Document:

EXHIBIT 10.30

 

AMENDING AGREEMENT NO. 1

 

THIS AMENDING AGREEMENT is entered
into as of the 10th day of March, 2014

 

	BETWEEN:	BANK OF MONTREAL
	 	 
	 	(the “Lender”)
	 	 
	AND:	PIONEER ELECTROGROUP CANADA INC., a Canadian corporation amalgamated on January 1st, 2014 
	 	 
	 	(“Amalco”)

 

WHEREAS the
Lender and each of Pioneer Electrogroup Canada Inc. (“Electrogroup”), Pioneer Transformers Ltd. (“Transformers”)
and Bemag Transformer Inc. (“Bemag”) have entered into an amended and restated letter loan agreement dated June 28, 2013
pursuant to which the Lender agreed to grant the Facilities to such corporations (the “Letter Loan Agreement”);

 

WHEREAS each
of Electrogroup, Transformers, Bemag and Pioneer Wind Energy Systems Inc. amalgamated on January 1st, 2014
and Pioneer Electrogroup Canada Inc. (“Amalco”) is the corporation resulting from such amalgamation.

 

WHEREAS the
parties wish to amend the Letter Loan Agreement to reflect such amalgamation and to amend other terms and conditions of the Letter
Loan Agreement;

 

NOW THEREFORE
in consideration of the mutual covenants herein set forth, it is agreed as follows:

 

Article
1

INTERPRETATION

 

		1.1	All capitalized terms herein, unless otherwise expressly defined herein, shall have the meanings
ascribed to them in the Letter Loan Agreement.

 

		1.2	The Letter Loan Agreement and all documents or agreements incidental or related thereto shall henceforth
be read and construed in conjunction with this Agreement; and the Letter Loan Agreement and this Agreement shall henceforth have
effect as far as practicable as though the provisions thereof were contained in one instrument.

 

    	 

    	 

    

 

		1.3	All the terms, conditions and provisions of the Letter Loan Agreement not otherwise amended by
this Agreement shall remain unchanged and have full force and effect.

 

Article
2

AMENDMENTS TO THE LETTER LOAN AGREEMENT

 

		2.1	The section “BORROWERS” of the Letter Loan Agreement is hereby deleted and replaced
by the following :

 

	 	“BORROWER:	Pioneer Electrogroup Canada Inc., a corporation amalgamated on January 1st, 2014 (the “Borrower”)”

 

		2.2	The section “GUARANTORS” of the Letter Loan Agreement is hereby deleted and
replaced by the following:

 

	 	“GUARANTORS:	Pioneer Power Solutions, Inc. (“PPSI”) and any other present and future Canadian Subsidiaries of the Borrower (collectively, the “Guarantors”)”

  

		2.3	Any other reference to the “Borrowers”, “each Borrower” or “any Borrower”
in the Letter Loan Agreement is deleted and replaced by a reference to “the Borrower”.

 

		2.4	In the definition of “Excluded Inventory” in the section “MARGIN REQUIREMENT”
of the Letter Loan Agreement, the reference to “Bemag” shall be replaced by “the Borrower”.

 

		2.5	The section “SECURITY” of the Letter Loan Agreement is hereby deleted and replaced
by the following:

 

	 	“SECURITY:	All amounts owing from time to time under or pursuant to any of the Facilities shall be secured and shall continue to be secured at all times by the following Security Documents:

 

	 	I.	EXISTING SECURITY

  

		-	Deed of hypothec in the amount of $30,000,000 dated June 28, 2011 on the universality
of all present and future immovable property and movable property of the Borrower (previously known as Pioneer Electrogroup Canada
Inc. and Pioneer Transformers Ltd.), but excluding the immovable property located at 612 Bernard Road, Granby, Quebec (the “Granby
Property”) registered at the RPMRR under number 11-0483207-0001;

 

    	 

    	 

    

 

		-	Deed of hypothec in the amount of $30,000,000 dated July 5, 2011 on the universality
of all present and future immovable property and movable property of the Borrower (previously known as Bemag Transformer Inc.)
including, without limitation, the immovable property located at 33 Racine, Farnham, Quebec, registered at the RPMRR under
number 11-0501603-0002 and at the Land Registry under number 19 235 094;

		-	Security under section 427 of the Bank Act registered on June 27, 2011 for the Borrower
(previously known as Pioneer Electrogroup Canada Inc. and Pioneer Transformers Ltd.) and on July 7, 2011 for the Borrower
(previously known as Bemag Transformer Inc.) as follows:

	 	-	Transformers:	01265388
	 	-	Electrogroup:	01265390
	 	-	Bemag:	01265759

		-	General Security Agreement by the Borrower (previously known as Pioneer Transformers Ltd.) dated
June 28, 2011 registered in the Province of Ontario under number 20110628105080283082;

		-	General Security Agreement by the Borrower (previously known as Bemag Transformer Inc.) dated July 5, 2011
registered in the Province of British Columbia under number 232564G;

		-	Guaranty Agreement dated June 28, 2013 by PPSI;

 

Unless otherwise specifically indicated
herein, all such security shall be first-ranking, subject only to Permitted Encumbrances.”

 

		2.6	In the section “REPORTING REQUIREMENT” of the Letter Loan Agreement, the reference
to “Electrogroup” in paragraph c), d) and e) shall be replaced by “the Borrower”.

 

		2.7	In the section “COVENANTS” of the Letter Loan Agreement, the reference to “Electrogroup”
shall be replaced by “the Borrower”.

 

		2.8	In the definition of “EBITDA” in Schedule I of the Letter Loan Agreement, the
reference to “Electrogoup” shall be replaced by “the Borrower”.

 

		2.9	In the definition of “Fixed Charge Coverage Ratio” in Schedule I of the Letter
Loan Agreement, the reference to “Electrogoup” shall be replaced by “the Borrower”.

 

		2.10	In the definition of “Funded Debt” in Schedule I of the Letter Loan Agreement,
the reference to “Electrogoup” shall be replaced by “the Borrower”.

 

		2.11	In the definition of “Shareholders' Equity” in Schedule I of the Letter Loan
Agreement, the reference to “Electrogoup” shall be replaced by “the Borrower”.

 

		2.12	Paragraph 1.15 of Schedule IV (REPRESENTATIONS AND WARRANTIES) of the Letter Loan
Agreement is deleted and replaced as follow:

 

    	 

    	 

    

 

		“1.15	the head office/domicile of each Obligor and PPSI is located at the following addresses:

 

		Ø	Borrower: 612 Bernard Road, Granby, QC, J2J 0H6 and 33 Racine Street, Farnham, QC, J2N 3A3

 

		Ø	Pioneer Power Solutions Inc.: 400 Kelby Street, 9th Floor, Fort Lee, NJ 07024

 

and each Obligor and PPSI have
no offices, nor Assets located elsewhere, except for the following addresses:

 

		Ø	Borrower: 2600 Skymark Avenue, Building 5, #102, Mississauga, Ontario L4W 5E7 and 9210 Wyoming
Avenue North, Suite 250, Minneapolis, MN 55445”

 

		2.13	Schedule VIII of the Letter Loan Agreement is deleted and replaced by the attached Schedule VIII.

 

Article
3

GENERAL PROVISIONS

 

		3.1	Novation: It is expressly understood and agreed between the parties hereto that this Agreement
does not constitute a novation of the terms and conditions of the Facilities, the Letter Loan Agreement or the other Loan Documents,
the Lender hereby reserving all of its rights and recourses under the Facilities, the Letter Loan Agreement and the other Loan
Documents. Nothing set forth in this Agreement shall, except as specifically set forth herein, be construed as altering the obligations
of the Obligors under the Facilities, the Letter Loan Agreement and the other Loan Documents. Nothing herein shall in any way release
the Obligors from their obligations to the Lender under the Facilities, the Letter Loan Agreement and the other Loan Documents.

 

		3.2	Confirmation: Amalco hereby acknowledges, ratifies, confirms and agrees that it and all
of its present and future Assets are and continue to be bound by all of the provisions of each of the Loan Documents to which each
of Electrogroup, Transformers and Bemag was (as of immediately prior to the amalgamation) a party, in the same manner, to the same
extent and with the same effect as if Amalco had executed such Loan Documents in the place and stead of each of Electrogroup, Transformers
and Bemag. Without limiting the generality of the foregoing, Amalco hereby acknowledges, ratifies, confirms and agrees that (i)
it is (and shall continue to be) liable for and shall observe and perform the obligations of each of Electrogroup, Transformers
and Bemag in connection with the Loan Documents in accordance with and subject to the terms thereof, (ii) all present and future
Assets of whatever nature and kind of Amalco shall (and shall continue to) be subject to the Liens granted to or in favour of the
Bank pursuant to the Loan Documents (as applicable) in accordance with and subject to the terms thereof to secure (and continue
to secure) payment and performance of all obligations described therein, and (iii) the Loan Documents to which each of Electrogroup,
Transformers and Bemag was (as of immediately prior to the amalgamation) a party are and shall continue in full force and effect
in accordance with their terms with respect to Amalco, in each case in the same manner, to the same extent and with the same effect
as if Amalco had originally executed such Loan Documents in the place and stead of each of Electrogroup, Transformers and Bemag
and continue to constitute legal, valid, binding covenants, agreements, obligations and liabilities of Amalco, enforceable against
it in accordance with their respective terms.

 

    	 

    	 

    

 

		3.3	Execution in Counterparts: This Agreement may be executed in any number of counterparts
and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and
all of which taken together shall constitute but one and the same agreement.

 

		3.4	Governing Law: This Agreement shall be governed by and construed in accordance with the
Laws of the Province of Québec and the federal laws of Canada applicable therein.

 

		3.5	Language: The parties hereby confirm their express wish that this Agreement and all the
documents and agreements directly or indirectly related thereto be drawn up in English. Les parties reconnaissent leur volonté
expresse que la présente convention ainsi que tous les documents et conventions qui s'y rattachent directement ou indirectement
soient rédigés en langue anglaise.

 

MTL01: 2884773: v3

 

    	 

    	 

    

 

IN WITNESS WHEREOF
the parties hereto have executed this Agreement as of the day, month and year first above written.

 

	LENDER:	 
	 	 
	BANK OF MONTREAL	 
	 	 
	By:	/s/ Martin Bazinet	 
	 	Name: Martin Bazinet	 
	 	Title: Directeur / Director	 

 

Signature page 

 

Amending Agreement No. 1

 

    	S - 1

    	 

    

 

ACCEPTANCE

 

We hereby accept the foregoing terms and
conditions.

 

Signed in Montreal, Quebec, this _____
day of March, 2014

 

	BORROWER	 
	 	 
	PIONEER ELECTROGROUP CANADA INC. 
	 	 	 
	By:	/s/  Andrew Minkow	 
	 	duly authorized	 
	 	Name:  Andrew Minkow	 
	 	Title: CFO	 

  

	GUARANTOR	 
	 	 
	PIONEER POWER SOLUTIONS, INC.
	 	 	 
	By:	/s/ Andrew Minkow	 
	 	duly authorized	 
	 	Name:  Andrew Minkow	 
	 	Title:   CFO	 

 

Signature page 

 

Amending Agreement No. 1

  

    	S - 2

    	 

    

 

 

Schedule VIII

 

CORPORATE CHART

 

	Corporate Legal Organization Chart	January 2014

 

 

* On January 1, 2014, the three wholly-owned subsidiaries of
Pioneer Electrogroup Canada Inc. (consisting of Pioneer Transformers Ltd., Bemag Transformer Inc., and Pioneer Wind Energy Systems
Inc.) were vertically amalgamated into Pioneer Electrogroup Canada Inc.EXHIBIT 10.34

 

Third Amendment to Credit
Agreement

 

This Third Amendment
to Credit Agreement (herein, the “Amendment”) is entered into as of November 12, 2013, by and among Pioneer
Power Solutions, Inc., a Delaware corporation (the “Borrower”), the direct and indirect Domestic Subsidiaries
of the Borrower, as Guarantors, and Bank of Montreal, a
Canadian chartered bank acting through its Chicago branch (the “Bank”).

 

Preliminary Statements

 

A.       The
Borrower, the Guarantors and the Bank entered into a certain Credit Agreement, dated as of June 28, 2013 (the Credit Agreement,
as the same has been amended prior to the date hereof, being referred to herein as the “Credit Agreement”).
All capitalized terms used herein without definition shall have the same meanings herein as such terms have in the Credit Agreement.

 

B.       The
Borrower has requested that the Bank make certain amendments to the Credit Agreement, and the Bank is willing to do so under the
terms and conditions set forth in this Amendment.

 

Now,
Therefore, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
hereto agree as follows:

 

Section 1.            Amendments.

 

Subject to the satisfaction
of the conditions precedent set forth in Section 2 below, the Credit Agreement shall be and hereby is amended as follows:

 

1.1.          Section
8.7(b) of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

(b)          purchase
money indebtedness and Capitalized Lease Obligations of the Loan Parties in an amount not to exceed $1,000,000 in the aggregate
at any one time outstanding;

 

1.2.          Section 8.7
of the Credit Agreement shall be amended by deleting the word “and” at the end of clause (n), deleting
the period at the end of clause (o) and replacing it with the phrase “; and”, and adding a new clause (p) as
follows:

 

(p)          that
certain Guaranty of the Borrower dated as of August 19, 2013, in favor of PICO Metal Products, Inc. and PICO Electrical Equipment,
Inc., in an amount not to exceed $625,000.

 

1.3.          Section
8.8(d) of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

    	 

    	 

    

 

(d)          Liens
on equipment of any Loan Party created solely for the purpose of securing indebtedness permitted by Section 8.7(b) (including
indebtedness under that certain Purchase Agreement of Certain Assets by and among PICO Metal Products, Inc., PICO Electrical Equipment,
Inc. and Pioneer Custom Electrical Products Corp.), representing or incurred to finance the purchase price of such Property, provided
that no such Lien shall extend to or cover other Property of such Loan Party other than the respective Property so acquired, and
the principal amount of indebtedness secured by any such Lien shall at no time exceed the purchase price of such Property, as reduced
by repayments of principal thereon;

 

1.4.          Section
8.23(c) of the Credit Agreement is hereby amended by adding a new sentence at the end thereof to read as follows:

 

Notwithstanding the foregoing,
for the fiscal quarters ending September 30, 2013 and December 31, 2013, if the Revolving Credit Exposure is $0 as of the last
day of such quarter, then the Borrower shall not be required to calculate the Fixed Charge Coverage Ratio pursuant to this Section 8.23(c)
for such quarter.

 

Section 2.          Conditions
Precedent.

 

Subject to the satisfaction
of all of the following conditions precedent, Sections 1.1, 1.2 and 1.3 hereof shall be effective as of August 19, 2013 and Section
1.4 hereof shall be effective as of September 30, 2013:

 

2.1.          The
Borrower, the Guarantors and the Bank shall have executed and delivered this Amendment.

 

2.2.         The
Bank shall have received copies (executed or certified, as may be appropriate) of all legal documents or proceedings taken in connection
with the execution and delivery of this Amendment to the extent the Bank or its counsel may reasonably request.

 

2.3.         Legal
matters incident to the execution and delivery of this Amendment shall be satisfactory to the Bank and its counsel.

 

Section 3.          Representations.

 

In order to induce
the Bank to execute and deliver this Amendment, the Borrower hereby represents to the Bank that as of the date hereof (a) 
the representations and warranties set forth in Section 6 of the Credit Agreement are and shall be and remain true and correct
(except that the representations contained in Section 6.5 shall be deemed to refer to the most recent financial statements
of the Borrower delivered to the Bank) and (b) the Borrower is in compliance with the terms and conditions of the Credit Agreement
and no Default or Event of Default has occurred and is continuing under the Credit Agreement or shall result after giving effect
to this Amendment.

 

    	-2-

    	 

    

 

Section 4.          Miscellaneous.

 

4.1.     The
Borrower and the Guarantors heretofore executed and delivered to the Bank the Security Agreement and certain other Collateral Documents.
The Borrower and the Guarantors hereby acknowledge and agree that the Liens created and provided for by the Collateral Documents
continue to secure, among other things, the Secured Obligations arising under the Credit Agreement as amended hereby; and the Collateral
Documents and the rights and remedies of the Bank thereunder, the obligations of the Borrower and Guarantors thereunder, and the
Liens created and provided for thereunder remain in full force and effect and shall not be affected, impaired or discharged hereby.
Nothing herein contained shall in any manner affect or impair the priority of the liens and security interests created and provided
for by the Collateral Documents as to the indebtedness which would be secured thereby prior to giving effect to this Amendment.

 

4.2.     Except
as specifically amended herein, the Credit Agreement shall continue in full force and effect in accordance with its original terms.
Reference to this specific Amendment need not be made in the Credit Agreement, the Notes, or any other instrument or document executed
in connection therewith, or in any certificate, letter or communication issued or made pursuant to or with respect to the Credit
Agreement, any reference in any of such items to the Credit Agreement being sufficient to refer to the Credit Agreement as amended
hereby.

 

4.3.     The
Borrower agrees to pay on demand all costs and expenses of or incurred by the Bank in connection with the negotiation, preparation,
execution and delivery of this Amendment, including the reasonable fees and expenses of counsel for the Bank.

 

4.4.     This
Amendment may be executed in any number of counterparts, and by the different parties on different counterpart signature pages,
all of which taken together shall constitute one and the same agreement. Any of the parties hereto may execute this Amendment by
signing any such counterpart and each of such counterparts shall for all purposes be deemed to be an original. Delivery of a counterpart
hereof by facsimile transmission or by e-mail transmission of an Adobe portable document format file (also known as a “PDF”
file) shall be effective as delivery of a manually executed counterpart hereof. This Amendment shall be governed by, and construed
in accordance with, the internal laws of the State of Illinois.

 

[Signature
Page to Follow]

 

    	-3-

    	 

    

 

 

This Third Amendment
to Credit Agreement is entered into as of the date and year first above written.

 

	 	“Borrower”
	 	 
	 	Pioneer Power Solutions, Inc.
	 	 
	 	By	/s/ Andrew Minkow
	 	Name  Andrew Minkow
	 	Title    CFO
	 	 
	 	“Guarantors”
	 	 
	 	Jefferson Electric, Inc.
	 	 
	 	By	/s/ Andrew Minkow
	 	Name  Andrew Minkow
	 	Title    CFO
	 	 
	 	Pioneer Critical Power Inc.
	 	 
	 	By  	/s/ Andrew Minkow
	 	Name  Andrew Minkow
	 	Title    CFO
	 	 
	 	Pioneer Custom Electrical Products Corp.
	 	 
	 	By  	/s/ Andrew Minkow
	 	Name  Andrew Minkow
	 	Title    CFO
	 	 
	Accepted and agreed to.	 
	 	 
	 	Bank of Montreal, acting through its Chicago Branch
	 	 
	 	By  	/s/ Larry Allan Swiniarski
	 	Name  Larry
	 	Title   Larry Allan Swiniarski

 

[Signature Page to Third
Amendment to Credit Agreement]

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