance policy. You will apply the insurance proceeds toward what I owe you on the outstanding balance. I agree that if
the insurance proceeds do not cover the amounts I still owe you, I will pay the difference. I will keep the insurance until all debts secured by this agreement are paid. 
 7. AUTHORITY TO PERFORM. I authorize you to do anything you deem reasonably necessary to protect the Property, and perfect and continue your security interest in the Property. If I fail to perform
any of my duties under this Agreement or any other Loan Document, you are authorized, without notice to me, to perform the duties or cause them to be performed. 

  

					
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	South Dakota Security Agreement	  		  	Initials
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These authorizations include, but are not limited to, permission to: 

A. pay and discharge taxes, liens, security interests or other encumbrances at any time levied or placed on the Property.

 B. pay any rents or other charges under any lease affecting the Property. 

C. order and pay for the repair, maintenance and preservation of the Property. 

D. file any financing statements on my behalf and pay for filing and recording fees pertaining to the Property. 

E. take any commercially reasonable action you feel necessary to realize on the Property. 

F. handle any suits or other proceedings involving the Property in my name. 

G. make an entry on my books and records showing the existence of this Agreement. 

If you perform for me, you will use reasonable care. If you exercise the care and follow the procedures that you generally apply to the collection of
obligations owed to you, you will be deemed to be using reasonable care. Reasonable care will not include: any steps necessary to preserve rights against prior parties; the duty to send notices, perform services or take any other action in
connection with the management of the Property; or the duty to protect, preserve or maintain any security interest given to others by me or other parties. Your authorization to perform for me will not create an obligation to perform and your failure
to perform will not preclude you from exercising any other rights under the law or this Agreement. All cash and non-cash proceeds of the Property may be applied by you only upon your actual receipt of cash proceeds against such of the Secured Debts,
matured or unmatured, as you determine in your sole discretion. 
 If you come into actual or constructive possession of the Property, you will
preserve and protect the Property. For purposes of this paragraph, you will be in actual possession of the Property only when you have physical, immediate and exclusive control over the Property and you have affirmatively accepted that control. You
will be in constructive possession of the Property only when you have both the power and the intent to exercise control over the Property. 

8. DEFAULT. I will be in default if any of the following events (known separately and collectively as an Event of Default) occur: 

A. Payments. I fail to make a payment in full within 15 days of when due. 

B. Insolvency or Bankruptcy. The dissolution or appointment of a receiver by or on behalf of, application of any debtor relief law,
the assignment for the benefit of creditors by or on behalf of, the voluntary or involuntary termination of existence by, or the commencement of any proceeding under any present or future federal or state insolvency, bankruptcy, reorganization,
composition or debtor relief law by or against me or any co-signer, endorser, surety or guarantor of this Note or any other obligations I have with you which is not stayed or dismissed within 60 days. 

C. Business Termination. I dissolve, reorganize, end my business or existence. 

D. Failure to Perform. I fail, in a material manner, to perform any condition or to keep any promise or covenant of this Note which
failure continues for a period of 15 days after notice by you of such failure. 

  

					
	MANITEX LOAD KING, INC.	  		  	
	South Dakota Security Agreement	  		  	Initials
	SD/4susiksmi00216900007756012100511Y	  	Wolters Kluwer Financial Services -1996, 2011 Bankers Systems*	  	Page 4

 E. Other Documents. A default occurs under the terms of any other Loan Documents and
such default continues for a period of 15 days. 
 F. Other Agreements. I am in default on any other debt or agreement I
have with you. 
 G. Misrepresentation. I make any written statement or provide any financial information that is
materially untrue, inaccurate, or conceals a material fact at the time it is made or provided. 
 H. Judgment. I fail to
satisfy or appeal any judgment against me in excess of $500,000. 
 I. Forfeiture. The Property is used in a manner or for
a purpose that threatens confiscation by a legal authority. 
 J. Name Change. I change my name without notifying you and
you suffer a loss as a result of such failure. 
 K. Property Transfer. I transfer all or a substantial part of my
property. 
 L. Property Value. You determine in good faith that the value of the Property is materially impaired.

 M. Material Change. I will notify you if there is a material change in the ownership of my business. 

9. DUE ON SALE OR ENCUMBRANCE. You may, at your option, declare the entire balance of this Agreement to be immediately due and payable upon the
creation of, or contract for the creation of, any lien, encumbrance, transfer or sale of all or any part of the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. 

10. REMEDIES. After I default, and the expiration of a 30 day cure period, you may at your option do any one or more of the following. 

A. Acceleration. You may make all or any part of the amount owing by the terms of the Secured Debts immediately due. 

B. Sources. You may use any and all remedies you have under state or federal law or in any Loan Document. 

C. Insurance Benefits. You may make a claim for any and all insurance benefits or refunds that may be available on my default.

 D. Payments Made On My Behalf. Amounts advanced on my behalf will be immediately due and may be added to the Secured
Debts. 
 E. Assembly of Property. You may require me to gather the Property and make it available to you in a reasonable
fashion. 
 F. Repossession. You may repossess the Property so long as the repossession does not involve a breach of the
peace or violate any law. You may sell, lease or otherwise dispose of the Property as provided by law. You may apply what you receive from the disposition of the Property to your expenses, your attorneys’ fees and legal expenses (where not
prohibited by law), and any debt I owe you. If what you receive from the disposition of the Property does not satisfy the debt, I will be liable for the deficiency (where permitted by law). In some cases, you may keep the Property to satisfy the
debt. 
 Where a notice is required, I agree that ten days prior written notice sent by first class mail to my address listed in
this Agreement will be reasonable notice to me under the South Dakota Uniform Commercial Code. If the Property is perishable or threatens to decline speedily in value, you may, without notice to me, dispose of any or all of the Property in a
commercially reasonable manner at my expense following any commercially reasonable preparation or processing. 

  

					
	MANITEX LOAD KING, INC.	  		  	
	South Dakota Security Agreement	  		  	Initials
	SD/4susiksmi00216900007756012100511Y	  	Wolters Kluwer Financial Services -1996, 2011 Bankers Systems*	  	Page 5

 If any items not otherwise subject to this Agreement are contained in the Property when you
take possession, you may hold these items for me at my risk and you will not be liable for taking possession of them. 
 G.
Use and Operation. You may, upon reasonable notice and at reasonable times, enter upon my premises and take possession of all or any part of my property for the purpose of preserving the Property or its value, so long as you do not breach the
peace or violate other law. You may use and operate my property for the length of time you feel is necessary to protect your interest, all without payment or compensation to me. 

H. Waiver. By choosing any one or more of these remedies you do not give up your right to use any other remedy. You do not waive a
default if you choose not to use a remedy. By electing not to use any remedy, you do not waive your right to later consider the event a default and to use any remedies if the default continues or occurs again. 

11. WAIVER OF CLAIMS. I waive all claims for loss or damage caused by your acts or omissions where you acted reasonably and in good faith.

 12. PERFECTION OF SECURITY INTEREST AND COSTS. I authorize you to file a financing statement and/or security agreement, as
appropriate, covering the Property. I will comply with, facilitate, and otherwise assist you in connection with obtaining perfection or control over the Property for purposes of perfecting your security interest under the Uniform Commercial Code. I
agree to pay all taxes, fees and costs you pay or incur in connection with preparing, filing or recording any financing statements or other security interest filings on the Property. I agree to pay all actual costs of terminating your security
interest. 
 13. APPLICABLE LAW. This Agreement is governed by the laws of South Dakota, the United States of America, and to the extent
required, by the laws of the jurisdiction where the Property is located, except to the extent such state laws are preempted by federal law. In the event of a dispute, the exclusive forum, venue and place of jurisdiction will be in South Dakota,
unless otherwise required by law. 
 14. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. Each Debtor’s obligations under this
Agreement are independent of the obligations of any other Debtor. You may sue each Debtor individually or together with any other Debtor. You may release any part of the Property and I will still be obligated under this Agreement for the remaining
Property. 
 If you assign any of the Secured Debts, you may assign all or any part of this Agreement without notice to me or my consent, and
this Agreement will inure to the benefit of your assignee to the extent of such assignment. You will continue to have the unimpaired right to enforce this Agreement as to any of the Secured Debts that are not assigned. This Agreement shall inure to
the benefit of and be enforceable by you and your successors and assigns and any other person to whom you may grant an interest in the Secured Debts and shall be binding upon and enforceable against me, my successors, heirs and assigns. 

15. AMENDMENT, INTEGRATION AND SEVERABILITY. This Agreement may not be amended or modified by oral agreement. No amendment or modification of this
Agreement is effective unless made in writing and executed by you and me. This Agreement and the other Loan Documents are the complete and final expression of the understanding between you and me. If any provision of this Agreement is unenforceable,
then the unenforceable provision will be severed and the remaining provisions will still be enforceable. 

  

					
	MANITEX LOAD KING, INC.	  		  	
	South Dakota Security Agreement	  		  	Initials
	SD/4susiksmi00216900007756012100511Y	  	Wolters Kluwer Financial Services -1996, 2011 Bankers Systems*	  	Page 6

 SIGNATURES. By signing under seal, I agree to the terms contained in this Agreement. I also
acknowledge receipt of a copy of this Agreement. 
  

	
	
	DEBTOR:
	
	MANITEX LOAD KING, INC.
	
	        By David H.
Gransee                                        
                                         
   (Seal) None
	        DAVID H GRANSEE, VICE PRESIDENT

  

					
	MANITEX LOAD KING, INC.	  		  	
	South Dakota Security Agreement	  		  	Initials
	SD/4susiksmi00216900007756012100511Y	  	Wolters Kluwer Financial Services -1996, 2011 Bankers Systems*	  	Page 7

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