Document:

Exhibit 10.8

 

SECURITY AGREEMENT

 

SECURITY AGREEMENT,
dated effective as of February 29, 2016, between INDCO, INC., a Tennessee corporation (the “Company”), and FIRST
MERCHANTS BANK, N.A., a national banking association (the “Lender”).

 

WHEREAS, the Company
and Lender have entered into a Credit Agreement dated as of even date (as amended and in effect from time to time, the “Credit
Agreement”), pursuant to which the Lender, subject to the terms and conditions contained therein, is to make loans or otherwise
to extend credit to the Company; and

 

WHEREAS, it is a condition
precedent to the Lender’s making any loans or otherwise extending credit to the Company under the Credit Agreement that the
Company execute and deliver to the Lender a security agreement in substantially the form hereof, and

 

WHEREAS, the Company
wishes to grant security interests in favor of the Lender as herein provided.

 

NOW, THEREFORE, in
consideration of the promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

 

1.             Definitions.
All capitalized terms used herein without definitions shall have the respective meanings provided therefor in the Credit Agreement.
The term “State”, as used herein, means the State of Indiana. All terms defined in the Uniform Commercial Code of
the State and used herein shall have the same definitions herein as specified therein. However, if a term is defined in Article
9 of the Uniform Commercial Code of the State differently than in another Article of the Uniform Commercial Code of the State,
the term has the meaning specified in Article 9. The term “Obligations”, as used herein, means all of the indebtedness,
Rate Management Obligations (as defined in the Credit Agreement), obligations and liabilities of the Company to the Lender, individually
or collectively, whether direct or indirect, joint or several, absolute or contingent, due or to become due, now existing or hereafter
arising under or in respect of the Credit Agreement, any promissory notes, Rate Management Agreements (as defined in the Credit
Agreement), guaranties or other instruments or agreements executed and delivered pursuant thereto or in connection therewith or
this Agreement, and the term “Event of Default”, as used herein, shall have the meaning given such term in the Credit
Agreement.

 

2.             Grant of
Security Interest. The Company hereby grants to the Lender, to secure the payment and performance in full of all of the
Obligations, a security interest in and so pledges and assigns to the Lender the following properties, assets and rights of the
Company, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof (all of the
same being hereinafter called the “Collateral”): all domestic personal and fixture property of every kind and nature
including without limitation all goods (including inventory, equipment and any accessions thereto), instruments (including promissory
notes), documents, accounts (including health-care insurance receivables), chattel paper (whether tangible or electronic), deposit
accounts, letter-of-credit rights (whether or not the letter of credit is evidenced by a writing), commercial tort claims, securities
and all other investment property, supporting obligations, any other contract rights or rights to the payment of money, insurance
claims and proceeds, tort claims, and all general intangibles including, without limitation, all payment intangibles, patents,
patent applications, trademarks, trademark applications, trade names, copyrights, copyright applications, software, engineering
drawings, service marks, customer lists, goodwill, and all licenses, permits, agreements of any kind or nature pursuant to which
the Company possesses, uses or has authority to possess or use property (whether tangible or intangible) of others or others possess,
use or have authority to possess or use property (whether tangible or intangible) of the Company, and all recorded data of any
kind or nature, regardless of the medium of recording including, without limitation, all software, writings, plans, specifications
and schematics. The Lender acknowledges that the attachment of its security interest in any commercial tort claim as original collateral
is subject to the Company’s compliance with Section 4.7 hereof.

 

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3.             Authorization
to File Financing Statements. The Company hereby irrevocably authorizes the Lender at any time and from time to time to
file in any Uniform Commercial Code jurisdiction any initial financing statements and amendments thereto that (a) indicate the
Collateral (i) as all assets of the Company or words of similar effect, regardless of whether any particular asset comprised in
the Collateral falls within the scope of Article 9 of the Uniform Commercial Code of the State or such Jurisdiction, or (ii) as
being of an equal or lesser scope or with greater detail, and (b) contain any other information required by part 5 of Article 9
of the Uniform Commercial Code of the State for the sufficiency or filing office acceptance of any financing statement or amendment,
including (i) whether the Company is an organization, the type of organization and any organization identification number issued
to the Company and, (ii) in the case of a financing statement filed as a fixture filing or indicating Collateral as as-extracted
collateral or timber to be cut, a sufficient description of real property to which the Collateral relates. The Company agrees to
furnish any such information to the Lender promptly upon request. The Company also ratifies its authorization for the Lender to
have filed in any Uniform Commercial Code Jurisdiction any like initial financing statements or amendments thereto if filed prior
to the date hereof.

 

4.             Other Actions.
Further to insure the attachment, perfection and first priority of, and the ability of the Lender to enforce, the Lender’s
security interest in the Collateral, the Company agrees, in each case at the Company’s own expense, to take the following
actions with respect to the following Collateral:

 

		4.1.	Promissory Notes and Tangible Chattel Paper. If the Company
shall at any time hold or acquire any promissory notes or tangible chattel paper, the Company shall forthwith endorse, assign and
deliver the same to the Lender, accompanied by such instruments of transfer or assignment duly executed in blank as the Lender
may from time to time specify.

 

		4.2.	Deposit Accounts. For each deposit account that the Company at any time opens or
maintains, the Company shall, at the Lender’s request and option, pursuant to an agreement in form and substance satisfactory
to the Lender, either (a) cause the depositary bank to agree to comply at any time with instructions from the Lender to such depositary
bank directing the disposition of funds from time to time credited to such deposit account, without further consent of the Company,
or (b) arrange for the Lender to become the customer of the depositary bank with respect to the deposit account, with the Company
being permitted, only with the consent of the Lender, to exercise rights to withdraw funds from such deposit account. The Lender
agrees with the Company that the Lender shall not give any such instructions or withhold any withdrawal rights from the Company,
unless an Event of Default has occurred and is continuing, or, after giving effect to any withdrawal not otherwise permitted by
the Loan Documents, would occur. The provisions of this paragraph shall not apply to (i) any deposit account for which the Company,
the depositary bank and the Lender have entered into a cash collateral agreement specially negotiated among the Company, the depositary
bank and the Lender for the specific purpose set forth therein, (ii) deposit accounts for which the Lender is the depositary, and
(iii) deposit accounts specially and exclusively used for payroll, payroll taxes and other employee wage and benefit payments to
or for the benefit of the Company’s salaried employees.

 

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		4.3.	Investment Property. If the Company shall at any time hold or acquire any certificated
securities, the Company shall forthwith endorse, assign and deliver the same to the Lender, accompanied by such instruments of
transfer or assignment duly executed in blank as the Lender may from time to time specify. If any securities now or hereafter acquired
by the Company are uncertificated and are issued to the Company or its nominee directly by the issuer thereof, the Company shall
immediately notify the Lender thereof and, at the Lender’s request and option, pursuant to an agreement in form and substance
satisfactory to the Lender, either (a) cause the issuer to agree to comply with instructions from the Lender as to such securities,
without further consent of the Company or such nominee, or (b) arrange for the Lender to become the registered owner of the securities.
If any securities, whether certificated or uncertificated, or other investment property now or hereafter acquired by the Company
are held by the Company or its nominee through a securities intermediary or commodity intermediary, the Company shall immediately
notify the Lender thereof and, at the Lender’s request and option, pursuant to an agreement in form and substance satisfactory
to the Lender, either (i) cause such securities intermediary or (as the case may be) commodity intermediary to agree to comply
with entitlement orders or other instructions from the Lender to such securities intermediary as to such securities or other investment
property, or (as the case may be) to apply any value distributed on account of any commodity contract as directed by the Lender
to such commodity intermediary, in each case without further consent of the Company or such nominee, or (ii) in the case of financial
assets or other investment property held through a securities intermediary, arrange for the Lender to become the entitlement holder
with respect to such investment property, with the Company being permitted, only with the consent of the Lender, to exercise rights
to withdraw or otherwise deal with such investment property. The Lender agrees with the Company that the Lender shall not give
any such entitlement orders or instructions or directions to any such issuer, securities intermediary or commodity intermediary,
and shall not withhold its consent to the exercise of any withdrawal or dealing rights by the Company, unless an Event of Default
has occurred and is continuing, or, after giving effect to any such investment and withdrawal rights not otherwise permitted by
the Loan Documents, would occur. The provisions of this paragraph shall not apply to any financial assets credited to a securities
account for which the Lender is the securities intermediary.

 

		4.4.	Collateral in the Possession of a Bailee. If any goods are at any time in the possession
of a bailee, the Company shall promptly notify the Lender thereof and, if requested by the Lender, shall promptly obtain an acknowledgment
from the bailee, in form and substance satisfactory to the Lender, that the bailee holds such Collateral for the benefit of the
Lender and shall act upon the instructions of the Lender, without the further consent of the Company. The Lender agrees with the
Company that the Lender shall not give any such instructions unless an Event of Default has occurred and is continuing or would
occur after taking into account any action by the Company with respect to the bailee.

 

		4.5.	Electronic Chattel Paper and Transferable Records. If the Company at any time holds
or acquires an interest in any electronic chattel paper or any “transferable record,” as that term is defined in Section
201 of the federal Electronic Signatures in Global and National Commerce Act, or in Section 16 of the Uniform Electronic Transactions
Act as in effect in any relevant jurisdiction, the Company shall promptly notify the Lender thereof and, at the request of the
Lender, shall take such action as the Lender may reasonably request to vest in the Lender control, under § 9.1-105 of the
Uniform Commercial Code, of such electronic chattel paper or control under Section 201 of the federal Electronic Signatures in
Global and National Commerce Act or, as the case may be, Section 16 of the Uniform Electronic Transactions Act, as so in effect
in such Jurisdiction, of such transferable record. The Lender agrees with the Company that the Lender will arrange, pursuant to
procedures satisfactory to the Lender and so long as such procedures will not result in the Lender’s loss of control, for
the Company to make alterations to the electronic chattel paper or transferable record permitted under UCC § 9.1-105 or, as
the case may be, Section 201 of the federal Electronic Signatures in Global and National Commerce Act or Section 16 of the Uniform
Electronic Transactions Act for a party in control to make without loss of control, unless an Event of Default has occurred and
is continuing or would occur after taking into account any action by the Company with respect to such electronic chattel paper
or transferable record.

 

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		4.6.	Letter-of-Credit Rights. If the Company is at any time a beneficiary under a letter
of credit now or hereafter issued in favor of the Company, the Company shall promptly notify the Lender thereof and, at the request
and option of the Lender, the Company shall, pursuant to an agreement in form and substance satisfactory to the Lender, either
(i) arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to the Lender of the proceeds
of any drawing under the letter of credit, or (ii) arrange for the Lender to become the transferee beneficiary of the letter of
credit, with the Lender agreeing, in each case, that the proceeds of any drawing under the letter to credit are to be applied as
provided in the Credit Agreement.

 

		4.7	Commercial Tort Claims. If the Company shall at any time hold or acquire a commercial
tort claim, the Company shall immediately notify the Lender in a writing signed by the Company of the brief details thereof and
grant to the Lender in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement,
with such writing to be in form and substance satisfactory to the Lender.

 

		4.8.	Other Actions as to any and all Collateral. The Company further agrees to take any
other action reasonably requested by the Lender to insure the attachment, perfection and first priority of, and the ability of
the Lender to enforce, the Lender’s security interest in any and all of the Collateral including, without limitation, (a)
executing, delivering and, where appropriate, filing financing statements and amendments relating thereto under the Uniform Commercial
Code, to the extent, if any, that the Company’s signature thereon is required therefor, (b) causing the Lender’s name
to be noted as secured party on any certificate of title for a titled good if such notation is a condition to attachment, perfection
or priority of, or ability of the Lender to enforce, the Lender’s security interest in such Collateral, (c) complying with
any provision of any statute, regulation or treaty of the United States as to any Collateral if compliance with such provision
is a condition to attachment, perfection or priority of, or ability of the Lender to enforce, the Lender’s security interest
in such Collateral, (d) obtaining governmental and other third party consents and approvals, including without limitation any consent
of any licensor, lessor or other person obligated on Collateral, (e) obtaining waivers from mortgagees and landlords in form and
substance satisfactory to the Lender, and (f) taking all actions required by any earlier versions of the Uniform Commercial Code
or by other law, as applicable in any relevant Uniform Commercial Code jurisdiction, or by other law as applicable in any foreign
jurisdiction.

 

5.             Relation
to Other Security Documents. The provisions of this Agreement supplement the provisions of any real estate mortgage or
deed of trust granted by the Company to the Lender and securing the payment or performance of any of the Obligations. Nothing contained
in any such real estate mortgage or deed of trust shall derogate from any of the rights or remedies of the Lender hereunder. In
addition, the provisions of this Agreement shall be read and construed with the other security documents indicated below in the
manner so indicated.

 

6.             Representations
and Warranties Concerning Company’s Legal Status. The Company has previously delivered to the Lender a certificate
signed by the Company and entitled “Perfection Certificate” (the “Perfection Certificate”) in substantially
the form attached hereto as Appendix I. The Company represents and warrants to the Lender as follows: (a) the Company’s
exact legal name is that indicated on the Perfection Certificate and on the signature page hereof, (b) the Company is an organization
of the type and organized in the jurisdiction set forth in the Perfection Certificate, (c) the Perfection Certificate accurately
sets forth the Company’s organizational identification number or accurately states that the Company has none, (d) the Perfection
Certificate accurately sets forth the Company’s place of business or, if more than one, its chief executive office as well
as the Company’s mailing address if different, and (e) all other information set forth on the Perfection Certificate pertaining
to the Company is accurate and complete.

 

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7.             Covenants
Concerning Company’s Legal Status. The Company covenants with the Lender as follows: (a) without providing at least
thirty (30) days prior written notice to the Lender, the Company will not change its name, its place of business or, if more than
one, chief executive office, or its mailing address or organizational identification number if it has one, (b) if the Company does
not have an organizational identification number and later obtains one, the Company shall forthwith notify the Lender of such organizational
identification number, and (c) the Company will not change its type of organization, jurisdiction of organization or other legal
structure.

 

8.             Representations
and Warranties Concerning Collateral, Etc. The Company further represents and warrants to the Lender as follows: (a) the
Company is the owner of or has other rights in or power to transfer the Collateral, free from any adverse lien, security interest
or other encumbrance, except for the security interest created by this Agreement and other liens permitted by the Credit Agreement,
(b) none of the Collateral constitutes, or is the proceeds of, “farm products” as defined in § 9.1-102(a)(34)
of the Uniform Commercial Code of the State, (c) none of the account debtors or other persons obligated on any of the Collateral
is a governmental authority subject to the federal Assignment of Claims Act or like federal, state or local statute or rule in
respect of such Collateral, (d) the Company holds no commercial tort claim except as indicated on the Perfection Certificate, (e)
the Company has at all times operated its business in compliance with all applicable provisions of the federal Fair Labor Standards
Act, as amended, and with all applicable provisions of federal, state and local statutes and ordinances dealing with the control,
shipment, storage or disposal of hazardous materials or substances, and (f) all other information set forth on the Perfection Certificate
pertaining to the Collateral is accurate and complete.

 

9.             Covenants
Concerning Collateral, Etc. The Company further covenants with the Lender as follows: (a) the Collateral, to the extent
not delivered to the Lender pursuant to Section 4 hereof or used in the ordinary course of the Company’s business at multiple
locations and is “mobile” by its nature, will be kept at those locations listed on the Perfection Certificate and the
Company will not remove the Collateral from such locations, without providing at least thirty (30) days prior written notice to
the Lender, (b) except for the security interest herein granted and liens permitted by the Credit Agreement, the Company shall
be the owner of or have other rights in the Collateral free from any lien, security interest or other encumbrance, and the Company
shall defend the same against all claims and demands of all persons at any time claiming the same or any interests therein adverse
to the Lender, (c) the Company shall not pledge, mortgage or create, or suffer to exist a security interest in the Collateral in
favor of any person other than the Lender except for liens permitted by the Credit Agreement, (d) the Company will keep the Collateral
in good order and repair (subject to normal wear and tear and insured casualty loss) and will not use the same in material violation
of law or any policy of insurance thereon, (e) as provided in the Credit Agreement, the Company will permit the Lender, or its
designee, to inspect the Collateral at any reasonable time, wherever located, (f) the Company will pay promptly when due all taxes,
assessments, governmental charges and levies upon the Collateral or incurred in connection with the use or operation of such Collateral
or incurred in connection with this Agreement except any such taxes, assessments, governmental charge and levies which are being
diligently contested in good faith by appropriate proceedings, and for which adequate reserves have been set aside on the Company’s
books in accordance with GAAP, (g) the Company will continue to operate its business in compliance with all applicable provisions
of the federal Fair Labor Standards Act, as amended, and with all applicable provisions of federal, state and local statutes and
ordinances dealing with the control, shipment, storage or disposal of hazardous materials or substances, and (h) the Company will
not sell or otherwise dispose, or offer to sell or otherwise dispose, of the Collateral or any interest therein except for (i)
sales of inventory in the ordinary course of business and (ii) so long as no Event of Default has occurred and is continuing, sales
or other dispositions of obsolescent items of equipment in the ordinary course of business consistent with past practices.

 

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		10.	Insurance.

 

		10.1.	Maintenance of Insurance. The Company will maintain with financially sound and reputable
insurers insurance with respect to its properties and business against such casualties and contingencies as shall be in accordance
with general practices of businesses engaged in similar activities in similar geographic areas. Such insurance shall be in such
minimum amounts that the Company will not be deemed a coinsurer under applicable insurance laws, regulations and policies and otherwise
shall be in such amounts, contain such terms, be in such forms and be for such periods as may be reasonably satisfactory to the
Lender. In addition, all such insurance shall be payable to the Lender as loss payee. Without limiting the foregoing, the Company
will (i) keep all of its physical property insured with casualty or physical hazard insurance on an “all risks” basis,
with broad form flood and earthquake coverages and electronic data processing coverage, with a full replacement cost endorsement
and an “agreed amount” clause in an amount equal to 100% of the full replacement cost of such property, (ii) maintain
all such workers’ compensation or similar insurance as may be required by law, and (iii) maintain, in amounts and with deductibles
equal to those generally maintained by businesses engaged in similar activities in similar geographic areas, general public liability
insurance against claims of bodily injury, death or property damage occurring, on, in or about the properties of the Company; business
interruption insurance; and product liability insurance.

 

		10.2.	Insurance Proceeds. The proceeds of any casualty insurance in respect of any casualty
loss of any of the Collateral shall, subject to the rights, if any, of other parties with a prior interest in the property covered
thereby, (i) so long as no Event of Default has occurred and is continuing and to the extent that the amount of such proceeds is
sufficient to repair or replace the Company’s damaged or destroyed property, be disbursed to the Company for direct application
by the Company solely to the repair or replacement of the Company’s property so damaged or destroyed, and (ii) in all other
circumstances, be held by the Lender as cash collateral for the Obligations. The Lender may, at its sole option, disburse from
time to time all or any part of such proceeds so held as cash collateral, upon such terms and conditions as the Lender may reasonably
prescribe, for direct application by the Company solely to the repair or replacement of the Company’s property so damaged
or destroyed, or the Lender may apply all or any part of such proceeds to the Obligations.

 

		10.3.	Notice of Cancellation, Etc. All policies of insurance shall provide for at least
thirty (30) days prior written cancellation notice to the Lender. In the event of failure by the Company to provide and maintain
insurance as herein provided, the Lender may, at its option, provide such insurance and charge the amount thereof to the Company.
The Company shall furnish the Lender with certificates of insurance and policies evidencing compliance with the foregoing insurance
provision.

 

		11.	Collateral Protection Expenses: Preservation of Collateral.

 

		11.1.	Expenses Incurred by Lender. In its discretion, the Lender may, following the expiration
of any grace, notice or cure periods, discharge taxes and other encumbrances at any time levied or placed on any of the Collateral,
make repairs thereto and pay any necessary filing fees or, if the debtor fails to do so, insurance premiums. The Company agrees
to reimburse the Lender on demand for any and all expenditures so made. The Lender shall have no obligation to the Company to make
any such expenditures, nor shall the making thereof relieve the Company of any default.

 

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		11.2.	Lender’s Obligations and Duties. Anything herein to the contrary notwithstanding,
the Company shall remain liable under each contract or agreement comprised in the Collateral to be observed or performed by the
Company thereunder. The Lender shall not have any obligation or liability under any such contract or agreement by reason of or
arising out of this Agreement or the receipt by the Lender of any payment relating to any of the Collateral, nor shall the Lender
be obligated in any manner to perform any of the obligations of the Company under or pursuant to any such contract or agreement,
to make inquiry as to the nature or sufficiency of any payment received by the Lender in respect of the Collateral or as to the
sufficiency of any performance by any party under any such contract or agreement, to present or file any claim, to take any action
to enforce any performance or to collect the payment of any amounts which may have been assigned to the Lender or to which the
Lender may be entitled at any time or times. The Lender’s sole duty with respect to the custody, safe keeping and physical
preservation of the Collateral in its possession, under § 9.1-207 of the Uniform Commercial Code of the State or otherwise,
shall be to deal with such Collateral in the same manner as the Lender deals with similar property for its own account.

 

12.           Securities
and Deposits. The Lender may at any time following and during the continuance of an Event of Default, at its option, transfer
to itself or any nominee any securities constituting Collateral, receive any income thereon and hold such income as additional
Collateral or apply it to the Obligations. Whether or not any Obligations are due, the Lender may, following and during the continuance
of an Event of Default demand, sue for, collect, or make any settlement or compromise which it deems desirable with respect to,
the Collateral. Regardless of the adequacy of Collateral or any other security for the Obligations, any deposits or other sums
at any time credited by or due from the Lender to the Company may at any time be applied to or set off against any of the Obligations
then due and owing.

 

13.           Notification
to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing,
the Company shall, at the request of the Lender, notify account debtors and other persons obligated on any of the Collateral of
the security interest of the Lender in any account, chattel paper, general intangible, instrument or other Collateral and that
payment thereof is to be made directly to the Lender or to any financial institution designated by the Lender as the Lender’s
agent therefor, and the Lender may itself, if an Event of Default shall have occurred and be continuing, without notice to or demand
upon the Company, so notify account debtors and other persons obligated on Collateral. After the making of such a request or the
giving of any such notification, the Company shall hold any proceeds of collection of accounts, chattel paper, general intangibles,
instruments and other Collateral received by the Company as trustee for the Lender without commingling the same with other funds
of the Company and shall turn the same over to the Lender in the identical form received, together with any necessary endorsements
or assignments. The Lender shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments
and other Collateral received by the Lender to the Obligations, such proceeds to be immediately entered after final payment in
cash or other immediately available funds of the items giving rise to them.

 

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		14.	Power of Attorney.

 

		14.1.	Appointment and Powers of Lender. The Company hereby irrevocably constitutes and
appoints the Lender and any officer or agent thereof, with full power of substitution, as its true and lawful attorneys-in-fact
with full irrevocable power and authority in the place and stead of the Company or in the Lender’s own name, for the purpose
of carrying out the terms of this Agreement, to take any and all appropriate action and to execute any and all documents and instruments
that may be necessary or desirable to accomplish the purposes of this Agreement and, without limiting the generality of the foregoing,
hereby gives said attorneys the power and right, on behalf of the Company, without notice to or assent by the Company, to do the
following:

 

		(a)	upon the occurrence and during the continuance of an Event of Default, generally to sell, transfer,
pledge, make any agreement with respect to or otherwise deal with any of the Collateral in such manner as is consistent with the
Uniform Commercial Code of the State and as fully and completely as though the Lender were the absolute owner thereof for all purposes,
and to do at the Company’s expense, at any time, or from time to time, all acts and things which the Lender deems necessary
to protect, preserve or realize upon the Collateral and the Lender’s security interest therein, in order to effect the intent
of this Agreement, all as fully and effectively as the Company might do, including, without limitation, (i) the filing and prosecuting
of registration and transfer applications with the appropriate federal or local agencies or authorities with respect to trademarks,
copyrights and patentable inventions and processes, (ii) upon written notice to the Company, the exercise of voting rights with
respect to voting securities, which rights may be exercised, if the Lender so elects, with a view to causing the liquidation in
a commercially reasonable manner of assets of the issuer of any such securities, and (iii) the execution, delivery and recording,
in connection with any sale or other disposition of any Collateral, of the endorsements, assignments or other instruments of conveyance
or transfer with respect to such Collateral; and

 

		(b)	to the extent that the Company’s authorization given in Section 3 is not sufficient, to file
such financing statements with respect hereto, with or without the Company’s signature, or a photocopy of this Agreement
in substitution for a financing statement, as the Lender may deem appropriate and to execute in the Company’s name such financing
statements and amendments thereto and continuation statements which may require the Company’s signature.

 

		14.2.	Ratification by Company. To the extent permitted by law, the Company hereby ratifies
all that said attorneys shall lawfully do or cause to be done by virtue hereof. This power of attorney is a power coupled with
an interest and shall be irrevocable.

 

		14.3.	No Duty on Lender. The powers conferred on the Lender hereunder are solely to protect
its interests in the Collateral and shall not impose any duty upon it to exercise any such powers. The Lender shall be accountable
only for the amounts that it actually receives as a result of the exercise of such powers and neither it nor any of its officers,
directors, employees or agents shall be responsible to the Company for any act or failure to act, except for the Lender’s
own gross negligence or willful misconduct.

 

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15.           Remedies.
If an Event of Default shall have occurred and be continuing, the Lender may, without notice to or demand upon the Company, declare
this Agreement to be in default, and the Lender shall thereafter have in any jurisdiction in which enforcement hereof is sought,
in addition to all other rights and remedies, the rights and remedies of a secured party under the Uniform Commercial Code of the
State or of any jurisdiction in which Collateral is located, including, without limitation, the right to take possession of the
Collateral, and for that purpose the Lender may, so far as the Company can give authority therefor, enter upon any premises on
which the Collateral may be situated and remove the same therefrom. The Lender may in its discretion require the Company to assemble
all or any part of the Collateral at such location or locations within the jurisdictions of the Company’s principal office(s)
or at such other locations as the Lender may reasonably designate. Unless the Collateral is perishable or threatens to decline
speedily in value or is of a type customarily sold on a recognized market, the Lender shall give to the Company at least ten (10)
Business Days prior written notice of the time and place of any public sale of Collateral or of the time after which any private
sale or any other intended disposition is to be made. The Company hereby acknowledges that ten (10) Business Days prior written
notice of such sale or sales shall be reasonable notice. In addition, the Company waives any and all rights that it may have to
a judicial hearing in advance of the enforcement of any of the Lender’s rights hereunder, including, without limitation,
its right following an Event of Default to take immediate possession of the Collateral and to exercise its rights with respect
thereto.

 

16.           Standards
for Exercising Remedies. To the extent that applicable law imposes duties on the Lender to exercise remedies in a commercially
reasonable manner, the Company acknowledges and agrees that it is not commercially unreasonable for the Lender (a) to fail to
incur expenses reasonably deemed significant by the Lender to prepare Collateral for disposition or otherwise to complete raw
material or work in process into finished goods or other finished products for disposition, (b) to fail to obtain third party
consents for access to Collateral to be disposed of, or to obtain or, if not required by other law, to fail to obtain governmental
or third party consents for the collection or disposition of Collateral to be collected or disposed of, (c) to fail to exercise
collection remedies against account debtors or other persons obligated on Collateral or to remove liens or encumbrances on or
any adverse claims against Collateral, (d) to exercise collection remedies against account debtors and other persons obligated
on Collateral directly or through the use of collection agencies and other collection specialists, (e) to advertise dispositions
of Collateral through publications or media of general circulation, whether or not the Collateral is of a specialized nature,
(f) to contact other persons, whether or not in the same business as the Company, for expressions of interest in acquiring all
or any portion of the Collateral, (g) to hire one or more professional auctioneers to assist in the disposition of Collateral,
whether or not the collateral is of a specialized nature, (h) to dispose of Collateral by utilizing Internet sites that provide
for the auction of assets of the types included in the Collateral or that have the reasonable capability of doing so, or that
match buyers and sellers of assets, (i) to dispose of assets in wholesale rather than retail markets, (j) to disclaim disposition
warranties, (k) to purchase insurance or credit enhancements to insure the Lender against risks of loss, collection or disposition
of Collateral or to provide to the Lender a guaranteed return from the collection or disposition of Collateral, or (l) to the
extent deemed appropriate by the Lender, to obtain the services of other brokers, investment bankers, consultants and other professionals
to assist the Lender in the collection or disposition of any of the Collateral. The Company acknowledges that the purpose of this
Section 16 is to provide non-exhaustive indications of what actions or omissions by the Lender would not be commercially unreasonable
in the Lender’s exercise of remedies against the Collateral and that other actions or omissions by the Lender shall not
be deemed commercially unreasonable solely on account of not being indicated in this Section 16. Without limitation upon the foregoing,
nothing contained in this Section 16 shall be construed to grant any rights to the Company or to impose any duties on the Lender
that would not have been granted or imposed by this Agreement or by applicable law in the absence of this Section 16.

 

17.           No Waiver
by Lender, Etc. The Lender shall not be deemed to have waived any of its rights upon or under the Obligations or the Collateral
unless such waiver shall be in writing and signed by the Lender. No delay or omission on the part of the Lender in exercising any
right shall operate as a waiver of such right or any other right: A waiver on any one occasion shall not be construed as a bar
to or waiver of any right on any future occasion. All rights and remedies of the Lender with respect to the Obligations or the
Collateral, whether evidenced hereby or by any other instrument or papers, shall be cumulative and may be exercised singularly,
alternatively, successively or concurrently at such time or at such times as the Lender deems expedient.

 

    	 	9	 

     

    

 

18.           Suretyship
Waivers by Company. The Company waives demand, notice, protest, notice of acceptance of this Agreement, notice of loans
made, credit extended, Collateral received or delivered or other action taken in reliance hereon and all other demands and notices
of any description. With respect to both the Obligations and the Collateral, the Company assents to any extension or postponement
of the time of payment or any other indulgence, to any substitution, exchange or release of or failure to perfect any security
interest in any Collateral, to the addition or release of any party or person primarily or secondarily liable, to the acceptance
of partial payment thereon and the settlement, compromising or adjusting of any thereof, all in such manner and at such time or
times as the Lender may deem advisable. The Lender shall have no duty as to the collection or protection of the Collateral or any
income thereon, nor as to the preservation of rights against prior parties, nor as to the preservation of any rights pertaining
thereto beyond the safe custody thereof as set forth in Section 11.2. The Company further waives any and all other suretyship defenses.

 

19.           Marshalling.
The Lender shall not be required to marshal any present or future collateral security (including but not limited to this Agreement
and the Collateral) for, or other assurances of payment of, the Obligations or any of them or to resort to such collateral security
or other assurances of payment in any particular order, and all of its rights hereunder and in respect of such collateral security
and other assurances of payment shall be cumulative and in addition to all other rights, however existing or arising. To the extent
that it lawfully may, the Company hereby agrees that it will not invoke any law relating to the marshalling of collateral which
might cause delay in or impede the enforcement of the Lender’s rights under this Agreement or under any other instrument
creating or evidencing any of the Obligations or under which any of the Obligations is outstanding or by which any of the Obligations
is secured or payment thereof is otherwise assured, and, to the extent that it lawfully may, the Company hereby irrevocably waives
the benefits of all such laws.

 

20.           Proceeds
of Dispositions; Expenses. The Company shall pay to the Lender on demand any and all expenses, including reasonable attorneys’
fees and disbursements, incurred or paid by the Lender in protecting, preserving or enforcing the Lender’s rights under or
in respect of any of the Obligations or any of the Collateral. After deducting all of said expenses, the residue of any proceeds
of collection or sale of the Obligations or Collateral shall, to the extent actually received in cash, be applied to the payment
of the Obligations in such order or preference as the Lender may determine, proper allowance and provision being made for any Obligations
not then due. Upon the final payment and satisfaction in full of all of the Obligations and after making any payments required
by Sections 9.1-608(a) (1) (C) or 9.1-615 (a) (3) of the Uniform Commercial Code of the State, any excess shall be returned to
the Company, and the Company shall remain liable for any deficiency in the payment of the Obligations.

 

21.           Overdue
Amounts. Until paid, all amounts due and payable by the Company hereunder shall be a debt secured by the Collateral and
shall bear, whether before or after judgment, interest at the rate of interest for overdue principal set forth in the Credit Agreement.

 

22.           Governing
Law; Consent to Jurisdiction. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE.
The Company agrees that any suit for the enforcement of this Agreement may be brought in the courts of the State or any federal
court sitting therein and consents to the non-exclusive Jurisdiction of such court and to service of process in any such suit being
made upon the Company by mail at the address specified in the Credit Agreement. The Company hereby waives any objection that it
may now or hereafter have to the venue of any such suit or any such court or that such suit is brought in an inconvenient court.

 

23.           Waiver
of Jury Trial. THE COMPANY WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE
IN CONNECTION WITH THIS AGREEMENT, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THE PERFORMANCE OF ANY SUCH RIGHTS OR OBLIGATIONS. Except
as prohibited by law, the Company waives any right which it may have to claim or recover in any litigation referred to in the preceding
sentence any special, exemplary, punitive or consequential damages or any damages other than, or in addition to, actual damages.
The Company (i) certifies that neither the Lender nor any representative, agent or attorney of the Lender has represented, expressly
or otherwise, that the Lender would not, in the event of litigation, seek to enforce the foregoing waivers and (ii) acknowledges
that, in entering into the Credit Agreement and the other Loan Documents to which the Lender is a party, the Lender is relying
upon, among other things, the waivers and certifications contained in this Section 23.

 

    	 	10	 

     

    

  

24.     Miscellaneous.
The headings of each section of this Agreement are for convenience only and shall not define or limit the provisions thereof. This
Agreement and all rights and obligations hereunder shall be binding upon the Company and its respective successors and assigns,
and shall inure to the benefit of the Lender and its successors and assigns. If any term of this Agreement shall be held to be
invalid, illegal or unenforceable, the validity of all other terms hereof shall in no way be affected thereby, and this Agreement
shall be construed and be enforceable as if such invalid, illegal or unenforceable term had not been included herein. The Company
acknowledges receipt of a copy of this Agreement.

 

    	 	11	 

     

    

 

[SIGNATURE PAGE – SECURITY AGREEMENT]

 

IN WITNESS WHEREOF,
intending to be legally bound, the Company has caused this Agreement to be duly executed as of the date first above written.

 

	 	INDCO, INC., a Tennessee corporation
	 	 
	 	By:	/s/ C. Mark Hennis
	 	 	C. Mark Hennis, President

 

	Accepted:	 	 
	 	 	 
	FIRST MERCHANTS BANK, N.A.	 	 
	 	 	 
	By:	/s/ David DeCraene	 	 
	 	David DeCraene, Vice President	 	 

 

	STATE OF INDIANA	)
	 	)  SS:
	COUNTY OF _____________	)

 

Before me, a Notary
Public in and for said County and State, personally appeared C. Mark Hennis, the President of INDCO, Inc., a Tennessee corporation,
who, having been duly sworn, acknowledged the execution of the foregoing Security Agreement for and on behalf of such entity as
such officer or other representative and stated that all representations therein contained are true.

 

WITNESS my hand and
Notarial Seal this ___day of March, 2016.

 

	 	 
	 	Notary Public
	 	 
	 	 
	 	Notary Public (Printed)

 

	My Commission Expires:	My County of Residence:
	 	 
	______________________	____________________________________________

 

    	 	12	 

     

    

 

APPENDIX I

 

PERFECTION CERTIFICATE

 

The undersigned, C.
Mark Hennis, the President of INDCO, INC. (the “Company”), hereby certifies, with reference to a certain Security
Agreement dated effective as of February 29, 2016 (terms defined in such Security Agreement having the same meanings herein as
specified therein), between the Company and FIRST MERCHANTS BANK, N.A. (the “Lender”), to the Lender as follows:

 

1.            Name.
  The exact legal name of the Company as that name appears on its Certificate of Incorporation is as follows:

 

		2.	Other Identifying Factors.

 

		(a)	The following is the mailing address of the Company:

 

		(b)	If different from its mailing address, the Company’s place of business or, if more than one,
its chief executive office is located at the following address:

 

	Address	 	County	 	State
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

		(c)	The following is the type of organization of the Company:

 

 

		(d)	The following is the Jurisdiction of the Company’s organization:

 

 

		(e)	The following is the Company’s state issued organizational identification number [state
“None” if the state does not issue such a number]:

 

    	 	13	 

     

    

 

		3.	Other Names, Etc.

 

		(a)	The following is a list of all other names (including trade names or similar appellations) used
by the Company, or any other business or organization to which the Company became the successor by merger, consolidation, acquisition,
change in form, nature or jurisdiction of organization or otherwise, now or at any time during the past five (5) years:

 

		(b)	Attached hereto as Schedule 3 is the information required in Section 2 for any other
business or organization to which the Company became the successor by merger, consolidation, acquisition, change in form, nature
or Jurisdiction of organization or otherwise, now or at any time during the past five (5) years:

 

		4.	Other Current Locations.

 

		(a)	The following are all other locations in the United States of America in which the Company maintains
any books or records relating to any of the Collateral consisting of accounts, instruments, chattel paper, general intangibles
or mobile goods:

 

	Address	 	County	 	State
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

  

		(b)	The following are all other places of business of the Company in the United States of America:

 

	Address	 	County	 	State
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

  

    	 	14	 

     

    

 

(c)           The following are all other locations
in the United States of America where any of the Collateral consisting of inventory or equipment is located:

 

	Address	 	County	 	State
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

		(d)	The following are the names and addresses of all persons or entities other than the Company, such
as lessees, consignees, warehousemen or purchasers of chattel paper, which have possession or are intended to have possession of
any of the Collateral consisting of instruments, chattel paper, inventory or equipment:

 

	Name	 	Mailing Address	 	County	 	State
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

5.       Fixtures.
Attached hereto as Schedule 6 is the information required by UCC § 9.1-502(b) or former UCC § 9.1-402(5)
of each state in which any of the Collateral consisting of fixtures are or are to be located and the name and address of each real
estate recording office where a mortgage on the real estate on which such fixtures are or are to be located would be recorded.

 

IN WITNESS WHEREOF,
the undersigned has hereunto signed this Certificate effective as of February 29, 2016.

 

	 	APPENDIX – DO NOT EXECUTEExhibit 10.9

 

THIS AGREEMENT OR INSTRUMENT AND THE
OBLIGATIONS AND RIGHTS EVIDENCED HEREBY ARE SUBORDINATE IN THE MANNER AND TO THE EXTENT
SET FORTH IN THAT CERTAIN DEBT SUBORDINATION AGREEMENT DATED EFFECTIVE FEBRUARY 29, 2016 BY FIRST MERCHANTS BANK IN FAVOR
OF PRESIDENTIAL FINANCIAL CORPORATION (THE “SUBORDINATION AGREEMENT”) TO THE “SENIOR DEBT” (AS DEFINED
IN THE SUBORDINATION AGREEMENT), AND EACH PARTY TO OR HOLDER OF THIS AGREEMENT OR INSTRUMENT, BY ITS ACCEPTANCE HEREOF, IRREVOCABLY
AGREES TO BE BOUND BY THE PROVISIONS OF THE SUBORDINATION AGREEMENT. 

 

CONTINUING GUARANTY AGREEMENT

 

In consideration of credit which FIRST
MERCHANTS BANK, N.A. (“Lender”), having offices at 10333 North Meridian Street, Suite 350, Indianapolis, Indiana
46290 may concurrently with the execution hereof or from time to time hereafter extend to INDCO, INC., a Tennessee corporation
(“Borrower”), the undersigned (“Guarantor”), hereby guaranties to Lender, its successors and assigns, the
payment and performance when due, whether by acceleration or otherwise, without presentment or demand, protest, notice of dishonor
or diligence in collection and with a right of set-off against the undersigned, together with costs of collection and reasonable
attorneys’ fees and without relief from valuation or appraisement laws, of the principal of and interest on the indebtedness
and obligations of Borrower to Lender evidenced by, as contemplated in or arising in connection with a certain Credit Agreement
executed or to be executed by Borrower and Lender as of the date hereof (all of the indebtedness, obligations and indemnifications
guaranteed hereby are hereinafter referred to collectively as the “Indebtedness” and the Credit Agreement, the promissory
notes evidencing the credit facilities extended by Lender to Borrower and any other documents from time to time evidencing or executed
in connection with all or any portion of the Indebtedness are hereinafter referred to collectively as the “Loan Documents”).

 

Upon the occurrence of any event of default
under any of the Loan Documents, Guarantor agrees to pay to Lender, without relief from valuation and appraisement laws, all amounts
payable under this Guaranty, together with the reasonable costs and expenses incurred by Lender in connection with the collection
or enforcement of this Guaranty, including without implied limitation reasonable attorneys’ fees incurred by Lender in connection
with (i) the protection of any security for or rights arising in connection with this Guaranty, (ii) the enforcement of any provision
contained in this Guaranty or in any document executed in connection herewith, or (iii) the collection of any indebtedness evidenced
hereby or arising in connection herewith (including without limitation reasonable attorney’s fees incurred by Lender in connection
with any bankruptcy, reorganization, receivership or other proceeding affecting creditor’s rights and involving a claim under
this Guaranty or any document executed in connection herewith). All payments by Guarantor to Lender shall be paid in lawful money
of the United States of America.

 

The obligations of Guarantor hereunder are
primary, absolute, independent, irrevocable and unconditional, except as stated above. Lender may proceed directly against Guarantor
without exercising and/or exhausting any right or remedy against (a) any collateral which is security for the Indebtedness or (b)
Borrower or any other guarantor or other party primarily or secondarily liable for the payment of the Indebtedness.

 

    	 	1	 

     

    

 

Lender may, without demand or notice of
any kind, at any time during the occurrence and continuance of an event of default under any of the Loan Documents when any such
Indebtedness shall be due and payable hereunder by Guarantor, apply toward the payment of any such amount, in such manner of application
as Lender may choose, any funds of Guarantor on deposit with or in the possession of Lender.

 

Lender may from time to time without notice
to or the consent of Guarantor release, compromise, extend, increase or otherwise modify or amend any liability of Borrower or
the terms of any agreement, document or instrument evidencing the Indebtedness or executed in connection with the Indebtedness.
Except as otherwise herein provided, the obligations of Guarantor under this Guaranty shall be absolute and unconditional under
any and all circumstances (including, but without limitation, any event, occurrence or circumstance, whether or not within the
contemplation of the parties hereto and whether or not affecting the purposes of or any consideration to the Guarantor in entering
into this Guaranty) and shall remain in full force and effect until (i) the Indebtedness and any other obligations as evidenced
by the Loan Documents have been paid in full and (ii) Lender has no further obligation under the Loan Documents to lend additional
funds to Borrower.

 

The obligations of Guarantor shall not be
affected, modified or impaired upon the happening from time to time of any event, including but without limitation any of the following,
whether or not with notice to, or the consent of, Guarantor (notice of and consent to each of the following is hereby expressly
waived by Guarantor):

 

(a)      The
waiver, surrender, compromise, alteration, settlement, discharge, release or termination of any or all of the obligations, covenants
or agreements of Borrower except for the payment and performance of the Indebtedness in full;

 

(b)      The
failure to give notice to Borrower or Guarantor of the occurrence of an event of default under the terms and provisions of this
Guaranty or any of the Loan Documents;

 

(c)      The
extension or renewal of time for payment of any of the Indebtedness or any amount due under this Guaranty or of the time for performance
of any other obligation, covenant or agreement under or arising out of this Guaranty or any of the Loan Documents;

 

(d)      The
recision, waiver, modification or amendment (whether material or otherwise) of any obligation, covenant or agreement set forth
in this Guaranty or any of the Loan Documents or any other act or thing or omission or delay to do any other act or thing which
may in any manner or to any extent vary the risk of Guarantor or would otherwise operate as a discharge of Guarantor as a matter
of law;

 

(e)      The
taking, suffering or omitting to take any of the actions referred to or permitted to be taken by Lender in this Guaranty or in
any of the Loan Documents;

 

(f)      The
failure, omission, delay or lack of diligence on the part of Lender to enforce, assert or exercise any right, power or remedy conferred
on Lender under this Guaranty or any of the Loan Documents;

 

    	 	2	 

     

    

 

(g)      The
voluntary or involuntary liquidation, dissolution, sale or other disposition of all or substantially all of the assets, marshalling
of assets and liabilities, receivership, insolvency, bankruptcy, reorganization, arrangement, composition with creditors or readjustment
of, or any similar proceedings affecting Borrower or the allegation or contest of the validity of this Guaranty or any of the Loan
Documents;

 

(h)      The
release or discharge of Borrower from the performance or observance of any obligation, covenant or agreement contained in any of
the Loan Documents;

 

(i)       Any
event or action that would result in the release or discharge of Guarantor from the performance or observance of any obligation,
covenant or agreement contained in this Guaranty;

 

(j)       The
default or failure of Guarantor fully to perform the obligations of Guarantor set forth in this Guaranty;

 

(k)      The
invalidity, illegality or unenforceability of any of the Loan Documents or any part thereof;

 

(l)       The
waiver, surrender, compromise, alteration, settlement, discharge, release or termination of any or all of the obligations, covenants
or agreements of any other guarantor or other party primarily or secondarily liable for the payment of the Indebtedness; or

 

(m)      Any
other cause similar or dissimilar to any of the foregoing.

 

Guarantor acknowledges that Guarantor has
had an opportunity to review the Loan Documents and all other documentation and information which Guarantor feels is necessary
or appropriate in order to execute and deliver this Guaranty to Lender. Guarantor warrants and represents to Lender that Guarantor
has knowledge of Borrower’s financial condition and affairs and of all other circumstances which bear upon the risk assumed
by Guarantor under this Guaranty. Guarantor agrees to continue to keep informed thereof while this Guaranty is in force and further
agrees that Lender does not have and will not have any obligation to investigate the financial condition or affairs of Borrower
for the benefit of Guarantor or to advise Guarantor of any fact respecting, or any change in, the financial condition or affairs
of Borrower or any other circumstance which may bear upon Guarantor’s risk hereunder which comes to the knowledge of Lender,
its managers, employees or agents at any time, whether or not Lender knows, believes or has reason to know or to believe that any
such fact or change is unknown to Guarantor or might or does materially increase the risk of Guarantor hereunder.

 

Guarantor hereby ratifies all representations
and warranties made by Borrower with respect to Guarantor and agrees to be bound by all covenants, agreements and releases made
by Borrower with respect to Guarantor.

 

Guarantor hereby waives each of the following:

 

(n)      Notice
of (i) the acceptance of this Guaranty, (ii) the existence or creation of all or any of the Indebtedness, (iii) any extension of
credit, advancement, readvancement, loan or similar accommodation by Lender to Borrower, and (iv) the amount of the Indebtedness
which may exist from time to time;

 

(o)      Any
and all presentment, demand, protest or notice of dishonor, nonpayment or other default with respect to any of the Indebtedness;

 

    	 	3	 

     

    

 

(p)      Until
the payment in full of the Indebtedness, any claim, right or remedy which Guarantor may now have or hereafter acquire against Borrower
that arises hereunder and/or from the performance by Guarantor hereunder including, without limitation, any claim, remedy or right
of subrogation, reimbursement, exoneration, contribution, indemnification, or participation in any claim, right or remedy of Lender
against Borrower or any security which Lender now has or hereafter acquires, whether or not such claim, right or remedy arises
in equity, under contract, by statute, under common law, or otherwise;

 

(q)      Any
and all defenses based on suretyship or impairment of collateral;

 

(r)      All
diligence in collection or protection of or realization upon (i) the Indebtedness or any part thereof, (ii) any obligation hereunder,
and (iii) any collateral securing the Indebtedness; and

 

(s)      Any
rights arising by reason of the incapacity, lack of authority, death or disability of any other guarantor of the Indebtedness or
any failure by Lender to file or enforce a claim against the estate of any other guarantor.

 

Pursuant to the provisions of Indiana Code
Section 27-1-3.1-605(i), Guarantor hereby waives any right of discharge of this Guaranty arising under any defense based upon suretyship
or impairment of collateral or any other right of discharge set forth under the provisions of Indiana Code Section 27-1-3.1-605.

 

Guarantor shall have no right of contribution
with respect to any other guarantor unless and until Lender shall have received payment in full of all of the Indebtedness. Guarantor
shall not pursue collection of any indebtedness of Borrower to Guarantor or exercise any right or remedy with respect to any security
therefor unless and until Lender shall have received payment in full of all of the Indebtedness.

 

Guarantor agrees to give prompt written
notice to Lender of any material adverse change in the condition or operation of Guarantor, financial or otherwise. Guarantor represents,
warrants and covenants to Lender that (i) the financial statements of Guarantor heretofore delivered to Lender are true and correct
in all material respects and fairly present the financial condition of Guarantor and (ii) there has been no material adverse change
in the financial condition of Guarantor since the date of such statements.

 

Guarantor agrees to provide Lender as soon
as available but in any event not later than one hundred twenty (120) days after each fiscal year end, its annual financial statements
in the form requested by Lender.

 

If any demand is made at any time upon Lender
for the repayment or recovery of any amount or amounts received by Lender in payment or on account of any of the Indebtedness and
Lender repays all or any part of such amount or amounts by reason of any judgment, decree or order of any court or administrative
body or by reason of any settlement or compromise of any such demand, Guarantor will be and remain liable hereunder for the amount
or amounts so repaid or recovered to the same extent as if such amount or amounts had never been received originally by Lender.

 

    	 	4	 

     

    

 

Guarantor acknowledges and agrees that (i)
there may be from time to time additional guarantors of the Indebtedness, (ii) each such additional guarantor may execute a separate
guaranty in connection with such guarantor’s guarantee of the Indebtedness, (iii) each such separate guaranty may contain
different terms and provisions than the terms and provisions set forth in this Guaranty and (iv) each such separate guaranty may
guarantee more indebtedness and obligations (or less indebtedness and fewer obligations) of Borrower to Lender than the indebtedness
and obligations of Borrower to Lender which are guaranteed under this Guaranty. Guarantor further acknowledges and agrees that
the existence of any such additional guarantor and separate guaranty shall not affect the indebtedness and obligations of Guarantor
under this Guaranty.

 

Guarantor agrees that all actions or proceedings
arising directly, indirectly or otherwise in connection with, out of, related to or from this Guaranty shall be litigated at Lender’s
sole discretion or election, in a court having situs within the State of Indiana, the state of Lender’s principal place of
business. Guarantor hereby consents and submits to the jurisdiction of any local, state or federal court located within the State
of Indiana. Notwithstanding anything contained in this paragraph to the contrary, Lender shall have the right to commence and litigate
any action or proceeding against Guarantor or any property of Guarantor in any court of any other appropriate jurisdiction.

 

Guarantor and Lender, by acceptance of this
Guaranty, hereby agree that any suit, action or proceeding, whether a claim or counterclaim, brought or instituted by any party
on or with respect to this Guaranty or any other document executed in connection herewith or which in any way relates, directly
or indirectly to the Indebtedness or any event, transaction or occurrence arising out of or in any way connect with this Guaranty
or the dealings of the parties with respect hereto, shall be tried only by a court and not by a jury. GUARANTOR AND LENDER,
BY ACCEPTANCE OF THIS GUARANTY, HEREBY EXPRESSLY WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY SUCH SUIT, ACTION OR PROCEEDING.
Guarantor acknowledges that Guarantor may have a right to a trial by jury in any such suit, action or proceeding and that Guarantor
hereby is knowingly, intentionally and voluntarily waiving any such right. Guarantor further acknowledges and agrees that this
paragraph is material to this Guaranty and that adequate consideration has been given by Lender and received by Guarantor in exchange
for the waiver made by Guarantor pursuant to this paragraph.

 

Any written notice permitted or required
hereunder shall be effective when (a) mailed by certified United States mail, postage prepaid with return receipt requested,
or (b) sent by an overnight carrier which provides for a return receipt, to the applicable address specified below:

 

	If to Guarantor:	At the address following the signature of Guarantor
	 	 
	If to Lender:	First Merchants Bank, N.A.
	 	10333 North Meridian Street, Suite 350
	 	Indianapolis, Indiana  46290
	 	Attn: David DeCraene

 

or at such other address within the State of Indiana as Guarantor
or Lender may from time to time specify for itself by notice hereunder.

 

Guarantor hereby acknowledges, certifies
and represents to Lender that:

 

(t)       Guarantor
has a direct financial interest in Borrower and will benefit directly from the extension of the Indebtedness to Borrower;

 

(u)      Guarantor
has received valuable and sufficient consideration for the execution and delivery to Lender of this Guaranty; and

 

    	 	5	 

     

    

 

(v)      The
execution and delivery of this Guaranty to Lender will not cause Guarantor to be rendered insolvent.

 

This Guaranty shall be binding upon Guarantor
and Guarantor’s respective heirs, beneficiaries, successors, assigns and legal representatives and shall inure to the benefit
of Lender and its successors, assigns and legal representatives.

 

This Guaranty shall be construed in accordance
with the laws of the State of Indiana, notwithstanding that Indiana conflicts of law rules might otherwise require the substantive
rules of law of another jurisdiction to apply. If any provision (or portion thereof) of this Guaranty or the application thereof
to any person or circumstance shall to any extent be invalid or unenforceable, then the remainder of this Guaranty or the application
of such provision (or portion thereof) to any other person or circumstance shall be valid and enforceable to the fullest extent
permitted by law. Whenever the context requires or permits the singular shall include the plural, the plural shall include the
singular and the masculine, feminine and neuter shall be freely interchangeable.

 

[remainder of this page intentionally
blank – signature pages follow]

 

    	 	6	 

     

    

 

[SIGNATURE PAGE – GUARANTY]

 

IN WITNESS WHEREOF, Guarantor has executed
this Guaranty to be effective as of February 29, 2016.

 

	 	JANEL CORPORATION
	 	 	 
	 	By:	/s/ Brendan J. Killackey
	 	 	Brendan J. Killackey, President

 

	 	Address:	303 Merrick Road, Suite 400
	 	 	Lynbrook, New York, 11563

 

	STATE OF _____________	)
	 	) SS:
	COUNTY OF ___________	)

 

Before me, a Notary Public in and for said
County and State, personally appeared Brendan J. Killackey, the President of Janel Corporation, a ______________________ corporation,
who, having been duly sworn, acknowledged the execution of the foregoing instrument for and on behalf of such entity as such officer
or other representative.

 

WITNESS my hand and Notarial Seal this ___day
of March, 2016.

 

	 	 
	 	Notary Public
	 	 
	 	 
	 	Notary Public (Printed)

 

	My Commission Expires:	My County of Residence:
	 	 
	______________________	____________________________________________

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