Document:

Exhibit
10.1

 

SEVENTH
AMENDMENT TO LOAN AND SECURITY AGREEMENT

 

This
SEVENTH AMENDMENT TO LOAN AND SECURITY AGREEMENT dated as of December 30, 2019 (this “Amendment”) to the
Loan and Security Agreement dated as of August 17, 2016 (as amended by the First Amendment dated as of December 12, 2016, the
Second Amendment dated as of November 13, 2017 (including the Allonge dated November 13, 2017 pursuant thereto to the
Revolving Note and the Term Note), the Third Amendment dated as of January 16, 2018, the Fourth Amendment dated as of April
27, 2018, the Fifth Amendment dated as of November 14, 2018 and a Joinder Agreement dated as of November 20, 2018, the Sixth
Amendment dated as of November 6, 2019 and as it may be further amended, restated, supplemented, modified or otherwise
changed from time to time, the “Loan Agreement”), is by and among Creative Realities, Inc., a Minnesota
corporation (“CRI”), Creative Realities, LLC, a Delaware limited liability company
(“CRLLC”), Conexus World Global, LLC, a Kentucky limited liability company (“Conexus”),
and Allure Global Solutions, Inc. a Georgia corporation (“Allure” and collectively referred to together
with CRI, CRLLC and Conexus as the “Borrower”), and Slipstream Communications, LLC, an Anguillan
limited liability company (the “Lender”). All terms used herein that are defined in the Loan Agreement and
not otherwise defined herein shall have the respective meanings assigned to them in the Loan Agreement.

 

WHEREAS,
Borrower, Broadcast International, Inc., a Utah corporation (“BII”), and the Lender are parties to the Loan Agreement,
pursuant to which, inter alia, as of the date hereof and immediately prior to the effectiveness of this Amendment, the
outstanding principal amount of the Term Loan is $3,000,000, the outstanding principal amount of the Revolving Loan is $1,000,000
and the outstanding principal amount of the Disbursed Escrow Loan is $264,000;

 

WHEREAS,
CRI has advised the Lender that BII has been dissolved; and

 

WHEREAS,
Borrower has requested that the Lender make a special loan (the “Special Loan”) to Borrower and, upon the terms and
subject to the conditions set forth in this Amendment, the Lender is willing to make the Special Loan.

 

NOW
THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, Borrower and the Lender, intending to be legally bound, hereby agree as follows:

 

		1.	Amendments.The
                                         Loan Agreement is hereby amended as follows:

 

		a)	Section
                                         1.1(b) is amended and restated so that as amended and restated it reads in its entirety
                                         as follows:

 

“Upon
the request of Borrower made upon the terms and subject to the conditions of this Agreement, the Lender may, in its sole and complete
discretion, but without any obligation to do so, provide additional Advances to Borrower in the form of Revolving Loans or Special
Loans, as the case may be, in an aggregate principal amount outstanding at any time of up to the Revolving Loan Limit or the Special
Loan Limit, as the case may be. The Revolving Loans and the Special Loans are to be evidenced by, and are repayable in accordance
with the terms of, the Revolving Note or the Special Loan Note, as the case may be, and this Agreement. Each Revolving Loan will
have a maturity date as specified on the schedule attached to the Revolving Note with respect to such Revolving Loan (or if no
date is specified then on the Maturity Date), but in no event will the maturity date of any Revolving Loan extend past the Maturity
Date and, notwithstanding anything to the contrary, any Revolving Loan outstanding on the Maturity Date shall immediately become
due and payable in full without demand, notice or any other action. Each Special Loan will have a maturity date of the Special
Loan Maturity Date and, notwithstanding anything to the contrary, any Special Loan outstanding on the Special Loan Maturity Date
shall immediately become due and payable in full without demand, notice or any other action. No Special Loan which is paid or
prepaid may be reborrowed.”;

 

     

     

    

 

		b)	(Section
                                         2(c) is amended by inserting after the words “Revolving Loan” in all places
                                         where they appear therein “or a Special Loan” and inserting after the words
                                         “Revolving Note” the phrase “or the Special Loan Note, as the case
                                         may be,” and inserting after the words “the Revolving Loan Limit” the
                                         words “the Special Loan Limit” “;

 

		c)	Section
                                         1.4(b) is hereby amended and restated so that as so amended and restated it reads in
                                         its entirety as follows: 

 

“(i)
Interest shall accrue on the principal balance of each of the Loans and shall be paid on a monthly basis in each case as specified
in the respective Note, (ii) all then-accrued but unpaid interest shall be paid on the Maturity Date with respect to the Revolving
Note and the Term Note, and on the Disbursed Escrow Maturity Date with respect to the Disbursed Escrow Note, and on the Special
Loan Maturity Date in the case of the Special Loan Note and (iii) if any interest accrues or remains payable after the Termination
Date, interest shall be paid upon demand made by Lender.”;

 

		d)	Section
                                         1.4 (c) is hereby amended and restated so that as so amended and restated it reads in
                                         its entirety as follows: 

 

“Effective
upon the occurrence of an Event of Default and so long as the same shall be continuing, the Loan Rate shall automatically be increased
by six percentage points per annum (6.0%) (such increased rate, the “Default Rate”). The portion of interest which
is the Default Rate shall be payable in cash. In the event that the Loan Rate or the Default Rate exceeds the highest rate of
interest permissible under applicable law, then the Loan Rate and/or the Default Rate shall be the maximum amount as allowed by
applicable law.”;

 

		e)	Section
                                         1.5 is hereby amended by inserting immediately after the phrase “and third to the
                                         Disbursed Escrow Loan” the phrase “and fourth to the Special Loan”;
                                         

 

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		f)	A
                                         new Section 1.7 is added, which section shall read in its entirety as follows:

 

“’Conversion
to New Preferred Stock’ “Upon the earlier to occur of an Event of Default and October 1, 2020, if any of the principal
amount of the Special Loan is then outstanding, the principal and accrued but unpaid interest of the Special Loan and the outstanding
SLPIK shall be automatically converted into shares of a new series of Senior Convertible Preferred Stock of CRI (the “New
Preferred”) having an Appraised Value equal to three times the then outstanding principal amount and accrued but unpaid
interest of the Special Loan and the outstanding SLPIK and having the following terms and conditions, as reasonably determined
by CRI and the Lender: (i) the New Preferred shall be the most senior equity security of CRI, including with respect to the payment
of dividends and other distributions; (ii) except as set forth in this Section 1.7 shall be on substantially the same terms and
conditions as CRI’s Series A-1 6% Convertible Preferred Stock as set forth in its Certificate of Designation immediately
before the same was cancelled pursuant to a Certificate of Cancellation dated as of March 13, 2019; (iii) shall not be subject
to a right of redemption upon the part of a holder thereof; (iv) shall accrue and pay quarterly dividends at the rate of twelve
percent (12%) per annum which shall be payable in cash; (iv) the Stated Value shall be an amount as mutually agreed by CRI and
the Lender at the time of issuance; (v) the Conversion Price shall be an amount equal to 80% of the average for the 30-day period
ending two days prior to the required conversion date of the daily average of the range of CRI’s common stock (calculated
pursuant to information on The Wall Street Journal Online Edition), subject to appropriate adjustments; and (vi) neither section
6(e) of the Series A-1 Certificate of Designation nor any similar provision shall apply to the New Preferred. For purposes hereof
“Appraised Value” shall mean the value of the New Preferred determined by an independent investment bank of national
standing mutually agreed upon by CRI and the Lender, or if they cannot so agree then they shall each select such an investment
bank and those banks shall select a third such bank to determine the Appraised Value. On or prior to the date of the first required
issuance of any New Preferred Stock, CRI and the Lender shall have entered into a Registration Rights Agreement with respect to
the Common Stock issued and issuable upon the conversion of the New Preferred on terms mutually agreeable to said parties. Nothing
in this Section 1.7 shall affect the Special Loan or any of the terms thereof.”

 

		g)	The
                                         second sentence of Section 3.3 is hereby amended by inserting immediately after the phrase
                                         “As of the Closing Date, each Loan Document (other than the First Amendment, as
                                         to which as of the First Amendment Effective Date and other than the Second Amendment,
                                         as to which as of the Second Amendment Effective Date and other than the Third Amendment,
                                         as to which as of the Third Amendment Effective Date, and other than the Fourth Amendment,
                                         as to which as of the Fourth Amendment Date, and other than the Fifth Amendment, as to
                                         which as of the Fifth Amendment Effective Date, and other than the Joinder, as to which
                                         as of November 20, 2018 and other than the Sixth Amendment, as to which as of the Sixth
                                         Amendment Effective Date” and immediately before the closing of the parenthetical
                                         therein, the phrase “and other than the Seventh Amendment, as to which as of the
                                         Seventh Amendment Effective Date”;

 

		h)	Schedule
                                         A is hereby amended by adding the following definitions, in appropriate alphabetical
                                         order:

 

		i)	“’Seventh
                                         Amendment’ means the Seventh Amendment to Loan and Security Agreement dated
                                         as of December 30, 2019, among Borrower and the Lender.”;

 

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		ii)	“’Seventh
                                         Amendment Effective Date” shall have the meaning specified therefor in Section
                                         3 of the Seventh Amendment.”;
	 	 	 
		iii)	“’SLPIK’
                                         shall have the meaning set forth in the definition of Loan Rate.”;
	 	 	 
		iv)	“’Special
                                         Loan’ means the loan in the amount specified in and evidenced by the Special
                                         Loan Note and made to Borrower under the terms of this Agreement, and any renewals, extensions,
                                         revisions, modifications, replacements or substitutions therefor or thereof.
	 	 	 
		v)	“’Special
                                         Loan Advance’ means each advance of the Special Loan made or deemed made pursuant
                                         to this Agreement, which advances cannot exceed in the aggregate principal amount outstanding
                                         at any time the Special Loan Limit.”;
	 	 	 
		vi)	“’Special
                                         Loan Limit’ means $2,500,000.”;
	 	 	 
		vii)	“’Special
                                         Loan Maturity Date’ means June 30, 2021.”; and
	 	 	 
		viii)	“’Special
                                         Loan Note’ means the Secured Special Loan Promissory Note dated as of the date
                                         of the Seventh Amendment in the form of Exhibit A hereto.”.

		i)	Schedule
                                         A is hereby amended by:

 

		i)	amending
                                         the definition of Loan Documents by inserting immediately after the phrase “and
                                         from and after the Sixth Amendment Effective Date, the Sixth Amendment” the phrase
                                         “and from and after the Seventh Amendment Effective Date, the Seventh Amendment
                                         and the Special Loan Note”;
	 	 	 
		ii)	Amending
                                         the defined term “Obligations” by (A) inserting immediately after the words
                                         “the Disbursed Escrow Note” in both places where they appear the words “or
                                         the Special Loan Note” and (B) inserting after the phrase “the Term Loan”
                                         in both places where it appears, the phrase “or the Revolving Loan, or after the
                                         Disbursed Escrow Maturity Date with respect to the Disbursed Escrow Loan, or after the
                                         Special Loan Maturity Date with respect to the Special Loan, as the case may be”;
                                         and
	 	 	 
		iii)	amending
                                         and restating the following definitions so in each case as so amended and restated they
                                         read in their respective entireties as follows:

 

		(A)	“’Advance’
                                         means the Revolving Advances, the Term Loan Advance, each Disbursed Escrow Advance and
                                         the Special Loan Advance.”;
	 	 	 
		(B)	“’Loan
                                         Rate’ means, with respect to the Term Loan and the Revolving Loan, eight percent
                                         (8.0%) per annum; provided however at all times when the aggregate outstanding principal
                                         amount of the Term Loan and the Revolving Loan exceeds $4,100,000 then the Loan Rate
                                         shall be ten percent (10%), of which eight percent (8%) shall be payable in cash and
                                         two percent (2%) shall be paid by the issuance of and treated as additional principal
                                         of the Term Loan (the “PIK”); provided, further, however, that the Loan Rate
                                         with respect to the Disbursed Escrow Loan shall be zero percent (0%); and provided, further,
                                         however, that the Loan Rate with respect to the Special Loan shall be eight percent (8%)
                                         of which six percent (6%) shall be payable in cash and two percent (2%) shall be paid
                                         by the issuance of and treated as additional principal of the Special Loan (the “SLPIK”).”;
	 	 	 
		(C)	“’Loans’
                                         means the Revolving Loan, the Term Loan, the Disbursed Escrow Loan and the Special Loan.”;
                                         and
	 	 	 
		(D)	“’Notes’
                                         means the Revolving Note, the Term Note, the Disbursed Escrow Note and the Special Loan
                                         Note.”.

 

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		2.	Representations
                                         and Warranties.Borrower hereby represents and warrants to Lender as follows:

 

		a)	Representations
                                         and Warranties; No Event of Default. The representations and warranties herein, in Article
                                         3 of the Loan Agreement and in each other Loan Document, certificate or other writing
                                         delivered by or on behalf of Borrower to the Lender pursuant to this Amendment, the Loan
                                         Agreement or any other Loan Document on or prior to the Seventh Amendment Effective Date
                                         (as defined below) are true and correct in all material respects (except that such materiality
                                         qualifier shall not be applied to any representations or warranties that already are
                                         qualified or modified as to “materiality” or “Material Adverse Effect”
                                         in the text thereof, which representations and warranties shall be true and correct in
                                         all respects subject to such qualification) on and as of the Seventh Amendment Effective
                                         Date as though made on and as of such date (unless such representations or warranties
                                         (after taking into account this Amendment) are stated to relate to an earlier date, in
                                         which case such representations and warranties shall be true and correct on and as of
                                         such earlier date in all material respects (except that such materiality qualifier shall
                                         not be applicable to any representations or warranties that already are qualified or
                                         modified as to “materiality” or “Material Adverse Effect” in the
                                         text thereof, which representations and warranties shall be true and correct in all respects
                                         subject to such qualification), and no Default or Event of Default has occurred and is
                                         continuing as of the Seventh Amendment Effective Date or would result from this Amendment
                                         becoming effective in accordance with its terms.

 

		b)	Authorization,
                                         Etc. The execution, delivery and performance by Borrower of this Amendment and the
                                         other Loan Documents being executed concurrently herewith, and the performance of the
                                         Loan Agreement, as amended hereby, and the other Loan Documents, (i) have been duly authorized
                                         by all necessary action, (ii) do not and will not contravene any of the governing documents
                                         of any Borrower or any applicable Requirement of Law, (iii) do not and will not contravene
                                         any Contractual Obligation binding on or otherwise affecting any Borrower or any of its
                                         properties (except for those the conflict with which could not reasonably be expected
                                         to result in a Material Adverse Effect), (iv) do not and will not result in or require
                                         the creation of any Lien (other than pursuant to any Loan Document) upon or with respect
                                         to any properties of any Borrower, and (v) do not and will not result in any default,
                                         noncompliance, suspension, revocation, impairment, forfeiture or non-renewal of any permit,
                                         license, authorization or approval applicable to its operations or any of its properties,
                                         except in each case to the extent that such default, noncompliance, contravention, suspension,
                                         revocation, impairment, forfeiture or non-renewal could not reasonably be expected to
                                         result in a Material Adverse Effect.

 

		c)	Enforceability
                                         of Loan Documents. This Amendment, the Loan Agreement as amended by this Amendment,
                                         and each other Loan Document to which any Borrower is or will be a party, when delivered
                                         hereunder, will be, a legal, valid and binding obligation of such Person, enforceable
                                         against such Person in accordance with its terms, except as enforceability may be limited
                                         by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws
                                         and by general principles of equity.

 

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		3.	Conditions
                                         to Effectiveness. This Amendment shall become effective only upon satisfaction in
                                         full, in a manner reasonably satisfactory to the Lender and its counsel, of the following
                                         conditions precedent (the first date upon which all such conditions shall have been satisfied
                                         (or waived) being herein called the “Seventh Amendment Effective Date”):

 

		a)	Representations
                                         and Warranties. The representations and warranties contained in this Amendment and
                                         in Article 3 of the Loan Agreement and in each other Loan Document, certificate or other
                                         document delivered to Lender pursuant to this Amendment, the Loan Agreement or any other
                                         Loan Document on or prior to the Seventh Amendment Effective Date are true and correct
                                         in all material respects (except that such materiality qualifier shall not be applied
                                         to any representations or warranties that already are qualified or modified as to “materiality”
                                         or “Material Adverse Effect” in the text thereof (which representations and
                                         warranties shall be true and correct in all respects subject to such qualification),
                                         on and as of the Seventh Amendment Effective Date as though made on and as of such date,
                                         except to the extent that any such representation or warranty (after taking into account
                                         this Amendment) expressly relates solely to an earlier date (in which case such representation
                                         or warranty shall be true and correct on and as of such earlier date in all material
                                         respects (except that such materiality qualifier shall not be applicable to any representations
                                         or warranties that already are qualified or modified as to “materiality” or
                                         “Material Adverse Effect” in the text thereof, which representations and warranties
                                         shall be true and correct in all respects subject to such qualification) on and as of
                                         such earlier date).

 

		b)	No
                                         Default; Event of Default. No Default or Event of Default shall have occurred and
                                         be continuing on the Seventh Amendment Effective Date or result from this Amendment becoming
                                         effective in accordance with its terms.

 

		c)	Delivery
                                         of Documents. The Lender shall have received on or before the Seventh Amendment Effective
                                         Date the following, each in form and substance reasonably satisfactory to the Lender
                                         and, unless indicated otherwise, dated the Seventh Amendment Effective Date:

 

		i)	this
                                         Amendment, duly executed by each Borrower;

 

		ii)	the
                                         Special Loan Note, duly executed by each Borrower;

 

		iii)	an
                                         acknowledgement and agreement by each Borrower for the Lender to make a payment directly
                                         to Lender’s counsel for Lender’s legal fees and expenses and such payment
                                         to constitute part of the Special Loan; and 

 

		iv)	a
                                         certificate of an authorized officer of each Borrower, certifying as to the matters set
                                         forth in subsections (a) and (b) of this Section 3.

 

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		4.	Continued
                                         Effectiveness of the Loan Agreement and Other Loan Documents. Each Borrower hereby
                                         (i) confirms and agrees that the Loan Agreement and each other Loan Document to which
                                         it is a party is, and shall continue to be, in full force and effect and is hereby ratified
                                         and confirmed in all respects except that on and after the Seventh Amendment Effective
                                         Date all references in any such Loan Document to “the Loan Agreement,” the
                                         “Agreement,” “thereto,” “thereof,” “thereunder”
                                         or words of like import referring to the Loan Agreement shall mean the Loan Agreement
                                         as amended by this Amendment, and (ii) confirms and agrees that to the extent that any
                                         Loan Document purports to assign or pledge to the Lender, or to grant to the Lender a
                                         security interest in or Lien on, any Collateral as security for the Obligations of any
                                         Borrower from time to time existing in respect of the Loan Agreement (as amended hereby)
                                         and the other Loan Documents, such pledge, assignment and/or grant of the security interest
                                         or Lien is hereby ratified and confirmed in all respects. This Amendment does not and
                                         shall not affect any of the obligations of any Borrower, other than as expressly provided
                                         herein, including, without limitation, the Borrower’s obligations to repay the Loans
                                         in accordance with the terms of the Loan Agreement, or the obligations of any Borrower
                                         under any Loan Document to which it is a party, all of which obligations shall remain
                                         in full force and effect. Except as expressly provided herein, the execution, delivery
                                         and effectiveness of this Amendment shall not operate as a waiver of any right, power
                                         or remedy of the Lender under the Loan Agreement or any other Loan Document, nor constitute
                                         a waiver of any provision of the Loan Agreement or any other Loan Document.

 

		5.	Release.
                                         (a) Each Borrower hereby acknowledges and agrees that: (i) no Borrower has any claim
                                         or cause of action against the Lender (or any of its Affiliates or its or their officers,
                                         directors, employees, managers, members, partner, shareholders, attorneys or consultants)
                                         in connection with the Loan Documents and (ii) the Lender has heretofore properly performed
                                         and satisfied in a timely manner all of its obligations to Borrower under the Loan Agreement
                                         and the other Loan Documents that are required to have been performed on or prior to
                                         the date hereof. Notwithstanding the foregoing, the Lender wishes (and Borrower agrees)
                                         to eliminate any possibility that any past conditions, acts, omissions, events or circumstances
                                         would impair or otherwise adversely affect any of the Lender’s rights, interests, security
                                         and/or remedies under the Loan Agreement and the other Loan Documents. Accordingly, for
                                         and in consideration of the agreements contained in this Amendment and other good and
                                         valuable consideration, each Borrower (for itself and each other Borrower and the successors,
                                         assigns, heirs and representatives of each of the foregoing) (collectively, the “Releasors”)
                                         does hereby fully, finally, unconditionally and irrevocably release and forever discharge
                                         Lender and each of its Affiliates and its and their managers, members, partners, officers,
                                         directors, employees, shareholders attorneys and consultants in their capacities as or
                                         for the Lender (collectively, the “Released Parties”) from any and all
                                         debts, claims, obligations, damages, costs, attorneys’ fees, suits, demands, liabilities,
                                         actions, proceedings and causes of action, in each case, whether known or unknown, contingent
                                         or fixed, direct or indirect, and of whatever nature or description, and whether in law
                                         or in equity, under contract, tort, statute or otherwise, which any Releasor has heretofore
                                         had or now or hereafter can, shall or may have against any Released Party by reason of
                                         any act, omission or thing whatsoever done or omitted to be done directly arising out
                                         of, connected with or related to this Amendment, the Loan Agreement or any other Loan
                                         Document, or any act, event or transaction related or attendant thereto, or the agreements
                                         of the Lender contained therein, or the possession, use, operation or control of any
                                         of the assets of any Borrower, or the making of any Loans or other Advances, or the management
                                         of such Loans or Advances or the Collateral, in each case, solely to the extent arising
                                         from any act, omission or thing whatsoever done or omitted to be done on or prior to
                                         the Seventh Amendment Effective Date.

 

		6.	Miscellaneous.

 

		a)	Borrower
                                         will pay on demand all reasonable and documented out-of-pocket fees, costs and expenses
                                         of the Lender, including, without limitation, fees, costs and expenses of the Office
                                         of Andrew Ross, counsel to the Lender, in connection with the structuring, preparation,
                                         negotiation, execution and delivery of this Amendment, the Special Loan Note and the
                                         transactions and all documents contemplated herein and therein, and related transactions,
                                         and all documents with respect thereto.

 

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		b)	Section
                                         and paragraph headings herein are included for convenience of reference only and shall
                                         not constitute a part of this Amendment for any other purpose.

 

		c)	Borrower
                                         hereby acknowledges and agrees that this Amendment constitutes a “Loan Document”
                                         under the Loan Agreement. Accordingly, it shall be an Event of Default under the Loan
                                         Agreement if (i) any representation or warranty made by a Borrower under or in connection
                                         with this Amendment shall have been incorrect in any material respect when made, or (ii)
                                         any Borrower shall fail to perform or observe any term, covenant or agreement contained
                                         in this Amendment.

 

		d)	All
                                         representations, warranties, acknowledgements, agreements and other covenants of the
                                         Borrowers in this Amendment are made on a joint and several basis and are made by each
                                         Borrower with respect to itself and all other Borrowers.

 

		e)	Any
                                         provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall,
                                         as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability
                                         without invalidating the remaining portions hereof or affecting the validity or enforceability
                                         of such provision in any other jurisdiction.

 

		7.	Covenant
                                         by Borrower. Borrower covenants and agrees that at any time upon the request of Lender,
                                         Borrower will cause Wireless Ronin Technologies, Corp., a Canadian company and subsidiary
                                         of CRI to become a party to the Agreement.

 

		8.	Counterparts.
                                         This Amendment may be entered into in any number of separate counterparts by any one
                                         or more of the parties hereto, and all of said counterparts taken together shall constitute
                                         one and the same instrument. Valid and binding signatures to this Amendment may be delivered
                                         in original ink, by facsimile or by email or other means of electronic transmission.

 

		9.	Governing
                                         Law. This Amendment and the obligations arising hereunder shall be governed by, and
                                         construed and enforced in accordance with, the laws of the State of New York applicable
                                         to contracts made and performed in such state, without regard to the principles thereof
                                         regarding conflicts of laws.

 

		10.	Submission
                                         To Jurisdiction; Waiver Of Jury Trial.

 

		a)	BORROWER
                                         HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN NEW YORK CITY,
                                         NEW YORK, SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES
                                         BETWEEN BORROWER AND THE LENDER PERTAINING TO THIS AMENDMENT OR ANY OF THE OTHER LOAN
                                         DOCUMENTS OR TO ANY MATTER ARISING OUT OF OR RELATED TO THIS AMENDMENT OR ANY OF THE
                                         OTHER LOAN DOCUMENTS; PROVIDED, HOWEVER, THAT NOTHING IN THIS AMENDMENT OR ANY OTHER
                                         LOAN DOCUMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE THE LENDER FROM BRINGING SUIT OR
                                         TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO COLLECT THE OBLIGATIONS, TO REALIZE
                                         ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE OBLIGATIONS, OR TO ENFORCE A JUDGMENT
                                         OR OTHER COURT ORDER IN FAVOR OF THE LENDER. BORROWER EXPRESSLY SUBMITS AND CONSENTS
                                         IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND
                                         BORROWER HEREBY WAIVES ANY OBJECTION THAT IT MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION,
                                         IMPROPER VENUE OR FORUM NON CONVENIENS.

 

		b)	THE
                                         PARTIES HERETO WAIVE ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT
                                         TO RESOLVE ANY DISPUTE, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE BETWEEN LENDER
                                         AND BORROWER ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THE RELATIONSHIP
                                         ESTABLISHED BETWEEN THEM IN CONNECTION WITH THIS AMENDMENT, THE OTHER LOAN DOCUMENTS
                                         OR THE TRANSACTIONS RELATED HERETO OR THERETO.

 

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IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered as of the date set forth on the first
page hereof.

 

	BORROWER:	 	LENDER:
	 	 	 
	CREATIVE REALITIES, INC.	 	SLIPSTREAM COMMUNICATIONS, LLC
	CREATIVE REALITIES, LLC	 	 
	CONEXUS WORLD GLOBAL, LLC	 	 
	ALLURE GLOBAL SOLUTIONS, INC.	 	   	 
	 	 	By:	/s/
    Brian Friedman
	 	 	Name: 	Brian Friedman
	By:  	/s/
    Rick Mills	 	Title: 	General
Counsel & Secretary 
	 	Rick Mills, Chief
Executive Officer	 	 
	 	 	 
	Address for Notice (for all Borrowers):	 	Address for Notice:
	Creative Realities, Inc. 	 	 
	Attention: Chief Financial Officer	 	 
	22 Audrey Place	 	 
	Fairfield, NJ 07004	 	 

 

     

     

    

 

Exhibit
A

Form
of Secured Special Loan NoteExhibit 10.2

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THIS NOTE MAY NOT BE OFFERED FOR SALE OR
SOLD IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES LAWS;
OR AN OPINION OF COUNSEL, IN FORM AND SUBSTANCE ACCEPTABLE TO THE ISSUER, THAT REGISTRATION IS NOT REQUIRED.

 

SECURED CONVERTIBLE SPECIAL LOAN PROMISSORY
NOTE

 

	Issuance Date: December 30, 2019	$2,000,000

 

FOR VALUE RECEIVED, Creative Realities,
Inc., a Minnesota corporation (“CRI”), Creative Realities, LLC, a Delaware limited liability company (“CRLLC”),
Conexus World Global, LLC, a Kentucky limited liability company (“Conexus”) and Allure Global Solutions, Inc.
a Georgia corporation (“Allure” and collectively referred to together with CRI, CRLLC and Conexus as the “Maker”),
hereby promises to pay to the order of Slipstream Communications, LLC, an Anguillan limited liability company, or its successors
or assigns (as applicable, the “Holder”), the principal amount of $2,000,000 (USD) plus all SLPIK, or such
lesser amount as actually advanced as a Special Loan pursuant to that certain Loan and Security Agreement by and between Maker
and initial Holder dated as of August 17, 2016 (as amended, modified, restated, waived or supplemented, the “Loan and
Security Agreement”), in accordance with the terms hereof and the Loan and Security Agreement. This Secured Convertible
Special Loan Promissory Note is hereinafter referred to as the “Note” and is the Special Loan Note referred
to in the Loan and Security Agreement. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them
in the Loan and Security Agreement.

 

1. INTEREST AND PAYMENTS

 

(a) Interest.
The principal amount of this Note will bear simple interest (calculated in the manner provided in the Loan and Security Agreement)
at the rate equal to the Loan Rate, subject to increase as provided in the Loan and Security Agreement. Interest will be payable
in cash (except as provided in the Loan Agreement) on a monthly basis in arrears on
the first Business Day of each month, with the first interest payment due on February 1, 2020 or the first Business Day thereafter.

 

(b) Term
and Payment; Application. The principal amount of this Note, together with all accrued but unpaid interest and any other sums
owed hereunder, shall be due and payable at the close of business on the Special Loan Maturity Date. All payments and prepayments
shall be applied first to any costs payable under this Note or the Loan and Security Agreement, second to accrued but unpaid interest,
and third to principal.

 

(c) Prepayment.
Maker may at its option prepay all principal and interest owed under this Note, in whole or in part, at any time and from time
to time, without penalty or premium.

 

     

     

    

  

2. TRANSFER, EXCHANGE AND REPLACEMENT

 

(a) Transfer
or Exchange. This Note has not been and is not being registered under the provisions of the Securities Act of 1933 (the “Securities
Act”) or any state securities laws and this Note may not be transferred prior to the end of the holding period applicable
to sales under Rule 144 unless in accordance with applicable law and unless: (1) the transferee is an “accredited investor”
(as defined in Regulation D under the Securities Act) and (2) the Holder shall have delivered to Maker an opinion of counsel, reasonably
satisfactory in form, scope and substance to Maker, to the effect that this Note may be sold or transferred without registration
under the Securities Act. Upon surrender of any Note for registration of transfer or for exchange to CRI at its principal office,
Maker at its sole expense will execute and deliver in exchange therefor a new Note or Notes, as the case may be, as requested by
the Holder or transferee, which aggregate principal amount is equal the unpaid principal amount of such Note, registered as such
Holder or transferee may request; provided, however, that this Note may not be transferred by Holder to any Person other than Holder’s
affiliates without the prior written consent of Maker. Maker shall be entitled to regard the registered Holder of this Note as
the Holder of the Note so registered for all purposes until Maker or its agent, as applicable, is required to record a transfer
of this Note on its register.

 

(b) Replacement.
Upon notice to Maker of the loss, theft, destruction or mutilation of this Note, and, in the case of loss, theft or destruction,
of an indemnification undertaking by the Holder to Maker in a form reasonably acceptable to Maker and, in the case of mutilation,
upon surrender and cancellation of the Note, Maker shall execute and deliver a new Note of like tenor and date and in substantially
the same form as this Note.

 

3. CONVERSION

 

The principal, accrued but unpaid interest
and SLPIK of this Note is convertible into New Preferred of CRI as set forth in the Loan Agreement.

 

4. DEFAULTS AND REMEDIES

 

An Event of Default shall occur when and
as provided in the Loan and Security Agreement and, upon any such default, the Holder shall have the remedies described in the
Loan and Security Agreement.

 

5. AMENDMENT AND WAIVER

 

The provisions of this Note may not
be modified, amended or waived, and Maker may not take any action herein prohibited or omit to perform any act herein
required to be performed by it, without the written consent of the Holder.

 

6. MAKER’S WAIVER OF NOTICE

 

To the extent permitted by law, Maker hereby
waives demand, notice, protest and all other demands and notices in connection with the delivery, acceptance, performance, default
or enforcement of this Note, except as may be set forth in the Loan and Security Agreement.

 

    2

     

    

 

 

7. GOVERNING LAW

 

This Note shall be construed and enforced
in accordance with, and all questions concerning the construction, validity, interpretation and performance of this Note shall
be governed by, the laws of the State of New York, without giving effect to provisions thereof regarding conflict of laws.

 

8. INDEMNITY AND EXPENSES

 

Maker agrees to pay and reimburse the Holder
upon demand for all reasonable costs and expenses (including without limitation reasonable attorneys’ fees and expenses)
that the Holder may incur in enforcing its rights under this Note (including but not limited to collection).

 

9. NO WAIVER OF ENFORCEMENT RIGHTS

 

No failure or delay on the part of this
Note in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege.

 

10. NOTICE

 

Notices shall be given at the address for
Maker or Holder, as applicable, indicated in the Loan and Security Agreement. Notice shall be deemed to have been given as described
in the Loan and Security Agreement.

 

11. JOINT AND SEVERAL

 

All obligations of Maker under this Note
shall be joint and several.

 

* * * * * * *

 

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IN WITNESS WHEREOF, the undersigned have
set their hands to this Secured Convertible Special Loan Promissory Note as of the date first set forth above.

 

	MAKER:	 
	 	 
	CREATIVE REALITIES, INC.	 
	 	 	 
	By:  	/s/ Rick Mills	 
	 	Rick Mills	 
	 	Chief Executive Officer	 

 

	CREATIVE REALITIES, LLC	 
	 	 	 
	By:  	/s/ Rick Mills	 
	 	Rick Mills	 
	 	Chief Executive Officer	 

 

	CONEXUS WORLD GLOBAL, LLC	 
	 	 	 
	By:  	/s/ Rick Mills	 
	 	Rick Mills	 
	 	Chief Executive Officer	 

 

	ALLURE GLOBAL SOLUTIONS, INC.	 
	 	 	 
	By:  	/s/ Rick Mills	 
	 	Rick Mills	 
	 	Chief Executive Officer	 

 

 

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