Document:

SEPARATION SEVERANCE AGREEMENT

 

THIS
SEPARATION SEVERANCE AGREEMENT (“Agreement”) is made as of the 13th day of February, 2012 (the
“Commencement Date”, by and between John M. Silvestri, an individual (the
“Employee”), and OurPet’s Company, a Colorado corporation
whose principal address is 1300 East Street, Fairport Harbor, Ohio 44077 (the “Employer”).

 

RECITAL:

 

The
parties desire to enter into this Agreement to provide for certain severance benefits to the Employee in the event of a termination
by the Employer of his employment for any reason other than for Cause.

 

ACCORDINGLY,
the parties agree as follows:

 

ARTICLE I

DEFINITIONS

 

1.1The
definitions of certain words and phrases which are capitalized but not otherwise defined in the body of this Agreement are set
forth in Exhibit A attached hereto and incorporated herein by reference.

 

ARTICLE II

TERM OF AGREEMENT

 

2.1The
term of this Agreement (the “Term”) shall begin on the Commencement Date and end on the last date of the Employee’s
employment with the Employer. Notwithstanding the foregoing, if the Employer’s termination of the Employee’s employment
is a Qualifying Termination, then this Agreement shall terminate one (1) year after the date on which such termination occurs.

 

ARTICLE III

COMPENSATION UPON A QUALIFYING TERMINATION

 

3.1In
the event of a Qualifying Termination, the Employee shall be entitled to receive his then current salary and benefits for one
(1) year following such termination, to be paid in accordance with the Employer’s standard payroll schedule beginning
with the first pay period (determined in accordance with Employer’s normal payroll procedures) following the date of Employee’s
termination. Upon a Qualifying Termination, the Employee shall be under no further obligation to perform services for the
Employer.

 

3.2Notwithstanding
the provisions of Section 3.1:

 

(a)In
the event it shall be determined that any compensation by Employer to the Employee or for the Employee’s benefit, whether
pursuant to the terms of this Agreement or otherwise, (i) constitute “parachute payments” within the meaning
of Section 280G of the Internal Revenue Code of 1986, as amended from time to time (the “Code”), and the
Treasury Regulations promulgated or proposed thereunder and (ii) would be subject to the excise tax imposed by Section 4999
of the Code (the “Excise Tax”), then the Employee’s benefits under this Agreement shall be either (x) delivered
in full or (y) delivered as to such lesser extent which would result in no portion of such benefits being subject to the
Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the
Excise Tax, results in the receipt by the Employee on an after-tax basis of the greatest amount of benefits, notwithstanding that
all or some portion of such benefits may be taxable under Section 4999 of the Code.

    	 

    	 

    

 

(b)Unless
the Employer and Employee otherwise agree in writing, any determination required under this Section 3.2 shall be made
in writing by Employer’s independent public accountants (the “Accountants”), whose determination shall
be conclusive and binding upon the Employee and Employer for all purposes. For purposes of making the calculations required by
this Section 3.2, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and
may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The
Employer and Employee shall furnish to the Accountants such information and documents as the Accountants may reasonably request
in order to make a determination under this Section 3.2. The Employer shall bear all costs the Accountants may incur
in connection with any calculations contemplated by this Section 3.2.

 

(c)The
parties’ intent in entering into this Agreement is that none of the payment arrangements hereunder constitute a “deferral
of compensation” under Section 409A of the Code and the U.S. Department of Treasury
regulations and other interpretive guidance issued thereunder (“Section 409A”), and this Agreement shall
be interpreted in a manner consistent with that intent. To the maximum extent permitted by applicable law, the amounts payable
to Employee under this Agreement shall be made in reliance upon Treasury Regulation Section 1.409A-1(b)(9) (with respect to separation
pay plans). The parties acknowledge that uncertainty exists with respect to certain interpretive issues under Section 409A.
Accordingly, if Employee is a “specified employee” (within the meaning of Treasury
Regulation Section 1.409A-1(i)), as determined by Employer in accordance with Section 409A, as of the date of Employee’s
“separation from service” (within the meaning of Treasury Regulation Section 1.409A-1(h)), to the extent that any
payments or benefits under this Agreement are subject to Section 409A and the delayed payment or distribution of all or any portion
of such amounts to which Employee is entitled under this Agreement is required in order to avoid a prohibited distribution under
Section 409A(a)(2)(B)(i) of the Code, then such portion deferred under this Section 3.2(b) shall be paid or distributed (without
interest) to Employee in a lump sum on the earlier of (i) the date that is six (6) months following termination of Employee’s
employment, (ii) a date that is no later than thirty (30) days after the date of Employee’s death or (iii) the earliest
date as is permitted under Section 409A. For purposes of clarity, the six (6) month delay shall not apply in the case of
severance pay contemplated by Treasury Regulation Section 1.409A-1(b)(9)(iii) to the extent of the limits set forth therein. Any
remaining payments due under this Agreement shall be paid as otherwise provided herein. For
purposes of Section 409A (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), Employee’s
right to receive the installment payments described in Section 3.1 shall be treated as a right to receive a series of separate
payments and, accordingly, each installment payment shall at all times be considered a separate and distinct payment. The
parties shall cooperate to make such amendments to the terms of this Agreement as may be necessary to avoid the imposition of
penalties and additional taxes under Section 409A; provided that no such amendment shall materially increase the cost
to, or impose any additional liability on, the Employer with respect to any benefits described or provided herein.

 

3.3The
Employer shall withhold from any payments or benefits under this Agreement (whether or not otherwise acknowledged under this Agreement)
all federal, state, local or other taxes that it is legally required to withhold. Except as specifically provided herein, the
Employee alone shall be liable for the payment of any and all tax cost, incremental or otherwise, incurred by the Employee in
connection with the provision of any benefits described in this Agreement. No provision of this Agreement shall be interpreted
to provide for the gross-up or other mitigation of any amount payable or benefit provided to the Employee under terms of this
Agreement as a result of such taxes.

 

    	 

    	 

    

 

3.4The
Employee will not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment
or otherwise.

 

ARTICLE IV

SUCCESSOR TO CORPORATION

 

4.1This
Agreement shall bind any successor of Employer, its assets or its businesses (whether direct or indirect, by purchase, merger,
consolidation or otherwise) in the same manner and to the same extent that Employer would be obligated under this Agreement if
no succession had taken place. In the case of any transaction in which a successor would not by the foregoing provision or by
operation of law be bound by this Agreement, Employer shall require such successor expressly and unconditionally to assume and
agree to perform Employer’s obligations under this Agreement, in the same manner and to the same extent that Employer would
be required to perform if no such succession had taken place. The term “Employer,” as used in this Agreement,
shall mean OurPet’s Company and any such successor assignee to its business or assets which by reason hereof becomes
bound by this Agreement.

 

ARTICLE V

MISCELLANEOUS

 

5.1Any
notices and all other communications provided for herein shall be in writing and shall be deemed to have been duly given when
delivered or when mailed, by certified or registered mail, return receipt requested, postage prepaid, to the parties hereto at
the address set forth in the preamble of this Agreement, or to such other address as a party shall furnish to the other by notice
given in accordance with this Section.

 

5.2This
Agreement and all rights hereunder shall be governed by, and construed and interpreted in accordance with, the laws of the State
of Ohio applicable to contracts made and to be performed entirely within that State. The parties intend to and hereby do confer
exclusive jurisdiction upon the courts of any jurisdiction located within Lake County, Ohio to determine any dispute arising out
of or related to this Agreement, including the enforcement and the breach hereof.

 

5.3This
Agreement may be executed in any number of counterparts, each of which, when executed, shall be deemed to be an original and all
of which together shall be deemed to be one and the same instrument.

 

5.4This
Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective heirs, legal representatives,
successors and permitted assigns of the parties hereto. Except as set forth in Section 4.1, nothing in this Agreement is intended,
and it shall not be construed, to give any individual, firm, corporation, partnership, limited liability company, trust or other
entity, including any successor of such entity (each, a “Person”) other than the parties hereto any right,
remedy or claim under or in respect of this Agreement or any provisions hereof. 

 

5.5In
this Agreement, unless the context otherwise requires, words in the singular or in the plural shall each include the singular
and the plural, and words of the masculine gender shall include the feminine and the neuter, and, when the sense so indicates,
words of the neuter gender may refer to any gender.

 

    	 

    	 

    

 

5.6This
Agreement embodies the entire agreement and understanding between the Employer and Employee with respect to the subject matter
hereof, and supersedes all prior agreements and understandings, oral or written, relating to the subject matter hereof. It does
not supersede any existing non-disclosure, non-competition or similar agreements between the Employee and Employer, which agreements
remain in full force and effect in accordance with their respective terms.

 

5.7In
connection with the Employee’s employment with the Employer, Employee also executed the Employer’s standard Employee
Patent, Copyright and Confidentiality Agreement (the “Confidentiality Agreement”). The Employee acknowledges
that his obligations under such Confidentiality Agreement are ongoing and survive the termination of his employment with the Employer
and the Term of this Agreement.

 

5.8THIS
AGREEMENT DOES NOT CONSTITUTE AN EMPLOYMENT CONTRACT OR IMPOSE ON THE EMPLOYEE OR EMPLOYER ANY OBLIGATION TO RETAIN THE EMPLOYEE
AS AN EMPLOYEE OR TO CHANGE THE STATUS OF THE EMPLOYEE’S EMPLOYMENT. NOTHING IN THIS AGREEMENT SHALL CONFER UPON THE EMPLOYEE
ANY RIGHT OR ENTITLEMENT WITH RESPECT TO CONTINUATION OF EMPLOYMENT BY EMPLOYER OR INTERFERE IN ANY WAY WITH THE RIGHT OR POWER
OF EMPLOYER TO TERMINATE THE EMPLOYEE’S EMPLOYMENT AT ANY TIME, WITH OR WITHOUT CAUSE.

 

IN WITNESS WHEREOF,
the Employee has executed this Agreement, and Employer has caused this Agreement to be duly executed on its behalf, as of the date
first written above.

 

	 	EMPLOYER:
	 	OurPet’s Company
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Scott Mendes	 
	 	Its:	CFO	 
	 	 	 	 
	 	 	 	 
	 	EMPLOYEE:
	 	 	 	 
	 	 	 	 
	 	/s/ John M. Silvestri	 
	 	John M. Silvestri	 

 

    	 

    	 

    

 

 

EXHIBIT A

 

DEFINITIONS

 

The
words and phrases listed below shall be defined in the manner set forth herein unless the context clearly indicates otherwise:

 

(a)“Cause”
means any of the following: (i) Employee engaging in fraud, misappropriation of funds, embezzlement or like conduct committed
against the Employer or any of its customers, vendors or suppliers, (ii) Employee being convicted (or entering a plea of
nolo contendere) of a felony of any kind or of a crime involving moral turpitude, (iii) Employee misappropriating
any business opportunities of the Employer without the prior written consent of Employer; (iv) Employee breaching any material
covenant of Employee set forth in this Agreement, the Confidentiality Agreement or any other agreement with the Employer; (v) Employee
engaging in any act of sexual misconduct at or in connection with his employment with the Employer, including but not limited
to sexual harassment; (vi) Employee engaging in drug abuse or engaging in alcohol abuse, which, in either case, interferes
with the Employee’s performance of the duties or responsibilities of his position, or has a substantial negative effect
on the business or reputation of the Employer; (vii) Employee’s intentional destruction of any material property or
asset of Employer; (viii) Employee’s willful disregard of a published or otherwise generally recognized policy of the
Employer; or (ix) Employee neglecting his employment responsibilities to Employer; provided, however, that with
respect to the matters identified in (iv), (viii), and (ix), if the misconduct is reasonably susceptible to cure the Employer
shall provide the Employee with a written notice that identifies the proposed grounds for termination, and the termination shall
not be effective if the Employee has cured the identified misconduct within ten (10) days after his receipt of the notice thereof
from the Employer.

 

(b)“Disability”
means that, as a result of a physical or mental condition, the Employee is unable to perform
the essential functions of his job, with or without a reasonable accommodation, at the same level of performance as he engaged
in prior to the onset of such condition, and that such situation is likely to continue for a substantial period of time. For purposes
hereof, the Employee shall suffer a Disability if the Employer’s Board of Directors determines in good faith that the Employee:
(i) has been declared legally incompetent by a final court decree; (ii) has received disability insurance benefits from
any disability income insurance policy maintained by the Employer, for a period of three (3) consecutive months; or (iii) has
suffered a physical or mental disability within the meaning of §22(e)(3) of the Code, as determined by a medical doctor satisfactory
to the Board.

 

(c)
“Qualifying Termination” means the Employer’s termination without Cause of the Employee’s employment
during the term of this Agreement. For purposes of clarification, the termination of the Employee’s employment due to Death,
Disability or the Employee’s voluntary resignation of his employment with the Employer shall not be a Qualifying Termination.Exhibit 10.1

Waiver
and seventh AMENDMENT to 

THIRD
AMENDED AND RESTATED Loan and security agreement

 

THIS
Seventh AMENDMENT To THIRD AMENDED AND RESTATED Loan and
Security Agreement (this “Amendment”) is entered into February 15, 2012, by and between SILICON
VALLEY BANK (“Bank”) and CROSSROADS SYSTEMS (TEXAS), INC., a Texas corporation (“Borrower”).

Recitals

A.
   Bank and Borrower have entered into that certain Third Amended and Restated Loan and Security Agreement
dated as of December 31, 2007, as amended by (i) that certain First Amendment to Third Amended and Restated Loan and Security
Agreement dated February 11, 2008, (ii) that certain Second Amendment to Third Amended and Restated Loan and Security
Agreement dated effective as of January 8, 2009, (iii) that certain Third Amendment to Third Amended and Restated Loan and
Security Agreement dated effective as of July 29, 2009, (iv) that certain Fourth Amendment to Third Amended and Restated Loan
and Security Agreement dated effective as of January 14, 2010, (v) that certain Fifth Amendment to Third Amended and Restated
Loan and Security Agreement dated effective as of December 29, 2010, and (vi) that certain Sixth Amendment to Third Amended
and Restated Loan and Security Agreement (as the same may from time to time be further amended, modified, supplemented or
restated, the “Loan Agreement”).

B.    Bank
has extended credit to Borrower for the purposes permitted in the Loan Agreement.

C.    Borrower
is currently in default of the Loan Agreement because of Borrower’s failure to satisfy the Tangible Net Worth
financial covenant set forth in Section 6.7(ii) of the Loan Agreement for the month ending November 30, 2011 (the
“Existing Default”).

D.    Borrower
has requested that Bank (i) waive the Existing Default, and (ii) modify the financial covenants set forth in Sections
6.7(ii) of the Loan Agreement, and (iii) make certain other amendments as more particularly set forth herein.

E.    Although
Bank is under no obligation to do so, Bank is willing to (i) so waive the Existing Default, and (ii) make the amendments as
more particularly set forth herein, so long as Borrowers comply with the terms, covenants and conditions set forth in this
Amendment in a timely manner.

    	Page 1

    	 

    
 

Agreement

Now,
Therefore, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy
of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

1.                 
Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to
them in the Loan Agreement.

2.                 
Waiver. Subject to Section 7 below, Bank hereby waives the Existing Default. Except as provided in the
above described default, Bank’s agreement to waive the Existing Default (1) in no way shall be deemed an agreement by the
Bank to waive Borrower’s compliance with the above-described covenant as of all other dates, (2) shall not limit or impair
Bank’s right to demand strict performance of the above-described covenant as of all other dates, and (3) shall not limit
or impair Bank’s right to demand strict performance of all other covenants as of any date.

3.                  Amendments
to Loan Agreement.

3.1           Interest
Rate (Term Loan). Section 2.3(a)(ii) of the Loan Agreement is hereby amended and restated in its entirety as follows:

(ii)Term Loan Advances.
Subject to Section 2.3(b), the principal amount of all Term Loan Advances outstanding under this Agreement shall accrue
interest at a floating per annum rate equal to the sum of (a) two and one half of one percent (2.50%), plus (b) the Prime Rate,
which interest shall be payable monthly in accordance with Section 2.3(f) below; provided, however, that in the event that
Borrower satisfies the financial covenants set forth in Section 6.7 at all times (i) through and including July 31, 2012,
the margin set forth in subpart (a) of this Section 2.3(a)(ii) will decrease to two and one quarter of one percent (2.25%),
and (ii) through and including July 31, 2013, the margin set forth in subpart (a) of this Section 2.3(a)(ii) will decrease
to two percent (2.0%).

 

3.2          Financial
Covenants (Tangible Net Worth). Sections 6.7(ii) of the Loan Agreement is hereby amended and restated in its
entirety as follows:

(ii)Minimum
Tangible Net Worth. Maintain a Tangible Net Worth of at least: (a) the sum of (i) $4,500,000, plus (ii) the Monthly Adjustment,
plus (iii) the aggregate amount of all prior Monthly Adjustments, as tested for the months November 2011, December 2011 and January
2012, (b) the sum of (i) $3,500,000, plus (ii) the Monthly Adjustment, plus (iii) the aggregate amount of all prior Monthly Adjustments,
as tested for the months February 2012, March 2012 and April 2012, and (c) the sum of (i) $2,000,000, plus (ii) the Monthly Adjustment,
plus (iii) the aggregate amount of all prior Monthly Adjustments, as tested for the month August 2012 and each month thereafter.

 

3.3
          Compliance Certificate. The form of Compliance Certificate attached to the Loan Agreement as Exhibit D is hereby deleted
and replaced with the form of Compliance Certificate attached hereto as Annex 1.

    	Page 2

    	 

    
 

4.                 
Representations and Warranties. To induce Bank to enter into this Amendment, each Borrower hereby represents
and warrants to Bank as follows:

4.1
          Immediately after giving effect to this Amendment
(a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material
respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which
case they are true and correct as of such date), and (b) no Event of Default other than the Existing Default, has
occurred and is continuing;

4.2
           Each Borrower has the power and authority to execute
and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment;

4.3
           The organizational documents of each Borrower
delivered to Bank on the Effective Date remain true, accurate and complete and have not been amended, supplemented or
restated and are and continue to be in full force and effect;

4.4            The
execution and delivery by each Borrower of this Amendment and the performance by each Borrower of its obligations under the
Loan Agreement, as amended by this Amendment, have been duly authorized;

4.5            The
execution and delivery by each Borrower of this Amendment and the performance by each Borrower of its obligations under the
Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or
affecting Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment
or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or
(d) the organizational documents of Borrower;

4.6
           The execution and delivery by Borrower of this
Amendment and the performance by each Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do
not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with,
or exemption by any governmental or public body or authority, or subdivision thereof, binding on either Borrower, except as
already has been obtained or made; and

4.7            This
Amendment has been duly executed and delivered by each Borrower and is the binding obligation of each Borrower, enforceable
against each Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy,
insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles
relating to or affecting creditors’ rights.

    	Page 3

    	 

    

5.                  Release
by Each Borrower.

5.1            FOR
GOOD AND VALUABLE CONSIDERATION, each Borrower hereby forever relieves, releases, and discharges Bank and its present or
former employees, officers, directors, agents, representatives, attorneys, and each of them, from any and all claims, debts,
liabilities, demands, obligations, promises, acts, agreements, costs and expenses, actions and causes of action, of every
type, kind, nature, description or character whatsoever, whether known or unknown, suspected or unsuspected, absolute or
contingent, arising out of or in any manner whatsoever connected with or related to facts, circumstances, issues,
controversies or claims existing or arising from the beginning of time through and including the date of execution of this
Amendment (collectively “Released Claims”). Without limiting the foregoing, the Released Claims shall
include any and all liabilities or claims arising out of or in any manner whatsoever connected with or related to the Loan
Documents, the Recitals hereto, any instruments, agreements or documents executed in connection with any of the foregoing or
the origination, negotiation, administration, servicing and/or enforcement of any of the foregoing.

5.2            By
entering into this release, each Borrower recognizes that no facts or representations are ever absolutely certain and it may
hereafter discover facts in addition to or different from those which it presently knows or believes to be true, but that it
is the intention of Borrower hereby to fully, finally and forever settle and release all matters, disputes and differences,
known or unknown, suspected or unsuspected; accordingly, if Borrower should subsequently discover that any fact that it
relied upon in entering into this release was untrue, or that any understanding of the facts was incorrect, Borrower shall
not be entitled to set aside this release by reason thereof, regardless of any claim of mistake of fact or law or any other
circumstances whatsoever. Each Borrower acknowledges that it is not relying upon and has not relied upon any representation
or statement made by Bank with respect to the facts underlying this release or with regard to any of such party’s
rights or asserted rights.

5.3            This
release may be pleaded as a full and complete defense and/or as a cross-complaint or counterclaim against any action, suit,
or other proceeding that may be instituted, prosecuted or attempted in breach of this release. Each Borrower
acknowledges that the release contained herein constitutes a material inducement to Bank to enter into this Amendment, and
that Bank would not have done so but for Bank’s expectation that such release is valid and enforceable in all
events.

5.4            Each
Borrower hereby represents and warrants to Bank, and Bank is relying thereon, as follows:

(a)            Except
as expressly stated in this Amendment, neither Bank nor any agent, employee or representative of Bank has made any statement
or representation to Borrower regarding any fact relied upon by Borrower in entering into this Amendment.

(b)
           Borrower has made such investigation of the facts
pertaining to this Amendment and all of the matters appertaining thereto, as it deems necessary.

(c)             The
terms of this Amendment are contractual and not a mere recital.

(d)             This
Amendment has been carefully read by Borrower, the contents hereof are known and understood by Borrower, and this Amendment is
signed freely, and without duress, by Borrower.

(e)             Each
Borrower represents and warrants that it is the sole and lawful owner of all right, title and interest in and to every claim
and every other matter which it releases herein, and that it has not heretofore assigned or transferred, or purported to
assign or transfer, to any person, firm or entity any claims or other matters herein released. Each Borrower shall indemnify
Bank, defend and hold it harmless from and against all claims based upon or arising in connection with prior assignments or
purported assignments or transfers of any claims or matters released herein.

    	Page 4

    	 

    

6.                  
 Counterparts. This Amendment may be executed in any number of counterparts and all of such counterparts taken together
shall be deemed to constitute one and the same instrument.

7.                  
  Effectiveness. This Amendment shall be deemed effective upon (a) the due execution and delivery to Bank of this
Amendment by each party hereto, and (b) the payment by Borrowers to Bank of a fully earned, non-refundable waiver and
amendment fee of $1,000.

8.                
  Binding Loan Agreement. This Amendment shall be binding upon, and shall inure to the benefit
of, the parties’ respective representatives, successors and assigns.

9.                 
  No Defenses. Each Borrower by its execution of this Amendment, hereby declares that it has no
set-offs, counterclaims, defenses or other causes of action against Bank arising out of the Credit Extension, the
modification of the Credit Extension, any documents mentioned herein or otherwise; and, to the extent any such setoffs,
counterclaims, defenses or other causes of action may exist, whether known or unknown, such items are hereby waived by
Borrower.

10.                  Further
Assurances. The parties hereto shall execute such other documents as may be necessary or as may be required, in the
opinion of counsel to Bank, to effect the transactions contemplated hereby and the liens and/or security interests of all
other collateral instruments, as modified by this Amendment. Each Borrower also agrees to provide to Bank such other
documents and instruments as Bank reasonably may request in connection with the modification effected hereby.

11.              
    Enforceability. In the event the enforceability or validity of any portion of this Amendment, the Loan
Agreement or any of the other Loan Documents is challenged or questioned, such provision shall be construed in accordance
with, and shall be governed by, whichever applicable federal law or law of the State of California would uphold or would
enforce such challenged or questioned provision.

12.              
    Choice of Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF TEXAS, EXCEPT TO THE EXTENT FEDERAL LAWS PREEMPT THE LAWS OF THE STATE OF TEXAS.

13.                   Future
Amendments. This Amendment and the other Loan Documents may be amended, revised, waived, discharged, released or
terminated only by a written instrument or instruments, executed by the party against which enforcement of the amendment,
revision, waiver, discharge, release or termination is asserted. Any alleged amendment, revision, waiver, discharge, release
or termination which is not so documented shall not be effective as to any party.

    	Page 5

    	 

    

THIS Amendment
AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL LOAN AGREEMENT BETWEEN THE PARTIES RELATED TO THE SUBJECT MATTER HEREIN CONTAINED
AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN
ORAL AGREEMENTS BETWEEN THE PARTIES.

 

 

Remainder
of Page Intentionally Left Blank; 

Signature
Page Follows

 

 

    	Page 6

    	 

    
 

 

In
Witness Whereof, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first
written above.

 

	BANK 	 	BORROWER 	 
	 	 	 	 	 	 
	SILICON VALLEY BANK	 	CROSSROADS SYSTEMS (TEXAS), INC., 	 
	 	 	 	a Texas corporation	 
	 	 	 	 	 	 
	By: 	/s/ Scott Downey  	 	By: 	/s/ Jennifer Crane 	 
	Name:	Scott Downey 	 	Name: 	Jennifer Crane 	 
	Title:	Relationship Manager	 	Title:	CFO

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