Document:

Security Agreement

 Exhibit 10.27 
  

			
	 

  
	  	Security Agreement
	  	 (All Assets)
  

 As of December 29, 2006, for value received, the undersigned (“Debtor”) grants to COMERICA
BANK (“Bank”), a Michigan banking corporation and an authorized foreign bank under the Bank Act (Canada), a continuing security interest and lien (sometimes referred to herein as a “security interest”) in the
Collateral (as defined below) on the terms set out in this Security Agreement (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”) to secure payment when due, whether by stated maturity,
demand, acceleration or otherwise, of all existing and future indebtedness of Debtor to Bank (“Indebtedness”). Indebtedness includes, without limitation, any and all obligations and liabilities of Debtor to Bank, whether absolute or
contingent, direct or indirect, voluntary or involuntary, liquidated or unliquidated, joint or several, known or unknown; any and all obligations or liabilities for which Debtor would otherwise be liable to Bank were it not for the invalidity or
unenforceability of them by reason of any bankruptcy, insolvency or other law, or for any other reason; any and all amendments, modifications, renewals and/or extensions of any of the above; all costs and expenses incurred by Bank in establishing,
determining, continuing, or defending the validity or priority of its security interest, or in pursuing its rights and remedies under this Agreement or under any other agreement between Bank and Debtor or made by Debtor in favour of Bank or in
connection with any proceeding involving Bank as a result of any financial accommodation to Debtor; and all other costs and expenses of collecting Indebtedness including, without limitation, fees of counsel. Debtor agrees to pay Bank all such costs
and expenses incurred by Bank immediately upon demand and, until paid, all costs and expenses shall bear interest at the highest per annum rate applicable to any of the Indebtedness, but not in excess of the maximum rate permitted by law. Any
reference in this Agreement to fees of counsel shall be deemed a reference to reasonable fees of counsel (determined on a solicitor and client basis), costs and expenses of both in-house and outside counsel (without duplication of effort) and
paralegals, whether or not a suit or action is instituted, and to court costs if a suit or action is instituted, and whether legal fees or court costs are incurred at the trial court level, on appeal, in a bankruptcy, administrative or probate
proceeding or otherwise. Debtor further covenants, agrees and represents as follows: 
 SECTION 1. COLLATERAL. 
 1.1 Collateral shall include all of the present and after acquired personal property and undertaking of Debtor, wherever located, including without
limitation all Goods (including all parts, accessories, attachments, special tools, additions and Accessions thereto), Chattel Paper, Money, Documents of Title (whether negotiable or not), Instruments, Intangibles and Securities now owned or
hereafter owned or acquired by or on behalf of Debtor (including such as may be returned to or repossessed by Debtor) and in all Proceeds and renewals thereof, accretions thereto and substitutions therefor including, without limitation, all of the
following now owned or hereafter owned or acquired by or on behalf of Debtor: 
  

	 	(a)	all Inventory of whatever kind and wherever situate, 

  

	 	(b)	all Equipment of whatever kind and wherever situate including, without limitation, all machinery, tools, apparatus, plant, furniture, fixtures and vehicles of whatsoever nature or
kind, 

  

	 	(c)	all Intangibles, including without limitation, all claims, book accounts and book debts and generally all accounts, debts, dues, claims, choses in action and demands of every nature
and kind howsoever arising or secured including letters of credit and advices of credit which are now due, owing or accruing or growing due to or owned by or which may hereafter become due, owing or accruing or growing due to or owned by Debtor
(“Accounts Receivable”), 

  

	 	(d)	all deeds, documents, writings, papers, ledgers, books of account, records, computer printouts, microfilm, microfiche and other computer prepared information and other books
relating to or being evidence or records of Accounts Receivable, Chattel Paper or Documents of Title or by which such are or may hereafter be secured, evidenced, acknowledged or made payable, 

  

	 	(e)	all contractual rights and insurance claims and all goodwill, 

  

	 	  	 all patents, industrial designs, trade-marks, trade secrets and know-how including without limitation environmental technology and biotechnology, confidential
information, trade-names, goodwill, copyrights, personality rights, plant breeders’ rights, integrated circuit topographies, and software and all other forms of intellectual and industrial property, and any registrations and 

	 	 
applications for registration of any of the foregoing, including, without limitation, the intellectual property listed on Schedule “A” attached
hereto (collectively “Intellectual Property”) 

 (as used in this Agreement, all of the foregoing, the
“Collateral”). 
 1.2 The security interest granted hereby shall not extend or apply to, and Collateral shall not include,
the last day of the term of any lease or agreement therefor but upon the enforcement of the security interest Debtor shall stand possessed of such last day in trust and assign the same to any person acquiring such term. 
 1.3 The terms “Goods”, “Chattel Paper”, “Money”, “Document of Title”, “Equipment”, “Consumer
Goods”, “Instrument”, “Intangible”, “Security”, “Proceeds”, “Inventory”, and “Accessions” whenever used herein shall be interpreted pursuant to their respective meanings ascribed to
them in the Personal Property Security Act (Ontario), as amended from time to time, which Act, including amendments thereto and any Act substituted therefor and amendments thereto is herein referred to as the “PPSA”. Provided
always that the term “Goods” when used herein shall not include Consumer Goods of Debtor. Any reference herein to “Collateral” shall, unless the context otherwise requires, be deemed a reference to “Collateral or any part
thereof”. The term “Proceeds” whenever used herein and interpreted as above shall by way of example include trade-ins, Equipment, cash, bank accounts, notes, Chattel Paper, Goods, contract rights, accounts and any other personal
property or obligation received when such Collateral or Proceeds are sold, exchanged, collected or otherwise disposed of. 
 1.4 Capitalized
terms which are not otherwise defined in this Agreement shall have the meaning given to them in the Letter Agreement dated as of December 29, 2006 between Debtor and Bank (as amended or modified from time to time, the “Letter Agreement”)

 SECTION 2. WARRANTIES, COVENANTS AND AGREEMENTS. 
 Debtor warrants, covenants and agrees as follows: 
 2.1 Debtor shall furnish to Bank, in form and at
intervals as Bank may request, any information Bank may reasonably request and allow Bank to examine, inspect, and copy any of Debtor’s books and records. Debtor shall, at the request of Bank, mark its records and the Collateral to clearly
indicate the security interest of Bank under this Agreement. 
 2.2 At the time any Collateral becomes, or is represented to be, subject to a
security interest in favour of Bank, Debtor shall be deemed to have warranted that (a) Debtor is the lawful owner of the Collateral and has the right and authority to subject it to a security interest granted to Bank; (b) none of the
Collateral is subject to any security interest other than that in favour of Bank and Permitted Encumbrances; (c) there are no financing statements on file, other than those in favour of Bank and those filed with respect to Permitted
Encumbrances; (d) no person, other than Bank (or any agent on behalf of Bank), has possession and/or control of any Collateral of such nature that perfection of a security interest may be accomplished by possession and/or control; and
(e) Debtor acquired its rights in the Collateral in the ordinary course of its business. 
 2.3 Debtor does not have interest in, or
title to, any Intellectual Property except as set forth on Schedule “A”. All Intellectual Property applications and registrations are valid and in good standing and Debtor is the owner of the applications and registrations. 
 2.4 Debtor will keep the Collateral free at all times from all claims, liens, security interests and encumbrances other than those in favour of Bank and
Permitted Encumbrances. Debtor will not, without the prior written consent of Bank, sell, transfer or lease, or permit to be sold, transferred or leased, any or all of the Collateral, except for Inventory in the ordinary course of its business and
as expressly provided in the Letter Agreement, and will not return any Inventory to its supplier. Bank or its representatives may at all reasonable times inspect the Collateral and may enter upon all premises where the Collateral is kept or might be
located. 
 2.5 Notwithstanding anything to the contrary contained herein (including any provision for, reference to, or acknowledgement of,
any encumbrance), nothing herein and no approval by Bank of any encumbrance (whether such approval is verbal or in writing) shall be construed as or deemed to constitute a subordination by Bank of any security interest or other right or interest in
or to the Collateral or any part thereof in favour of any encumbrance or any holder of any encumbrance. 
  

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 2.6 Debtor will do all acts and will execute or cause to be executed all writings requested by Bank to
establish, maintain and continue an exclusive first priority, perfected security interest of Bank in the Collateral. Debtor agrees that Bank has no obligation to acquire or perfect any lien on or security interest in any asset(s), whether realty or
personalty, to secure payment of the Indebtedness. 
 2.7 Debtor shall obtain the written consent of Bank prior to Debtor changing the
location of its chief executive office, its principal place of business, its domicile (within the meaning of the Civil Code of Quebec) or its books and records, acquiring any new such locations, or keeping, maintaining or storing any Collateral at
any location other than the locations identified in Section 5.19 below. Upon obtaining the written consent of Bank and before changing any such location or acquiring another such location (whether by purchase, lease or otherwise), Debtor shall
provide Bank with such financing statements, financing change statements, charges, assignments, hypothecs, security interests, security agreements, landlord agreements, warehouseman/bailee agreements and other agreements and legal opinions as Bank
may reasonably require in order to assure and maintain Bank’s first priority, perfected security interest on the Collateral. 
 2.8
Debtor will deliver to Bank from time to time promptly upon request any Documents of Title, Instruments, Securities and Chattel Paper constituting, representing or relating to Collateral for the purpose of protecting the security interest or the
priority of such security of Bank in any such Documents of Title, Instruments, Securities or Chattel Paper. 
 2.9 Debtor will pay within the
time that they are to be paid without interest or penalty all taxes, assessments and similar charges which at any time are or may become a lien, charge, or encumbrance upon any Collateral, except to the extent contested in good faith and bonded in a
manner satisfactory to Bank. If Debtor fails to pay any of these taxes, assessments, or other charges in the time provided above, Bank has the option (but not the obligation) to do so and Debtor agrees to repay all amounts so expended by Bank
immediately upon demand therefor, together with interest thereon at the highest lawful default rate which could be charged by Bank on any Indebtedness. 
 2.10 Debtor will keep the Collateral in good condition and will protect it from loss, damage and deterioration from any cause (ordinary wear and tear excepted). Debtor has and will maintain at all times (a) with
respect to the Collateral, insurance under an “all risk” policy against fire and other risks customarily insured against, and (b) general liability insurance and other insurance as may be required by law or reasonably required by
Bank, all of which insurance shall be in amount, form and content, and written by companies as may be reasonably satisfactory to Bank, containing, among other things, endorsements acceptable to Bank, including, without limitation, endorsements
showing Bank as loss payee and additional insured (as applicable) and endorsements specifying that the insurer must give at least thirty (30) days prior written notice to Bank before amending or cancelling any policy for any reason. Debtor will
deliver to Bank immediately upon demand evidence satisfactory to Bank that the required insurance has been procured. If Debtor fails to maintain satisfactory insurance, Bank has the option (but not the obligation) to do so and Debtor agrees to repay
all amounts so expended by Bank immediately upon demand, together with interest at the highest lawful default rate which could be charged by Bank on any Indebtedness. 
 2.11 On each occasion on which Debtor evidences to Bank the account balances on and the nature and extent of the Accounts Receivable, Debtor shall be deemed to have warranted that, except as otherwise indicated by
Debtor, (a) each of those Accounts Receivable is valid and enforceable without further performance by Debtor of any act; (b) each of those account balances are in fact owing, (c) to Debtor’s knowledge, there are no set-offs,
recoupments, credits, contra accounts, counterclaims or defences against any of those Accounts Receivable, (d) as to any Accounts Receivable paid or satisfied by a note, trade acceptance, draft or other instrument or by any Chattel Paper or
document, the same have been endorsed and/or delivered by Debtor to Bank, (e) Debtor has not received with respect to any Account Receivable, any notice of the death of the related account debtor, nor of the dissolution, liquidation,
termination of existence, insolvency, business failure, appointment of a Receiver (as defined below) for, assignment for the benefit of creditors by, or filing of a petition in bankruptcy by or against, the account debtor, and (f) as to each
Account Receivable, the account debtor is not an affiliate of Debtor, the Government of Canada or any department, agency or instrumentality of the Government of Canada or any of its provinces, territories or municipalities, or a citizen or resident
of any jurisdiction outside of Canada. Debtor will do all acts and will execute all writings reasonably requested by Bank to perform, enforce performance of, and collect all Accounts Receivable. Debtor shall neither make nor permit any modification,
compromise or substitution for any Account Receivable without the prior written consent of Bank, except for modifications and compromises in the ordinary course of business in a manner consistent with past practice made prior to the occurrence of an
Event of Default. Debtor shall, at Bank’s request, arrange for verification of Accounts Receivable directly with account debtors or by other methods acceptable to Bank. 
  

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 2.12 Debtor at all times shall be in compliance in all material respects with all applicable laws
including, without limitation, any laws, ordinances, directives, orders, statutes, or regulations an object of which is to regulate or improve health, safety, or the environment (“Environmental Laws”). 
 2.13 If Bank, acting in its sole discretion, redelivers Collateral to Debtor or Debtor’s designee for the purpose of (a) the ultimate sale or
exchange thereof; or (b) presentation, collection, renewal, or registration of transfer thereof; or (c) loading, unloading, storing, shipping, transshipping, manufacturing, processing or otherwise dealing with it preliminary to sale or
exchange, such redelivery shall be in trust for the benefit of Bank and shall not constitute a release of Bank’s security interest in it or in the proceeds or products of it unless Bank specifically so agrees in writing. If Debtor requests any
such redelivery, Debtor will deliver with such request a duly executed financing statement or financing change statement in form and substance satisfactory to Bank. Any proceeds of Collateral coming into Debtor’s possession as a result of any
such redelivery shall be held in trust for Bank and immediately delivered to Bank for application on the Indebtedness. Bank may (in its sole discretion) deliver any or all of the Collateral to Debtor, and such delivery by Bank shall discharge Bank
from all liability or responsibility for such Collateral. Bank, at its option, may require delivery of any Collateral to Bank at any time with such endorsements or assignments of the Collateral as Bank may request. 
 2.14 After the occurrence and during the continuance of an Event of Default and without notice, Bank may (a) cause any or all of the Collateral to
be transferred to its name or to the name of its nominees; (b) receive or collect by legal proceedings or otherwise all dividends, interest, principal payments and other sums and all other distributions at any time payable or receivable on
account of the Collateral, and hold the same as Collateral, or apply the same to the Indebtedness, the manner and distribution of the application to be in the sole discretion of Bank; (c) enter into any extension, subordination, reorganization,
deposit, merger, amalgamation or consolidation agreement or any other agreement relating to or affecting the Collateral, and deposit or surrender control of the Collateral, and accept other property in exchange for the Collateral and hold or apply
the property or money so received pursuant to this Agreement; and (d) take any actions in its own name or in Debtor’s name as Bank, in its sole discretion, deems necessary or appropriate to establish exclusive possession and/or control
over any Collateral of such nature that perfection of Bank’s security interest may be accomplished by possession and/or control. 
 2.15
Bank may assign any of the Indebtedness and deliver any or all of the Collateral to its assignee, who then shall have with respect to such Collateral so delivered all the rights and powers of Bank under this Agreement. Following any such assignment,
the assignor shall be fully discharged from all liability and responsibility with respect to Collateral so delivered. 
 2.16 [Intentionally
Left Blank]. 
 2.17 Debtor shall defend, indemnify and hold harmless Bank, its employees, agents, shareholders, affiliates, officers, and
directors from and against any and all claims, damages, fines, expenses, liabilities or causes of action of whatever kind, including without limit consultant fees, legal expenses, and attorney fees, suffered by any of them as a direct or indirect
result of any actual or asserted violation of any law, including, without limit, Environmental Laws, or of any remediation relating to any property required by any law, including without limit Environmental Laws; provided that the foregoing
indemnification shall not be applicable to claims relating to Environmental Laws when arising solely from events or conditions occurring while Bank is in sole possession (subject to rights of any creditors of Debtor) of the applicable Collateral and
Debtor shall not be liable for any loss, damages, suits, penalties, costs, liabilities or expenses arising from any act of gross negligence of Bank, its agents, employees, shareholders, affiliates, officers or directors. 
 SECTION 3. COLLECTION OF PROCEEDS. 
 3.1 Debtor agrees
to collect and enforce payment of all Collateral until Bank shall direct Debtor to the contrary. Immediately upon notice to Debtor by Bank and at all times after that, Debtor agrees to fully and promptly cooperate and assist Bank in the collection
and enforcement of all Collateral and to hold in trust for Bank all payments received in connection with Collateral and from the sale, lease or other disposition of any Collateral, all rights by way of suretyship or guarantee and all rights in the
nature of a lien or security interest which Debtor now or later has regarding the Collateral. Immediately upon and after such notice, Debtor agrees to (a) endorse to Bank and immediately deliver to Bank all payments received on Collateral or
from the sale, lease or other disposition of any Collateral or arising from any other rights or interests of Debtor in the Collateral, in the form received by Debtor without commingling with any other funds, and (b) immediately deliver to Bank
all property in Debtor’s possession or later coming into Debtor’s possession through enforcement of Debtor’s rights or interests in the Collateral. Debtor irrevocably authorizes Bank and/or its employees or agents to endorse the name
of Debtor upon any cheques or other items which are received in payment for any Collateral, and to do any and all things necessary in order to reduce these items to Money. Bank shall not have any 

  

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duty as to the collection or protection of Collateral or the Proceeds of it, nor as to the preservation of any related rights, beyond the use of reasonable
care in the custody and preservation of Collateral in the possession of Bank and the accounting of the proceeds of the Collateral to Debtor. Debtor agrees to take all steps necessary to preserve rights against prior parties with respect to the
Collateral. Nothing in this Section 3.1 shall be deemed to be a consent by Bank to any sale, lease or other disposition of any Collateral. 
 3.2 Debtor agrees that immediately upon Bank’s request (which request may be made at Bank’s sole discretion), the Indebtedness shall be on a “remittance basis” as follows: Debtor shall at its sole expense establish and
maintain (and Bank, at Bank’s option may establish and maintain at Debtor’s expense): (a) a lock box (the “Lock Box”), to which Bank shall have exclusive access and control. Debtor expressly authorizes Bank, from time to
time, to remove contents from the Lock Box, for disposition in accordance with this Agreement. Debtor agrees to notify all account debtors and other parties obligated to Debtor that all payments made to Debtor (other than payments by electronic
funds transfer) shall be remitted, for the credit of Debtor, to the Lock Box, and Debtor shall include a like statement on all invoices; and (b) a non interest bearing deposit account with Bank which shall be titled as designated by Bank (the
“Cash Collateral Account”) to which Bank shall have exclusive access and control. Debtor agrees to notify all account debtors and other parties obligated to Debtor that all payments made to Debtor by electronic funds transfer shall
be remitted to the Cash Collateral Account, and Debtor, at Bank’s request, shall include a like statement on all invoices. Debtor shall execute all documents and authorizations as required by Bank to establish and maintain the Lock Box and the
Cash Collateral Account. 
 3.3 All items or amounts which are remitted to the Lock Box, to the Cash Collateral Account, or otherwise
delivered by or for the benefit of Debtor to Bank on account of partial or full payment of, or with respect to, any Collateral shall, at Bank’s option, (a) be applied to the payment of the Indebtedness, whether then due or not, in such
order or at such time of application as Bank may determine in its sole discretion, or, (b) be deposited to the Cash Collateral Account. Debtor agrees that Bank shall not be liable for any loss or damage which Debtor suffers or may suffer as a
result of Bank’s processing of items or its exercise of any other rights or remedies under this Agreement, including without limitation indirect, special or consequential damages, loss of revenues or profits, or any claim, demand or action by
any third party arising out of or in connection with the processing of items or the exercise of any other rights or remedies hereunder. Debtor further agrees to indemnify and hold Bank harmless from and against all such third party claims, demands
or actions, and all related expenses or liabilities, including, without limitation, litigation costs and fees of counsel, except such claims, demands, actions, expenses or liabilities resulting solely from Bank’s gross negligence or willful
misconduct. 
 SECTION 4. DEFAULTS, ENFORCEMENT AND APPLICATION OF PROCEEDS. 
 4.1 Upon the occurrence of any of the following events (each an “Event of Default”), Debtor shall be in default under this Agreement:

  

	 	(a)	Any failure to pay the Indebtedness or any other indebtedness when due, or such portion of it as may be due, by acceleration or otherwise; or 

  

	 	(b)	Any failure or neglect to comply with, or breach of or default under, any term of this Agreement, or any other agreement or commitment between Borrower, Debtor, Veri-Tek
International, Corp. (“Veri-Tek”) or any guarantor of any of the Indebtedness (“Guarantor”) and Bank and continuance beyond any applicable period of cure; or 

  

	 	(c)	Any warranty, representation, financial statement, or other written information made, given or furnished to Bank by or on behalf of Borrower, Debtor, Veri-Tek or any Guarantor shall
be, or shall prove to have been, false or materially misleading in any material respect when made, given, or furnished; or 

  

	 	(d)	Any material loss, theft, substantial damage or destruction to or of any Collateral which is not covered by insurance, or the issuance or filing of any attachment, levy, garnishment
or the commencement of any proceeding in connection with any Collateral or of any other judicial process of, upon or in respect of Borrower, Debtor, Veri-Tek, any Guarantor, or any Collateral; or 

  

	 	(e)	 Sale or other disposition by Borrower, Debtor, Veri-Tek or any Guarantor of any substantial portion of its assets or property or voluntary suspension of the
transaction of business by Borrower, Debtor, Veri-Tek or any Guarantor, or death, dissolution, termination of existence, 

  

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merger, amalgamation, consolidation, insolvency, business failure, or assignment for the benefit of creditors of or by Borrower, Debtor, Veri-Tek or any
Guarantor; or commencement of any proceedings under any applicable bankruptcy or insolvency laws or laws for the relief of debtors by or against Borrower, Debtor, Veri-Tek or any Guarantor; or the appointment of a Receiver (as defined below),
trustee, court appointee, sequestrator or otherwise, for all or any part of the property of Borrower, Debtor, Veri-Tek or any Guarantor; or 

  

	 	(f)	Bank deems the margin of Collateral insufficient or itself insecure, in good faith believing that the prospect of payment of the Indebtedness or performance of this Agreement is
impaired or shall fear deterioration, removal, or waste of Collateral; or 

  

	 	(g)	An event of default shall occur under any instrument, agreement or other document evidencing, securing or otherwise relating to any of the Indebtedness and continuance beyond any
applicable period of cure. 

 4.2 Upon the occurrence of any Event of Default, Bank may at its discretion and without prior
notice to Debtor declare any or all of the Indebtedness to be immediately due and payable, and shall have and may exercise any one or more of the following rights and remedies: 
  

	 	(a)	Exercise all the rights and remedies upon default, in foreclosure or otherwise, available to secured parties under the provisions of the PPSA and other applicable law or in equity;

  

	 	(b)	Institute legal proceedings to enforce (including foreclosure upon) the lien and security interest granted by this Agreement, to recover judgment for all amounts then due and owing
as Indebtedness, and to collect the same out of any Collateral or the proceeds of any sale of it; 

  

	 	(c)	Institute legal proceedings for the sale, under the judgment or decree of any court of competent jurisdiction, of any or all Collateral; 

  

	 	(d)	Appoint, remove and reappoint any person or persons, including an employee or agent of Bank to be a receiver (“Receiver”) which term shall include a receiver and
manager of, or agent for, all or any part of the Collateral. Any such Receiver shall, as far as concerns responsibility for his acts, be deemed to be the agent of Debtor and not of Bank, and Bank shall not in any way be responsible for any
misconduct, negligence or nonfeasance of such Receiver, his employees or agents. Except as otherwise directed by Bank, all money received by such Receiver shall be received in trust for and paid to Bank. Such Receiver shall have all of the powers
and rights of Bank described in this Section 4.2(d) or as otherwise provided under the PPSA or the Bankruptcy and Insolvency Act (Canada). Bank may, either directly or through its agents or nominees, exercise any or all powers and rights of a
Receiver. Debtor shall pay all costs, charges and expenses incurred by Bank or any Receiver or any nominee or agent of Bank, whether directly or for services rendered (including, without limitation fees of outside counsel calculated on a solicitor
and his own client basis, auditor’s costs, other legal expenses and Receiver remuneration) in enforcing this Agreement and all such expenses together with any money owing as a result of any borrowing permitted hereby or pursuant to any
applicable law shall be a charge on the proceeds of realization and shall be secured hereby; and/or 

  

	 	(e)	Personally or by its agents, attorneys, or appointment of a Receiver, enter upon any premises where Collateral may then be located, and take possession of all or any of it and/or
render it unusable; and without being responsible for loss or damage to such Collateral, hold, operate, sell, lease, or dispose of all or any Collateral at one or more public or private sales, leasings or other disposition, at places and times and
on terms and conditions as Bank may deem fit, without any previous demand or advertisement; and except as provided in this Agreement, all notice of sale, lease or other disposition, and advertisement, and other notice or demand, any right or equity
of redemption, and any obligation of a prospective purchaser or lessee to inquire as to the power and authority of Bank to sell, lease, or otherwise dispose of the Collateral or as to the application by Bank of the proceeds of sale or otherwise,
which would otherwise be required by, or available to Debtor under applicable law are expressly waived by Debtor to the fullest extent permitted. 

  

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 Debtor recognizes that Bank may be unable to effect a public sale of any or all of the Collateral by reason of certain
prohibitions contained in the Securities Act (Ontario) (the “Securities Act”) and other applicable securities laws, but may be compelled to resort to one or more private sales thereof to a restricted group of purchasers who
will be obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof. Debtor acknowledges and agrees that any such private sale may result in prices
and other terms less favourable to the seller than if such sale were a public sale and notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner. Bank shall not be
under any obligation to delay a sale of any of the Collateral for the period of time necessary to permit the issuer of such securities to register such securities for public sale under the Securities Act, or under other applicable securities laws,
even if the issuer would agree to do so. 
 At any sale pursuant to this Section 4.2, whether under the power of sale, by virtue of judicial proceedings
or otherwise, it shall not be necessary for Bank or a public officer under order of a court to have present physical or constructive possession of Collateral to be sold. The recitals contained in any conveyances and receipts made and given by Bank
or the public officer to any purchaser at any sale made pursuant to this Agreement shall, to the extent permitted by applicable law, conclusively establish the truth and accuracy of the matters stated (including, without limitation, as to the
amounts of the principal of and interest on the Indebtedness, the accrual and nonpayment of it and advertisement and conduct of the sale); and all prerequisites to the sale shall be presumed to have been satisfied and performed. Upon any sale of any
Collateral, the receipt of the officer making the sale under judicial proceedings or of Bank shall be sufficient discharge to the purchaser for the purchase money, and the purchaser shall not be obligated to see to the application of the money. Any
sale of any Collateral under this Agreement shall be a perpetual bar against Debtor with respect to that Collateral. 
 4.3 Bank shall not be
liable or accountable for any failure to exercise any of its rights or remedies, take possession of, collect, enforce, realize, sell, lease or otherwise dispose of Collateral or to institute any proceedings for such purposes. Furthermore, Bank shall
not have any obligation to take any steps to preserve rights against prior parties to any Instrument or Chattel Paper whether Collateral or Proceeds and whether or not in Bank’s possession and Bank shall not be liable or accountable for failure
to do so. 
 4.4 Debtor shall, at the request of Bank, notify the account debtors or obligors of Bank’s security interest in the
Collateral and direct payment of it to Bank. Bank may itself, upon the occurrence of an Event of Default, so notify and direct any account debtor or obligor to make payment to Bank. At the request of Bank, whether or not an Event of Default shall
have occurred, Debtor shall immediately take such actions as Bank shall request to establish exclusive possession and/or control by Bank over any Collateral which is of such a nature that perfection of a security interest may be accomplished by
possession and/or control. 
 4.5 The proceeds of any sale or other disposition of Collateral authorized by this Agreement shall be applied
by Bank first upon all expenses of enforcement and all fees of counsel and legal expenses incurred by Bank; the balance of the proceeds of the sale or other disposition shall be applied in the payment of the Indebtedness, first to interest, then to
principal, then to remaining Indebtedness and the surplus, if any, shall be paid over to Debtor or to such other person(s) as may be entitled to it under applicable law. Debtor shall remain liable for any deficiency, which it shall pay to Bank
immediately upon demand. Debtor agrees that Bank shall be under no obligation to accept any noncash proceeds in connection with any sale or disposition of Collateral unless failure to do so would be commercially unreasonable. If Bank agrees in its
sole discretion to accept noncash proceeds (unless the failure to do so would be commercially unreasonable), Bank may ascribe any commercially reasonable value to such proceeds. Without limiting the foregoing, Bank may apply any discount factor in
determining the present value of proceeds to be received in the future or may elect to apply proceeds to be received in the future only as and when such proceeds are actually received in cash by Bank. 
 4.6 Nothing in this Agreement is intended, nor shall it be construed, to preclude Bank from pursuing any other remedy provided by law for the collection
of the Indebtedness or for the recovery of any other sum to which Bank may be entitled for the breach of this Agreement by Debtor. Nothing in this Agreement shall reduce or release in any way any rights or security interests of Bank contained in any
existing agreement between Borrower, Debtor or any Guarantor and Bank. 
 4.7 No waiver of default or consent to any act by Debtor shall be
effective unless in writing and signed by an authorized officer of Bank. No waiver of any default or forbearance on the part of Bank in enforcing any of its rights under this Agreement shall operate as a waiver of any other default or of the same
default on a future occasion or of any rights. 
  

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 4.8 Debtor (a) irrevocably appoints Bank or any agent of Bank (which appointment is coupled with an
interest) the true and lawful attorney of Debtor (with full power of substitution) in the name, place and stead of, and at the expense of, Debtor, and (b) authorizes Bank or any agent or employee of Bank, in its own name, at Debtor’s
expense, to do any of the following, as Bank in its sole discretion, deems appropriate: 
  

	 	(a)	to demand, receive, sue for, and give receipts or acquittances for any money due or to become due on any Collateral and to endorse any item representing any payment on or proceeds
of the Collateral; 

  

	 	(b)	to execute and file in the name of and on behalf of Debtor all financing statements, financing change statements or other filings deemed necessary or desirable by Bank to evidence,
perfect, or continue the security interests granted in this Agreement; and 

  

	 	(c)	to do and perform any act on behalf of Debtor permitted or required under this Agreement. 

 4.9 Upon request by Bank to Debtor, which may only be made following the occurrence of an Event of Default, Debtor also agrees to assemble the Collateral
and make it available to Bank at any place designated by Bank which is reasonably convenient to Bank and Debtor. 
 SECTION 5. MISCELLANEOUS.

 5.1 Until Bank is advised in writing by Debtor to the contrary, all notices, requests and demands required under this Agreement or by
law shall be given to, or made upon, Debtor at the first address indicated in Section 5.19 below. 
 5.2 Bank assumes no duty of
performance or other responsibility under any contracts contained within the Collateral. 
 5.3 Bank has the right to sell, assign, transfer,
negotiate or grant participations or any interest in, any or all of the Indebtedness and any related obligations, including without limitation, this Agreement. In connection with the above, but without limiting its ability to make other disclosures
to the full extent allowable, Bank may disclose to transferees, assignees and participants all documents and information which Bank now or later has relating to Debtor, the Indebtedness or this Agreement, however obtained provided the transferee,
assignee or participant, as applicable, agrees in writing to hold the information confidential in the same manner as Bank. Debtor further agrees that Bank may provide information relating to this Agreement or relating to Debtor to Bank’s
parent, affiliates, subsidiaries, and service providers. 
 5.4 In addition to Bank’s other rights, any indebtedness owing from Bank to
Debtor can be set off and applied by Bank on any Indebtedness at any time(s) either before or after maturity or demand without notice to anyone. Any such action shall not constitute an acceptance of collateral in discharge of Indebtedness.

 5.5 Debtor, to the extent not expressly prohibited by applicable law, waives any right to require Bank to: (a) proceed against any
person or property; (b) give notice of the terms, time and place of any public or private sale of personal property security held from Borrower, Debtor or any other person, or otherwise comply with the provisions of Part 5 of the PPSA; or
(c) pursue any other remedy in Bank’s power. Debtor waives notice of acceptance of this Agreement and presentment, demand, protest, notice of protest, dishonour, notice of dishonour, notice of default, notice of intent to accelerate or
demand payment of any Indebtedness, any and all other notices to which the undersigned might otherwise be entitled, and diligence in collecting any Indebtedness. Debtor unconditionally and irrevocably waives each and every defence and set-off of any
nature which, under principles of guaranty or otherwise, would operate to impair or diminish in any way the obligation of Debtor under this Agreement, and acknowledges that such waiver is by this reference incorporated into each security agreement,
collateral assignment, pledge and/or other document from Debtor now or later securing the Indebtedness, and acknowledges that as of the date of this Agreement no such defence or set-off exists. 
 5.6 [Intentionally Left Blank]. 
 5.7 In the
event that applicable law shall obligate Bank to give prior notice to Debtor of any action to be taken under this Agreement, Debtor agrees that a written notice given to Debtor at least fifteen days before the date of the action shall be reasonable
notice of the action and, specifically, reasonable notification of the time and place of any public sale or of the time after which any private sale, lease, or other disposition is to be made, unless a shorter notice period is reasonable under the
circumstances. A notice shall be deemed to be given under this Agreement when delivered to 

  

 8 

 
Debtor or when placed in an envelope addressed to Debtor and deposited, with postage prepaid, in a post office or official depository under the exclusive
care and custody of the Canada Post or the United States Postal Service or delivered to an overnight courier. The mailing shall be by overnight courier, certified, or first class mail. 
 5.8 Notwithstanding any prior revocation, termination, surrender, or discharge of this Agreement in whole or in part, the effectiveness of this Agreement
shall automatically continue or be reinstated in the event that any payment received or credit given by Bank in respect of the Indebtedness is returned, disgorged, or rescinded under any applicable law, including, without limitation, bankruptcy or
insolvency laws, in which case this Agreement shall be enforceable against Debtor as if the returned, disgorged, or rescinded payment or credit had not been received or given by Bank, and whether or not Bank relied upon this payment or credit or
changed its position as a consequence of it. In the event of continuation or reinstatement of this Agreement, Debtor agrees upon demand by Bank to execute and deliver to Bank those documents which Bank determines are appropriate to further evidence
(in the public records or otherwise) this continuation or reinstatement, although the failure of Debtor to do so shall not affect in any way the reinstatement or continuation. 
 5.9 This Agreement and the security afforded hereby is in addition to and not in substitution for any other security now or hereafter held by Bank and
is, and is intended to be, a continuing Agreement. 
 5.10 The headings used in this Agreement are for convenience only and are not to be
considered a part of this Agreement and do not in any way limit or amplify the terms and provisions of this Agreement. 
 5.11 When the
context so requires, the singular number shall be read as if the plural were expressed and the provisions hereof shall be read with all grammatical changes necessary dependent upon the person referred to being a male, female, firm or corporation.

 5.12 Nothing herein contained shall in any way obligate Bank to grant, continue, renew, extend time for payment of or accept anything
which constitutes or would constitute Indebtedness. 
 5.13 The security interest created hereby is intended to attach when this Agreement is
signed by Debtor and delivered to Bank. 
 5.14 If for the purposes of obtaining judgment in any court in any jurisdiction with respect to
this Agreement it becomes necessary to convert into the currency of such jurisdiction (herein called the “Other Currency”) any amount due hereunder in any currency other than the Other Currency (the “Original
Currency”), then conversion shall be made at the rate of exchange prevailing for the Original Currency on the Business Day before the day on which judgment is given. In the event that there is a change in the rate of exchange prevailing
between the Business Day before the day on which the judgment is given and the date of payment of the amount due, Debtor will, on the date of payment, pay such additional amounts (if any) as may be necessary to ensure that the amount paid on such
date is the amount in the Other Currency which when converted at the rate of exchange prevailing on the date of payment is the amount then due under this Agreement in such other Original Currency. Any additional amount due from Debtor under this
Section 5.14 will be due as a separate debt and shall not be affected by judgment being obtained for any other sums due under or in respect of this Agreement. 
 5.15 This Agreement and all the rights and remedies of Bank under this Agreement shall inure to the benefit of Bank’s successors and assigns and to any other holder who derives from Bank title to or an interest
in the Indebtedness or any portion of it, and shall bind Debtor and the heirs, legal representatives, successors, and assigns of Debtor. Nothing in this Section 5.15 is deemed to be a consent by Bank to any assignment by Debtor. 
 5.16 [Intentionally Left Blank]. 
 5.17 No
single or partial exercise, or delay in the exercise, of any right or power under this Agreement, shall preclude other or further exercise of the rights and powers under this Agreement. The unenforceability of any provision of this Agreement shall
not affect the enforceability of the remainder of this Agreement. This Agreement along with the Letter Agreement constitutes the entire agreement of Debtor and Bank with respect to this Agreement. No amendment or modification of this Agreement shall
be effective unless the same shall be in writing and signed by Debtor and an authorized officer of Bank. This Agreement and the transactions evidenced hereby shall be governed by and construed in accordance with the laws of the Province of Ontario
and the federal laws of Canada applicable therein, as the same may from time to time be in effect including, where applicable, the PPSA. 
  

 9 

 5.18 To the extent that any of the Indebtedness is payable upon demand, nothing contained in this
Agreement shall modify the terms and conditions of that Indebtedness nor shall anything contained in this Agreement prevent Bank from making demand, without notice and with or without reason, for immediate payment of any or all of that Indebtedness
at any time(s), whether or not any Event of Default has occurred. 
 5.19 Debtor represents and warrants that Debtor’s exact name is as
set forth in this Agreement. Debtor further represents and warrants the following and agrees that Debtor is, and at all times shall be, located in the following place [mark applicable provision]: 
              Debtor is an individual, and Debtor is located (as determined pursuant to
s. 7(4) of the PPSA) at Debtor’s principal residence which is (street address, city and province):                     . 
     X      Debtor is a corporation which is organized under the laws of the Province of Alberta and Debtor is located at its sole place of business
or, if it has more than one place of business, is located (as determined pursuant to s. 7(4) of the PPSA) at its chief executive office, which is (street address, city and province): [TO BE COMPLETED BY BORROWER]. 
 If Collateral is located at other than the address above, such Collateral is located and shall be maintained at all locations identified on Schedule B
attached hereto. 
 Collateral shall be maintained only at the locations identified in this Section 5.19. 
 SECTION 6. DEBTOR AND BANK ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY MAY BE WAIVED. EACH PARTY, AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH
COUNSEL OF THEIR CHOICE, KNOWINGLY AND VOLUNTARILY, AND FOR THEIR MUTUAL BENEFIT WAIVES ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION REGARDING THE PERFORMANCE OR ENFORCEMENT OF, OR IN ANY WAY RELATED TO, THIS AGREEMENT OR THE INDEBTEDNESS.

 SECTION 7. Special Provisions Applicable to this Agreement. (*None, if left blank) 
 IN WITNESS WHEREOF, Debtor has executed this Agreement as of the date first written above. 
  

			
	 Debtor:
  
 MANITEX LIFTKING, ULC

		
	By:	 	 /s/ Michael Azar

		 	      SIGNATURE OF
		
	Its:	 	Vice President
		 	TITLE (If applicable)

  

 10 

 SCHEDULE A 
 Intellectual Property 
 None. 
  

 SCHEDULE B 
 Locations of Collateral 
  

	1.	7135 Islington Avenue, Woodbridge, ON LVL149 

  

	2.	36 Armstrong Avenue, Georgetown, ON L7G4R9 

  

	3.	191 Vinyl Court, Woodbridge, ON L4L4A3Guaranty executed by Manitex

 Exhibit 10.28 
  

			
	 

	 	Guaranty

 As of December 29, 2006, the undersigned, for value
received, unconditionally and absolutely guarantee(s) to Comerica Bank (“Bank”), a Michigan banking corporation and authorized foreign bank under the Bank Act (Canada), payment when due, whether by stated maturity, demand, acceleration or
otherwise, of all existing and future indebtedness (“Indebtedness”) to the Bank of Manitex LiftKing, ULC, an Alberta corporation (“Borrower”). Indebtedness includes without limit any and all obligations or liabilities of the
Borrower to the Bank, whether absolute or contingent, direct or indirect, voluntary or involuntary, liquidated or unliquidated, joint or several, known or unknown; any and all indebtedness, obligations or liabilities for which Borrower would
otherwise be liable to the Bank were it not for the invalidity, irregularity or unenforceability of them by reason of any bankruptcy, insolvency or other law or order of any kind, or for any other reason; any and all amendments, modifications,
renewals and/or extensions of any of the above; and all costs of collecting Indebtedness, including, without limit, attorney fees. Any reference in this Guaranty to attorney fees shall be deemed a reference to reasonable fees, charges, costs and
expenses of both in-house and outside counsel and paralegals, whether or not a suit or action is instituted, and to court costs if a suit or action is instituted, and whether attorney fees or court costs are incurred at the trial court level, on
appeal, in a bankruptcy, administrative or probate proceeding or otherwise. All costs shall be payable immediately by the undersigned when incurred by the Bank, without demand, and until paid shall bear interest at the highest per annum rate
applicable to any of the Indebtedness, but not in excess of the maximum rate permitted by law. 
 1. LIMITATION: The total obligation
of the undersigned under this Guaranty is UNLIMITED unless specifically limited in the Additional Provisions of this Guaranty, and this obligation (whether unlimited or limited to the extent specified in the Additional Provisions) shall
include, IN ADDITION TO any limited amount of principal guaranteed, all interest on that limited amount, and all costs incurred by the Bank in collection efforts against the Borrower and/or the undersigned or otherwise incurred by the Bank in any
way relating to the Indebtedness, or this Guaranty, including without limit attorney fees. The undersigned agree(s) that (a) this limitation shall not be a limitation on the amount of Borrower’s Indebtedness to the Bank; (b) any
payments by the undersigned shall not reduce the maximum liability of the undersigned under this Guaranty unless written notice to that effect is actually received by the Bank at, or prior to, the time of the payment; and (c) the liability of
the undersigned to the Bank shall at all times be deemed to be the aggregate liability of the undersigned under this Guaranty and any other guaranties previously or subsequently given to the Bank by the undersigned and not expressly revoked,
modified or invalidated in writing. 
 2. NATURE OF GUARANTY: This is a continuing Guaranty of payment and not of collection and
remains effective whether the Indebtedness is from time to time reduced and later increased or entirely extinguished and later reincurred. The undersigned deliver(s) this Guaranty based solely on the undersigned’s independent investigation of
(or decision not to investigate) the financial condition of Borrower and is (are) not relying on any information furnished by the Bank. The undersigned assume(s) full responsibility for obtaining any further information concerning the
Borrower’s financial condition, the status of the Indebtedness or any other matter which the undersigned may deem necessary or appropriate now or later. The undersigned knowingly accept(s) the full range of risk encompassed in this Guaranty,
which risk includes, without limit, the possibility that Borrower may incur Indebtedness to the Bank after the financial condition of the Borrower, or the Borrower’s ability to pay debts as they mature, has deteriorated. 
 3. APPLICATION OF PAYMENTS: The undersigned authorize(s) the Bank, either before or after termination of this Guaranty, without notice to or
demand on the undersigned and without affecting the undersigned’s liability under this Guaranty, from time to time to: (a) apply any security and direct the order or manner of sale; and (b) apply payments received by the Bank from the
Borrower to any indebtedness of the Borrower to the Bank, in such order as the Bank shall determine in its sole discretion, whether or not this indebtedness is covered by this Guaranty, and the undersigned waive(s) any provision of law regarding
application of payments which specifies otherwise. The undersigned agree(s) to provide to the Bank copies of the undersigned’s financial statements upon request. 
 4. SECURITY: The undersigned grant(s) to the Bank a security interest in and the right of setoff as to any and all property of the undersigned now or later in the possession of the Bank. The undersigned further
assign(s) to the Bank as collateral for the obligations of the undersigned under this Guaranty all claims of any nature that the undersigned now or later has (have) against the Borrower (other than any claim under a deed of trust or mortgage
covering California real property) with full right on the part of the Bank, in its own name or in the name of the undersigned, to collect and enforce these claims. The undersigned agree(s) that no security now or later held by 

 
the Bank for the payment of any Indebtedness, whether from the Borrower, any guarantor, or otherwise, and whether in the nature of a security interest,
pledge, lien, assignment, setoff, suretyship, guaranty, indemnity, insurance or otherwise, shall affect in any manner the unconditional obligation of the undersigned under this Guaranty, and the Bank, in its sole discretion, without notice to the
undersigned, may release, exchange, enforce and otherwise deal with any security without affecting in any manner the unconditional obligation of the undersigned under this Guaranty. The undersigned acknowledge(s) and agree(s) that the Bank has no
obligation to acquire or perfect any lien on or security interest in any asset(s), whether realty or personalty, to secure payment of the Indebtedness, and the undersigned is (are) not relying upon any asset(s) in which the Bank has or may have a
lien or security interest for payment of the Indebtedness. 
 5. OTHER GUARANTORS: If any Indebtedness is guaranteed by two or more
guarantors, the obligation of the undersigned shall be several and also joint, each with all and also each with any one or more of the others, and may be enforced at the option of the Bank against each severally, any two or more jointly, or some
severally and some jointly. The Bank, in its sole discretion, may release any one or more of the guarantors for any consideration which it deems adequate, and may fail or elect not to prove a claim against the estate of any bankrupt, insolvent,
incompetent or deceased guarantor; and after that, without notice to any guarantor, the Bank may extend or renew any or all Indebtedness and may permit the Borrower to incur additional Indebtedness, without affecting in any manner the unconditional
obligation of the remaining guarantor(s). The undersigned acknowledge(s) that the effectiveness of this Guaranty is not conditioned on any or all of the indebtedness being guaranteed by anyone else. 
 6. TERMINATION: Any of the undersigned may terminate their obligation under this Guaranty as to future Indebtedness (except as provided below) by
(and only by) delivering written notice of termination to an officer of the Bank; provided, however, the termination shall not be effective until the opening of business on the fifth (5th) day (“effective date”) following receipt by
Bank of such notice. Any such written notice must be delivered by certified mail, return receipt requested or by reputable overnight courier and addressed as follows: One Detroit Center, 500 Woodward Avenue, Detroit, Michigan 48226, Attention:
Middle Market Lending 1/Metro C/Group Manager. Any termination shall not affect in any way the unconditional obligations of the remaining guarantor(s), whether or not the termination is known to the remaining guarantor(s). Any termination shall not
affect in any way the unconditional obligations of the terminating guarantor(s) as to any Indebtedness existing at the effective date of termination or any Indebtedness created after that pursuant to any commitment or agreement of the Bank or
pursuant to any Borrower loan with the Bank existing at the effective date of termination (whether advances or readvances by the Bank after the effective date of termination are optional or obligatory), or any modifications, extensions or renewals
of any of this Indebtedness, whether in whole or in part, and as to all of this Indebtedness and modifications, extensions or renewals of it, this Guaranty shall continue effective until the same shall have been fully paid. The Bank has no duty to
give notice of termination by any guarantor(s) to any remaining guarantor(s). The undersigned shall indemnify the Bank against all claims, damages, costs and expenses, including, without limit, attorney fees, incurred by the Bank in connection with
any suit, claim or action against the Bank arising out of any modification or termination of a Borrower loan or any refusal by the Bank to extend additional credit in connection with the termination of this Guaranty. 
 7. REINSTATEMENT: Notwithstanding any prior revocation, termination, surrender or discharge of this Guaranty (or of any lien, pledge or security
interest securing this Guaranty) in whole or in part, the effectiveness of this Guaranty, and of all liens, pledges and security interests securing this Guaranty, shall automatically continue or be reinstated in the event that any payment received
or credit given by the Bank in respect of the Indebtedness is returned, disgorged or rescinded under any applicable state or federal law, including, without limitation, laws pertaining to bankruptcy or insolvency, in which case this Guaranty, and
all liens, pledges and security interests securing this Guaranty, shall be enforceable against the undersigned as if the returned, disgorged or rescinded payment or credit had not been received or given by the Bank, and whether or not the Bank
relied upon this payment or credit or changed its position as a consequence of it. In the event of continuation or reinstatement of this Guaranty and the liens, pledges and security interests securing it, the undersigned agree(s) upon demand by the
Bank, to execute and deliver to the Bank those documents which the Bank determines are appropriate to further evidence (in the public records or otherwise) this continuation or reinstatement, although the failure of the undersigned to do so shall
not affect in any way the reinstatement or continuation. If the undersigned do(es) not execute and deliver to the Bank upon demand such documents, the Bank and each Bank officer is irrevocably appointed (which appointment is coupled with an
interest) the true and lawful attorney of the undersigned (with full power of substitution) to execute and deliver such documents in the name and on behalf of the undersigned. 
  

 2 

 8. WAIVERS: The undersigned, to the extent not expressly prohibited by applicable law, waive(s)
any right to require the Bank to: (a) proceed against any person or property; (b) give notice of the terms, time and place of any public or private sale of personal property security held from the Borrower or any other person, or otherwise
comply with the provisions of Sections 9-611 or 9-621 of the Michigan or other applicable Uniform Commercial Code, as the same may be amended, revised or replaced from time to time; or (c) pursue any other remedy in the Bank’s power. The
undersigned waive(s) notice of acceptance of this Guaranty and presentment, demand, protest, notice of protest, dishonor, notice of dishonor, notice of default, notice of intent to accelerate or demand payment of any Indebtedness, any and all other
notices to which the undersigned might otherwise be entitled, and diligence in collecting any Indebtedness, and agree(s) that the Bank may, once or any number of times, modify the terms of any Indebtedness, compromise, extend, increase, accelerate,
renew or forbear to enforce payment of any or all Indebtedness, or permit the Borrower to incur additional Indebtedness, all without notice to the undersigned and without affecting in any manner the unconditional obligation of the undersigned under
this Guaranty. 
 The undersigned unconditionally and irrevocably waive(s) each and every defense and setoff of any nature which, under principles of
guaranty or otherwise, would operate to impair or diminish in any way the obligation of the undersigned under this Guaranty, and acknowledge(s) that each such waiver is by this reference incorporated into each security agreement, collateral
assignment, pledge and/or other document from the undersigned now or later securing this Guaranty and/or the Indebtedness, and acknowledge(s) that as of the date of this Guaranty no such defense or setoff exists. 
 9. WAIVER OF SUBROGATION: The undersigned waive(s) any and all rights (whether by subrogation, indemnity, reimbursement, or otherwise) to recover
from the Borrower any amounts paid by the undersigned pursuant to this Guaranty until such time as all of the Indebtedness owing by Borrower to Bank has irrevocably been paid in full and Bank has no further commitment to lend to Borrower.

 10. SALE/ASSIGNMENT: The undersigned acknowledge(s) that the Bank has the right to sell, assign, transfer, negotiate, or grant
participations in all or any part of the Indebtedness and any related obligations, including, without limit, this Guaranty, without notice to the undersigned and that the Bank may disclose any documents and information which the Bank now has or
later acquires relating to the undersigned or to the Borrower in connection with such sale, assignment, transfer, negotiation, or grant. The undersigned agree(s) that the Bank may provide information relating to this Guaranty or relating to the
undersigned to the Bank’s parent, affiliates and subsidiaries to the extent necessary to the administration of Bank’s credit facilities for Borrower. 
 11. GENERAL: This Guaranty constitutes the entire agreement of the undersigned and the Bank with respect to the subject matter of this Guaranty. No waiver, consent, modification or change of the terms of the
Guaranty shall bind any of the undersigned or the Bank unless in writing and signed by the waiving party or an authorized officer of the waiving party, and then this waiver, consent, modification or change shall be effective only in the specific
instance and for the specific purpose given. This Guaranty shall inure to the benefit of the Bank and its successors and assigns and shall be binding on the undersigned and the undersigned’s heirs, legal representatives, successors and assigns
including, without limit, any debtor in possession or trustee in bankruptcy for any of the undersigned. The undersigned has (have) knowingly and voluntarily entered into this Guaranty in good faith for the purpose of inducing the Bank to extend
credit or make other financial accommodations to the Borrower. If any provision of this Guaranty is unenforceable in whole or in part for any reason, the remaining provisions shall continue to be effective. THIS GUARANTY SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF MICHIGAN, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES. 
 12.
HEADINGS: Headings in this Agreement are included for the convenience of reference only and shall not constitute a part of this Agreement for any purpose. 
 13. ADDITIONAL PROVISIONS: Not applicable. 
 14. PAYMENTS: (a) Each payment to be made by
the undersigned hereunder shall be payable in the currency or currencies in which such obligations are denominated without set-off or counterclaim and free and clear of and without deduction or withholding for or on account of any Taxes unless the
undersigned is (are) required by law to make payment subject to such Taxes. If the undersigned shall be required by law to deduct or withhold any Taxes from or in respect of any sum payable hereunder to Bank, the undersigned shall make such
deductions or 

  

 3 

 
withholdings, and the undersigned shall pay the full amount deducted or withheld to the relevant taxing or other authority in accordance with applicable law.

  

	 	(b)	The undersigned agree(s) to pay any present or future Taxes that arise from any payment made under this Guaranty or from the execution, sale, transfer, delivery or registration of,
or otherwise with respect to, this Guaranty and any other agreements and instruments contemplated hereby or thereby (except for Taxes imposed on or measured by the net income of Bank by the jurisdictions under the laws of which it is organized or
carries on business or any political subdivisions thereof). 

  

	 	(c)	The undersigned shall indemnify Bank for the full amount of the Taxes referred to in Section 14(b) (except for Taxes imposed on or measured by the net income of Bank by the
jurisdictions under the laws of which it is organized or carries on business or any political subdivisions thereof), including, without limitation, any such Taxes imposed by any jurisdiction on amounts payable by the undersigned under
Section 14(b), and any liability (including penalties, interest and expenses) arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally asserted. This indemnification shall be made within ten (10) days
after the date Bank makes written demand therefor. 

  

	 	(d)	Without limiting the generality of the foregoing, if any Taxes or amounts in respect thereof must be deducted or withheld from any payment made or to be made by the undersigned
hereunder (including payment of any additional amounts payable under this Section 14(d)), the undersigned shall pay such additional amounts as may be necessary to ensure that Bank receives a net amount equal to the full amount which it would
have received had such payment not been subject to such Taxes. Within thirty (30) days after the date of any payment of Taxes under this Section 14, the undersigned shall furnish to Bank the original or a certified copy of a receipt
evidencing payment thereof. 

  

	 	(e)	For purposes of this Guaranty, “Taxes” means all present and future taxes, surtaxes, duties, levies, imposts, rates, fees, assessments, withholdings and
other charges of any nature (including income, corporate, capital (including large corporations), net worth, sales, consumption, use, transfer, goods and services, value-added, stamp, registration, franchise, withholding, payroll, employment,
health, education, excise, business, school, property, occupation, customs, anti-dumping and countervail taxes, surtaxes, duties, levies, imposts, rates, fees, assessments, withholdings and other charges) imposed by any governmental authority,
together with any fines, interest, penalties or other additions on, to, in lieu of, for non-collection of or in respect of these taxes, surtaxes, duties, levies, imposts, rates, fees, assessments, withholdings and other charges.

 15. CURRENCY CONVERSION: If for the purposes of obtaining judgment in any court in any jurisdiction with respect to
this Guaranty it becomes necessary to convert into the currency of such jurisdiction (herein called the “Other Currency”) any amount due hereunder in any currency other than the Other Currency (the “Original
Currency”), then conversion shall be made at the rate of exchange prevailing for the Original Currency on the business day before the day on which judgment is given. In the event that there is a change in the rate of exchange prevailing
between the business day before the day on which the judgment is given and the date of payment of the amount due, the undersigned will, on the date of payment, pay such additional amounts (if any) as may be necessary to ensure that the amount paid
on such date is the amount in the Other Currency which when converted at the rate of exchange prevailing on the date of payment is the amount then due under this Guaranty in such other Original Currency. Any additional amount due from the
undersigned under this Section 15 will be due as a separate debt and shall not be affected by judgment being obtained for any other sums due under or in respect of this Guaranty. 
 16. JURY TRIAL WAIVER: THE UNDERSIGNED AND BANK ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED.
EACH PARTY, AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF THEIR CHOICE, KNOWINGLY AND VOLUNTARILY, AND FOR THEIR MUTUAL BENEFIT WAIVES ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION REGARDING THE PERFORMANCE OR
ENFORCEMENT OF, OR IN ANY WAY RELATED TO, THIS GUARANTY OR THE INDEBTEDNESS. 
  

 4 

 IN WITNESS WHEREOF, Guarantor has signed and delivered this Guaranty the day and year first written above. 
  

									
		 		 	 GUARANTOR:

			
	 WITNESSES:
	 		 	MANITEX, LLC
				
	  	 		 		 	
	 SIGNATURE OF
	 		 		 	
				
	  	 		 	 By:
	 	 /s/ Michael Azar

	 SIGNATURE OF
	 		 		 	
				
		 		 	 Its:
	 	 Vice President

			
		 		 	 GUARANTOR’S ADDRESS:

			
		 		 	 3000 South Austin Avenue

		 		 		 	STREET ADDRESS
			
		 		 	 Georgetown
                    Texas                    
78626-7544

		 		 	 CITY
                             STATE          
         ZIP CODE

  

 5

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