Document:

Exhibit 10.4

Exhibit 10.4

PROMISSORY NOTE

			
	 	 	 
	$____________________

	 	Saginaw, Michigan
	May 28, 2010	 	 

WHEREAS, as of the date hereof, NXOPINION, LLC, a Nevada limited liability company
(“NxOpinion”) is indebted to __________________ (“Consultant”) in the amount of $__________________ (the
“Debt”) for management consulting services rendered by Consultant to NxOpinion.

WHEREAS, pursuant to the terms of a certain Agreement and Plan of Recapitalization, on even
date herewith Robertson Health Services, Inc., a Nevada corporation (“Borrower”) has assumed
NxOpinion’s obligation to pay the Debt to Consultant, and to evidence this obligation in this
promissory note (the “Note”).

FOR VALUE RECEIVED, the undersigned Borrower promises to pay to the order of Consultant at
such place as the holder hereof may designate, in lawful money of the United States of America and
in immediately available funds, the principal sum of __________________ and 00/100 dollars ($___________),
with interest thereon.

TERMS:

(a) Term. The entire balance of unpaid principal plus accrued interest shall be due and
payable in immediately available funds on June 30, 2011.

(b) Interest. The outstanding principal balance of the Note shall bear interest (computed on
the basis of a 365-day year, actual days elapsed) at a per annum rate of 5.0%.

(c) Interest Upon Event of Default. Upon the occurrence of an Event of Default as described
herein, the interest rate on outstanding indebtedness will be
 _____%.

(d) Payment of Interest. Interest accrued on this Note shall be payable upon loan repayment.

(e) Application of Payments. Each payment made on this Note shall be credited first, to any
interest due and second, to the outstanding principal balance hereof

EVENTS OF DEFAULT:

The occurrence of any of the following shall constitute an “Event of Default” under this Note:

(a) The failure to pay any principal, interest, fees or other charges when due hereunder.

 

 

 

(b) The filing of a petition by or against the Borrower under any provisions of the Bankruptcy
Reform Act, Title 11 of the United States Code, as amended or recodified from time to time, or
under any similar or other law relating to bankruptcy, insolvency, reorganization or other relief
for debtors; the appointment of a receiver, trustee, custodian or liquidator of or for any part of
the assets or property of the Borrower; the Borrower becomes insolvent, makes a general assignment
for the benefit of creditors or is generally not paying its debts as they become due; or any
attachment or levy on any property of the Borrower.

(c) The dissolution or liquidation of the Borrower.

(d) Any default in the payment or performance of any obligation, or any defined event of
default, under any provisions of any contract, instrument or document pursuant to which the
Borrower has incurred any obligation for borrowed money, any purchase obligation, or any other
liability of any kind to any person or entity, including the holder.

(e) Any financial statement provided by the Borrower to Consultant proves to be incorrect,
false or misleading in any material respect.

(f) Any sale or transfer of all or a substantial or material part of the assets of the
Borrower other than in the ordinary course of its business.

MISCELLANEOUS:

(a) Remedies. Upon the occurrence of any Event of Default, the holder of this Note, at the
holder’s option, may declare all sums of principal and interest outstanding hereunder to be
immediately due and payable without presentment, demand, notice of nonperformance, notice of
protest, protest or notice of dishonor, all of which are expressly waived by the Borrower, and the
obligations, if any, of the holder to extend any further credit hereunder shall immediately cease
and terminate. The Borrower shall pay to the holder immediately upon demand the full amount of all
payments, advances, charges, costs and expenses, including reasonable attorney’s fees (to include
outside counsel fees and all allocated costs of the holder’s in-house counsel), expended or
incurred by the holder in connection with the enforcement of the holder’s rights and/or the
collection of any amounts which become due to the holder under this Note, and the prosecution or
defense of any action in any way related to this Note, including without limitation, any action for
declaratory relief, whether incurred at the trial or appellate level, in an arbitration proceeding
or otherwise, and including any of the foregoing incurred in connection with any bankruptcy
proceeding (including without limitation, any adversary proceeding, contested matter or motion
brought by Consultant or any other person) relating to the Borrower or any other person or entity.

(b) Prepayment. The Borrower reserves the privilege of prepaying without premium the
outstanding principal balance hereof, in whole or in part, at any time.

(c) Governing Law. This Note shall be governed by and construed in accordance with the laws of
the State of Michigan.

(d) Usury. In no event shall the rate of interest on this Note exceed the maximum rate
permitted by applicable law.

 

 

 

IN WITNESS WHEREOF, the undersigned has executed this Note as of the date first written above.

	 	 	 	 	 
	 	Robertson Health Services, Inc.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Its:Exhibit 10.5

Exhibit 10.5

					
	 	 	 	 	 
	054 — FTNM
	 	FIFTH THIRD BANK
	 	 
	 	 	 	 	 
	 
	 	Term Note	 	 

			
	 	 	 
	OFFICER No. 54828
	 	NOTE No.                     
	$241,666.00
	 	August 12, 2010
	 
	 	(Effective Date)

1. PROMISE TO PAY. On or before August 12, 2015 (the “Maturity Date”), the
undersigned, Robertson Research Institute, a Colorado corporation located at 4215 Fashion Square
Boulevard, Saginaw, Saginaw County, Michigan 48603 and Robertson Health Services, Inc., a Nevada
corporation located at 4215 Fashion Square Boulevard, Saginaw, Saginaw County, Michigan 48603
(collectively and jointly and severally, “Borrower”) for value received, hereby promises to pay to
the order of Fifth Third Bank, an Ohio banking corporation located at 102 W. Front St., Traverse
City, Grand Traverse County, Michigan 49684 for itself and as agent for any affiliate of Fifth
Third Bancorp (together with its successors and assigns, the “Lender”) the sum of Two Hundred Forty
One Thousand Six Hundred Sixty Six and 00/100 Dollars ($241,666.00) (the “Borrowing”), plus
interest as provided herein, fess such amounts as shall have been repaid in accordance with this
Note. The outstanding balance of this Note shall appear on a supplemental bank record and is not
necessarily the face amount of this Note, which record shall evidence the balance due pursuant to
this Note at any time.

Principal and interest payments shall be made at Lender’s address above unless otherwise designated
by Lender in writing. Each payment hereunder may be applied in the following order: accrued
interest, principal, fees, charges and advanced costs.

Principal shall be due and payable in 59 installments, each in the amount of $4,167.00 on the 12th
day of each calendar month beginning on September 12, 2010; provided that the entire principal
balance, together with all accrued and unpaid interest and any other charges, advances and fees, if
any, outstanding hereunder shall be due and payable in full on the earlier of the Maturity Date or
upon acceleration of the Note.

The principal sum outstanding shall bear interest at a floating rate per annum equal to 1% in
excess of the rate of interest per annum established from time to time by Fifth Third Bank at its
principal office as its “Prime Rate”, whether or not Fifth Third Bank shall at times lend to
borrowers at lower rates of interest or, if there is no such prime rate, then such other rate as
may be substituted by Fifth Third Bank for the prime rate (the “Interest Rate”). In the event of a
change in said Prime Rate, the Interest Rate shall be changed immediately to 1% in excess of such
new Prime Rate. Interest shall be calculated based on a 360-day year and charged for the actual
number of days elapsed, and shall be payable on the 12th day of each calendar month beginning on
September 12, 2010.

Notwithstanding any provision to the contrary in this Note, in no event shall the interest rate
charged on the Borrowing exceed the maximum rate of interest permitted under applicable state
and/or federal usury law. Any payment of interest that would be deemed unlawful under applicable
law for any reason shall be deemed received on account of, and will automatically be applied to
reduce, the principal sum outstanding and any other sums (other than interest) due and payable to
Lender under this Note, and the provisions hereof shall be deemed amended to provide for the
highest rate of interest permitted under applicable law.

2. USE OF PROCEEDS. Borrower certifies that the proceeds of this loan are to be used
for business purposes.

3. NOTE PROCESSING FEE. Lender may charge, and Borrower agrees to pay on the above
Effective Date, a note processing fee in the amount of $200.00.

4. TAX RETURNS AND FINANCIAL INFORMATION. Within 30 days of filing, Borrower shall
provide Lender with copies of all federal, state and local income tax returns. Within 15 days of
the request of Lender, Borrower shall provide to Lender such financial information and financial
statements as Lender may reasonably request.

5. DEPOSITORY/BANKING
SERVICES, Lender shall be the principal depository in which
substantially all of Borrower’s funds are deposited, and the principal bank of account of Borrower,
as long as any Obligations are outstanding, and Borrower shall grant Lender the first and last
opportunity to provide any corporate banking services required by Borrower and its affiliates.

			
	 	 	 
	PROMISSORY-NOTE @ Fifth Third Bancorp 24)01
	 	75291-11-1-D.G1BS — Version # 3 N-2

 

 

 

6. COSTS. Borrower shall reimburse Lender for any and all fees, costs and expenses
including, without limitation, reasonable attorneys’ fees, other professionals’ fees, appraisal
fees, environmental assessment fees (including Phase I and Phase II assessments), field exam
audits, expert fees, court costs, litigation and other expenses (collectively, the “Costs”)
incurred or paid by Lender or any of its officers, employees or agents in connection with: (a) the
preparation, negotiation, procurement, review, administration or enforcement of the Loan Documents
or any instrument, agreement, document, policy, consent, waiver, subordination, release of lien,
termination statement, satisfaction of mortgage, financing statement or other lien search,
recording or filing related thereto (or any amendment, modification or extension to, or any
replacement or substitution for, any of the foregoing), whether or not any particular portion of
the transactions contemplated during such negotiations is ultimately consummated, and (b) the
defense, preservation and protection of Lender’s rights and remedies thereunder, including without
limitation, its security interest in the Collateral or any other property pledged to secure the
Loans, whether incurred in bankruptcy, insolvency, foreclosure or other litigation or proceedings
or otherwise. The Costs shall be due and payable upon demand by Lender. If Borrower fails to pay
the Costs when upon such demand, Lender is entitled to disburse such sums as Obligations.
Thereafter, the Costs shall bear interest from the date incurred or disbursed at the highest rate
set forth in this Note. This provision shall survive the termination of this Agreement and/or the
repayment of any amounts due or the performance of any Obligation.

7. DEFINITIONS. Certain capitalized terms have the meanings set forth on any exhibit
hereto, in the Security Agreement, if applicable, or any other Loan Document. All financial terms
used herein but not defined on the exhibits, in the Security Agreement, if applicable, or any
other Loan Document have the meanings given to them by generally accepted accounting principles.
All other undefined terms have the meanings given to them in the Uniform Commercial Code as
adopted in the state whose law governs this instrument. The following definitions are used herein:

(a) “Business Day” means any day other than a Saturday, Sunday, federal holiday or
other day on which the New York Stock Exchange is regularly closed.

(b) “Lien” means any security interest, mortgage, pledge, assignment, lien or other
encumbrance of any kind, including interests of vendors or lessors under conditional sale
contracts or capital leases.

(c) “Obligation(s)” means all loans, advances, indebtedness and each and every other
obligation or liability of Borrower owed to each of Lender and/or any affiliate of Fifth
Third Bancorp, however created, of every kind and description whether now existing or
hereafter arising and whether direct or indirect, primary or as guarantor or surety, absolute
or contingent, liquidated or unliquidated, matured or unmatured, participated in whole or in
part, created by trust agreement, lease overdraft, agreement or otherwise, whether or not
secured by additional collateral, whether originated with Lender or owed to others and
acquired by Lender by purchase, assignment or otherwise, and including, without limitation,
all loans, advances, indebtedness and each and every obligation or liability arising under
the loan document, any and all Rate Management Obligations (as defined in the Loan
Documents), letters of credit now or hereafter issued by Lender or any affiliate of Fifth
Third Bancorp for the benefit of or at the request of Borrower, all obligations to perform or
forbear from performing acts, and agreements, instruments and documents evidencing,
guarantying, securing or otherwise executed in connection with any of the foregoing, together
with any amendments, modifications and restatements thereof, and all expenses and attorneys’
fees incurred by Lender hereunder or any other document, instrument or agreement related to
any of the foregoing.

(d) “Collateral” means all personal and/or real property provided by Borrower to Lender
as collateral security for the obligations.

(e) “Rate Management Agreement” means any agreement, device or arrangement providing for
payments which are related to fluctuations Of interest rates, exchange rates, forward rates,
or equity prices, including, but not limited to, dollar-denominated or cross-currency
interest rate exchange agreements, forward currency exchange agreements, interest rate cap or
collar protection agreements, forward rate currency or interest rate options, puts and
warrants, and any agreement pertaining to equity derivative transactions (e.g., equity or
equity index swaps, options, caps, floors, collars and forwards), including without
limitation any ISDA Master Agreement between Borrower and Lender or any affiliate of Fifth
Third Bancorp, and any schedules, confirmations and documents and other confirming evidence
between the parties confirming transactions thereunder, all whether now existing or hereafter
arising, and in each case as amended, modified or supplemented from time to time.

			
	 	 	 
	PROMISSORY-NOTE Fifth Third Bancorp 2001
	 	75291-11-1-D.G1BS — Version # 3 N-2

 

 

 

(f) “Rate Management Obligations” means any and all obligations of Borrower to Lender or
any affiliate of Fifth Third Bancorp, whether absolute, contingent or otherwise and howsoever
and whensoever (whether now or hereafter) created, arising, evidenced or acquired (including
all renewals, extensions and modifications thereof and substitutions therefore), under or in
connection with (i) any and all Rate Management Agreements, and (ii) any and all
cancellations, buy backs, reversals, terminations or assignments of any Rate Management
Agreement.

8. EVENTS OF DEFAULT. Upon the occurrence of any of the following events (each, an
“Event of Default”), Lender may, at its option, without any demand or notice whatsoever, declare
this Note and all Obligations to be fully due and payable in their aggregate amount, together with
accrued interest and all prepayment premiums, fees, and charges applicable thereto:

(a) Any failure to make any payment when due of principal or accrued interest on this
Note or any other obligation and such nonpayment remains uncured for 10 days after written
notice from Lender to Borrower of such default.

(b) Any representation or warranty of Borrower set forth in this Note or in any
agreement, instrument, document, certificate or financial statement evidencing, guarantying,
securing or otherwise related to, this Note or any other Obligation shall be materially
inaccurate or misleading.

(c) Borrower or any Guarantor shall fail to observe or perform any other term or
condition of this Note or any other term or condition set forth in any agreement, instrument,
document, certificate, or financial statement evidencing, guarantying, or otherwise related
to this Note or any other Obligation, or Borrower or any Guarantor shall otherwise default in
the observance or performance of any covenant or agreement set forth in any of the foregoing
for 30 days after written notice from Lender to Borrower of such default.

(d) The dissolution of Borrower or of any endorser or guarantor of the Obligations, or
the merger or consolidation of any of the foregoing with a third party, or the lease, sale or
other conveyance of a material part of the assets or business of any of the foregoing to a
third party outside the ordinary course of its business, or the lease, purchase or other
acquisition of a material part of the assets or business of a third party by any of the
foregoing.

(e) The creation of any lien (except a lien to Lender) on, the institution of any
garnishment proceedings by attachment, levy or otherwise against, the entry of a judgment
against, or the seizure of, any of the property of Borrower or any endorser or guarantor
hereof including, without limitation, any property deposited with Lender.

(f) in the reasonable judgment of Lender in good faith, any material adverse change
occurs in the existing or prospective financial condition of Borrower that may affect the
ability of Borrower to repay the Obligations, or the Lender deems itself insecure.

(g) A commencement by the Borrower of a voluntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect; or the entry of a decree or order
for relief in respect of the Borrower in a case under any such law or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator (or other similar official) of the
Borrower, or for any substantial part of the property of Borrower, or ordering the wind-up or
liquidation of the affairs of Borrower; or the filing and pendency for 30 days without
dismissal of a petition initiating an involuntary case under any such bankruptcy, insolvency
or similar law; or the making by Borrower of any general assignment for the benefit of
creditors; or the failure of the Borrower of the Obligations generally to pay its debts as
such debts become due; or the taking of action by the Borrower in furtherance of any of the
foregoing.

(h) Nonpayment by the Borrower of any Rate Management Obligation relating to this Note
when due or the breach by the Borrower of any term, provision or condition contained in any
Rate Management Agreement.

9. REMEDIES. After the occurrence of an Event of Default, in addition to any other
remedy permitted by law, Lender may at any time, without notice, apply the collateral to this Note
or such other Obligations, whether due or not, and Lender may, at its option, proceed to enforce
and protect its rights by an action at law or in equity or by any other appropriate proceedings;
provided that this Note and the Obligations shall be accelerated automatically and immediately if
the Event of Default is a filing under the Bankruptcy Code.

					
	 	 	 	 	 
	PROMISSORY NOTE © Fifth Third Bancorp 2001
	 	- 3 -
	 	75291-11-1-D.GI8S — Version # 3 N-2

 

 

 

If this Note is placed in the hands of attorneys for collection or is collected through any legal
proceedings, Borrower promises and agrees to pay, in addition to the principal, interest and other
sums due and payable hereon, all costs of collecting or attempting to collect this Note, including
all reasonable attorneys’ fees and disbursements.

Lender’s rights and remedies hereunder are cumulative, and may be exercised together, separately,
and in any order. No delay on the part of Lender in the exercise of any such right or remedy shall
operate as a waiver. No single or partial exercise by Lender of any right or remedy shall preclude
any other further exercise of it or the exercise of any other right or remedy. No waiver or
indulgence by Lender of any Event of Default shall be effective unless in writing and signed by
Lender, nor shall a waiver on one occasion be construed as a waiver of any other occurrence in the
future.

10. LATE PAYMENTS; DEFAULT RATE; FEES. If any payment is not paid when due (whether
by acceleration or otherwise) or within 10 days thereafter, undersigned agrees to pay to Lender a
late payment fee as provided for in any loan agreement or 5% of the payment amount, whichever is
greater with a minimum fee of $20.00. After an Event of Default, Borrower agrees to pay to Lender
a fixed charge of $25.00, or Borrower agrees that Lender may, without notice, increase the
Interest Rate by five percentage points (5%) (the “Default Rate”), whichever is greater. Lender
may impose a non-sufficient funds fee for any check that is presented for payment that is returned
for any reason. In addition, Lender may charge loan documentation fees as may be reasonably
determined by the Lender.

11. PREPAYMENT. Borrower may prepay all or part of this Note, which prepaid amounts
shall be applied to the amounts due in reverse order of their due dates.

12. MULTIPLE OBLIGORS. Each and every reference to and any and all representations,
warranties, covenants and undertakings of, Borrower herein, including but not limited to the
Events of Default shall be deemed to apply to each of the undersigned and any and all guarantors
of any of the Obligations, jointly and separately.

13. ENTIRE AGREEMENT. Borrower agrees that there are no conditions or understandings
which are not expressed in this Note and the documents referred to herein.

14. SEVERABILITY. The declaration of invalidity of any provision of this Note shall
not affect any part of the remainder of the provisions.

15. ASSIGNMENT. Borrower agrees not to assign any of Borrower’s rights, remedies or
obligations described in this Note without the prior written consent of Lender. Borrower agrees
that Lender may assign some or all of its rights and remedies described in this Note without
notice to, or prior consent from, the Borrower.

16. MODIFICATION; WAIVER OF LENDER. The modification or waiver of any of Borrower’s
obligations or Lender’s rights under this Note must be contained in a writing signed by Lender.
Lender may perform Borrower’s obligations, or delay or fail to exercise any of its rights or
remedies, without causing a waiver of those obligations or rights. A waiver on one occasion shall
not constitute a waiver on another occasion. Borrower’s obligations under this Note shall not be
affected if Lender amends, compromises, exchanges, fails to exercise, impairs or releases (i) any
of the obligations belonging to any co- borrower, endorser or guarantor or (ii) any of its rights
against any co- borrower, guarantor or endorser.

17. WAIVER OF BORROWER. Demand, presentment, protest and notice of dishonor, notice of
protest and notice of default are hereby waived by Borrower, and any endorser or guarantor hereof.
Each of Borrower, including but not limited to all co-makers and accommodation makers of this Note,
hereby waives all suretyship defenses including but not limited to all defenses based upon
impairment of collateral and all suretyship defenses described in Section 3-605 of the Uniform
Commercial Code (the “UCC”). Such waiver is entered to the full extent permitted by Section 3-605
(i) of the UCC.

18. GOVERNING LAW; CONSENT TO JURISDICTION. This Note is delivered in, is intended to
be performed in, will be governed, construed, and enforceable in accordance with and governed by
the internal laws of, the State of Michigan, without regard to principles of conflicts of law.
Borrower agrees that the state and federal courts in the County where the Lender is located shall
have exclusive jurisdiction over all matters arising out of this Note, and that service of process
in any such proceeding shall be effective if mailed to Borrower at the address set forth herein.

					
	 	 	 	 	 
	PROMISSORY-NOTE © Firth Third Bancorp 2001
	 	- 4 -
	 	75291-11-1-D.GI85 — Version # 3 N•2

 

 

 

19. JURY WAIVER. BORROWER, AND ANY ENDORSER OR GUARANTOR HEREOF, WAIVE THE RIGHT TO A
TRIAL BY JURY OF ANY MATTERS ARISING OUT OF THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY.

	 	 	 	 	 	 	 
	 	 	BORROWER:	 	 
	 
	 	 	 	 	 	 
	 	 	Robertson Research Institute, a Colorado corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Joel C. Robertson	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	(Authorized Signer)	 	 
	 
	 	 	 	 	 	 
	 	 	Joel Robertson, President	 	 
	 	 	 	 	 
	 	 	(Print Name and Title)	 	 
	 
	 	 	 	 	 	 
	 	 	Robertson Health Services, Inc., a Nevada corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Joel C. Robertson	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	(Authorized Signer)	 	 
	 
	 	 	 	 	 	 
	 	 	Joel Robertson, President	 	 
	 	 	 	 	 
	 	 	(Print Name and Title)	 	 

					
	 	 	 	 	 
	PROMISSORY-NOTE © Fifth Third Bancorp 2001
	 	- 5 -
	 	75291-11-1-1-DLIBS — Version # 3 N-2

 

 

 

					
	 	 	 	 	 
	054 — FTNM
	 	FIFTH THIRD BANK
	 	 

Continuing Guaranty Agreement

THIS CONTINUING GUARANTY AGREEMENT (the “Guaranty”) made as of August 12, 2010 by and
between Joel Robertson, an individual residing at 3555 Pierce Road, Saginaw, Saginaw County,
Michigan 48604 (the “Guarantor”) and Fifth Third Bank, an Ohio banking corporation located at
102 W. Front St., Traverse City, Grand Traverse County, Michigan 49684 for itself and as agent
for any affiliate of Fifth Third Bancorp (“Beneficiary”).

WITNESSETH:

WHEREAS, Beneficiary has agreed to extend credit and financial accommodations to Robertson
Research Institute, a Colorado corporation and Robertson Health Services, Inc., a Nevada
corporation (collectively and jointly and severally, “Borrower”), pursuant to the Term Note,
dated August 12, 2010, executed by Borrower and made payable to the order of Beneficiary (the
“Note”), and all agreements, instruments and documents executed or delivered in connection with
the foregoing or otherwise related thereto (together with any amendments, modifications, or
restatements thereof, the “Loan Documents”); and

WHEREAS, Guarantor is affiliated with Borrower and, as such, shall be benefited directly
by the transaction contemplated by the Loan Documents, and shall execute this Guaranty in order
to induce Beneficiary to enter into such transaction.

NOW, THEREFORE, in consideration of the foregoing premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Guarantor hereby
guarantees, promises and undertakes as follows:

1. GUARANTY.

(a) Guarantor hereby unconditionally, absolutely and irrevocably guarantees to
Beneficiary the full and prompt payment and performance when due (whether at maturity by
acceleration or otherwise) of any and all loans, advances, indebtedness and each and
every other obligation or liability of Borrower owed to Beneficiary and any affiliate of
Fifth Third Bancorp, however created, of every kind and description, whether now
existing or hereafter arising and whether direct or indirect, primary or as guarantor or
surety, absolute or contingent, due or to become due, liquidated or unliquidated,
matured or unmatured, participated in whole or in part, created by trust agreement,
lease, overdraft, agreement, or otherwise, whether or not secured by additional
collateral, whether originated with Beneficiary or owed to others and acquired by
Beneficiary by purchase, assignment or otherwise, and including, without limitation, all
loans, advances, indebtedness and each and every other obligation or liability arising
under the Loan Documents, letters of credit now or hereafter issued by Beneficiary or
any affiliate of Fifth Third Bancorp for the benefit of or at the request of Borrower,
all obligations to perform or forbear from performing acts, any and all Rate Management
Obligations (as defined in the Loan Documents), and all agreements, instruments and
documents evidencing, guarantying, securing or otherwise executed in connection with any
of the foregoing, together with any amendments, modifications, and restatements thereof,
and all expenses and attorneys’ fees incurred or other sums disbursed by Beneficiary or
any affiliate of Fifth Third Bancorp under this Guaranty or any other document,
instrument or agreement related to any of the foregoing (collectively, the
“Obligations”), regardless of any defense, right of set-off or claims which Borrower or
Guarantor may have against Beneficiary.

			
	 	 	 
	
	 	75291-8-1-0.CW — Version # 3 N-2

 

 

 

(b) This Guaranty is an absolute, present and continuing guaranty of payment, and
not merely of collection, that shall remain in full force and effect until expressly
terminated in writing by Beneficiary, notwithstanding the fact that no Obligations may
be outstanding from time to time. Such termination by Beneficiary shall be applicable
only to transactions having their inception after the effective date thereof, and shall
not affect the enforceability of this Guaranty with regard to any Obligations arising
out of transactions having their inception prior to such effective date, even if such
Obligations shall have been modified, renewed, compromised, extended, otherwise amended
or performed by Beneficiary subsequent to such termination. In the absence of any
termination of this Guaranty as provided above, Guarantor agrees that Guarantor’s
obligations hereunder shall not be deemed discharged or satisfied until the Obligations
are fully paid and performed, and no such payments or performance with regard to the
Obligations is subject to any right on the part of any person whomsoever, including but
not limited to any trustee in bankruptcy, to recover any of such payments. If any such
payments are so set aside or settled without litigation, all of which is within
Beneficiary’s discretion, Guarantor shall be liable for the full amount Beneficiary is
required to repay, plus costs, interest, reasonable attorneys’ fees and any and all
expenses that Beneficiary paid or incurred in connection therewith. A successor of
Borrower, including Borrower in its capacity as debtor in a bankruptcy reorganization
case, shall not be considered to be a different person than Borrower; and this Guaranty
shall apply to all Obligations incurred by such successor.

(c) Guarantor agrees that Guarantor is directly and primarily liable to Beneficiary
and that the Obligations hereunder are independent of the Obligations of Borrower, or of
any other guarantor. The liability of Guarantor hereunder shall survive discharge or
compromise of any Obligation of Borrower in bankruptcy or otherwise. Beneficiary shall
not be required to prosecute or seek to enforce any remedies against Borrower or any
other party liable to Beneficiary on account of the Obligations, or to seek to enforce
or resort to any remedies with respect to any collateral granted to Beneficiary by
Borrower or any other party on account of the Obligations, as a condition to payment or
performance by Guarantor under this Guaranty.

(d) Beneficiary may, without notice or demand and without affecting its rights
hereunder, from time to time: (i) renew, extend, accelerate or otherwise change the
amount of, the time for payment of, or other terms relating to, any or all of the
Obligations, or otherwise modify, amend or change the terms of the Loan Documents or any
other document or instrument evidencing, securing or otherwise relating to the
Obligations, (ii) take and hold collateral for the payment of the Obligations guaranteed
hereby, and exchange, enforce, waive, and release any such collateral, and apply such
collateral and direct the order or manner of sale thereof as Beneficiary in its
discretion may determine. Accordingly, Guarantor hereby waives notice of any and all of
the foregoing.

(e) Guarantor hereby waives all defenses, counterclaims and off-sets of any kind or
nature, whether legal or equitable, that may arise: (i) directly or indirectly from the
present or future lack of validity, binding effect or enforceability of the Loan
Documents or any other document or instrument evidencing, securing or otherwise relating
to the Obligations, (ii) from Beneficiary’s impairment of any collateral, including the
failure to record or perfect the Beneficiary’s interest in the collateral, or (iii) by
reason of any claim or defense based upon an election of remedies by Beneficiary in the
event such election may, in any manner, impair, affect, reduce, release, destroy or
extinguish any right of contribution or reimbursement of Guarantor, or any other rights
of the Guarantor to proceed against any other guarantor, or against any other person or
any collateral.

(f) Guarantor hereby waives all presentments, demands for performance or payment,
notices of nonperformance, protests, notices of protest, notices of dishonor, notices of
default or nonpayment, notice of acceptance of this Guaranty, and notices of the
existence, creation, or incurring of new or additional Obligations, and all other
notices or formalities to which Guarantor may be entitled, and Guarantor hereby waives
all suretyship defenses, including but not limited to all defenses set forth in the
Uniform Commercial Code, as revised from time to time (the “UCC”) to the full extent
such a waiver is permitted thereby.

(g) Guarantor hereby irrevocably waives all legal and equitable rights to recover
from Borrower any sums paid by the Guarantor under the terms of this Guaranty, including
without limitation all rights of subrogation and all other rights that would result in
Guarantor being deemed a creditor of Borrower under the federal Bankruptcy Code or any
other law, and Guarantor hereby waives any right to assert in any manner against
Beneficiary any claim, defense, counterclaim and offset of any kind or nature, whether
legal or equitable, that Guarantor may now or at any time hereafter have against Borrower
or any other party liable to Beneficiary.

					
	 	 	 	 	 
	
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	 	75291-8-1-D.GMS — Version # 3 N-2

 

 

 

2. REPRESENTATIONS, WARRANTIES AND COVENANTS. Guarantor hereby represents,
warrants and covenants as follows:

(a) The execution, delivery and performance by Guarantor of this Guaranty shall not
violate any provision of law or regulation applicable to Guarantor, or any writ or decree
of any court or governmental
instrumentality, or any instrument or agreement to which Guarantor is a party or by
which Guarantor may be bound; this Guaranty is a legal, valid, and binding obligation of
said Guarantor, enforceable in accordance with its terms; and there is no action or
proceeding before any court or governmental body agency now pending that may materially
adversely affect the condition (financial or otherwise) of Guarantor.

(b) Upon request of Beneficiary, copies of all federal, state and local income tax
returns and such other information as Beneficiary may reasonably request.

3. EVENTS OF DEFAULT. Any of the following occurrences shall constitute an “Event
of Default” under this Guaranty:

(a) An Event of Default occurs under the terms of the Loan Documents or any other
document or instrument evidencing, securing or otherwise relating to the Obligations, as
“Event of Default” shall be defined therein.

(b) Guarantor shall fail to observe or perform any covenant, condition, or
agreement under this Guaranty for a period of thirty (30) days from the date of such
breach, or any representation or warranty of Guarantor set forth in this Guaranty shall
be materially inaccurate or misleading when made or delivered.

(c) The death or legal incompetence of Guarantor, or of any endorser or other
guarantor of the Obligations, or the merger or consolidation of any of the foregoing
with a third party, or the lease, sale or other conveyance of a material part of the
assets or business of any of the foregoing to a third party outside the ordinary course
of its business, or the lease, purchase or other acquisition of a material part of the
assets or business of a third party by any of the foregoing; provided, however, that
the death of the Guarantor shall not be deemed an Event of Default hereunder if a
substitute guarantor of the Obligations reasonably satisfactory to Beneficiary executes
and delivers a continuing guaranty agreement substantially similar to this Guaranty
within 60 days of the death of the Guarantor.

(d) The default by Guarantor under the terms of any indebtedness of Guarantor now
or hereafter existing, which default has not been cured within any time period
permitted pursuant to the terms and conditions of such indebtedness or the occurrence
of an event which gives any creditor the right to accelerate the maturity of any such
indebtedness.

(e) The commencement by Guarantor of a voluntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect; or the entry of
a decree or order for relief in respect of Guarantor in a case under any such law or
appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or other
similar official) of Guarantor or for any substantial part of Guarantor’s property, or
ordering the wind-up or liquidation of Guarantor’s affairs; or the filing and pendency
for 30 days without dismissal of a petition initiating an involuntary case under any
such bankruptcy, insolvency or similar law; or the making by Guarantor of any general
assignment for the benefit of creditors; or the failure of Guarantor generally to pay
Guarantor’s debts as such debts become due; or the taking of action by Guarantor in
furtherance of any of the foregoing.

(f) The revocation or attempted revocation of this Guaranty by Guarantor before
the termination of this Guaranty in accordance with its terms, or the assignment or
attempted assignment of this Guaranty by Guarantor.

4. REMEDIES.

(a) Whenever any Event of Default as defined herein shall have happened,
Beneficiary, in its sole discretion, may take any remedial action permitted by law or
in equity or by the Loan Documents or any other document or instrument evidencing,
securing or otherwise relating to the Obligations, including demanding payment in full
of all sums guaranteed hereby, plus any accrued interest or other expenses.

					
	 	 	 	 	 
	CONT-GUAR Fifth Third Bancorp 2001
	 	- 3 -
	 	75291-8-1-D.GIBS — Version # 3 N-2

 

 

 

(b) If Beneficiary should employ attorneys or incur other expenses for the
enforcement of this Guaranty, Guarantor, on demand therefor, shall reimburse the
reasonable fees of such attorneys and such other expenses to the extent permitted by law.

(c) No remedy set forth herein is exclusive of any other available remedy or
remedies, but each is cumulative and in addition to every other remedy given under this
Guaranty or now or hereafter existing at law or in equity or by statute. No delay or
omission on the part of Beneficiary to exercise any right or remedy shall be construed to
be a waiver thereof, but any such right or remedy may be exercised from time to time and
as often as may be deemed expedient thereby, and a waiver on any one occasion shall be
limited to that particular occasion.

5. FINANCIAL CONDITION OF BORROWER. Guarantor is presently informed of the
financial condition of Borrower and of all other circumstances that a diligent inquiry would
reveal and which would bear upon the risk of nonpayment of any of the Obligations. Guarantor
hereby covenants that Guarantor shall continue to keep informed of such matters, and hereby
waives Guarantor’s right, if any, to require Beneficiary to disclose any present or future
information concerning such matters including, but not limited to, the release of or revocation
by any other guarantor.

6. SUBORDINATION. All indebtedness and liability now or hereafter owing by
Borrower to Guarantor is hereby postponed and subordinated to the Obligations owing to
Beneficiary; and such indebtedness and liability to Guarantor, if Beneficiary so requests,
shall be collected, enforced and received by Guarantor as trustee for Beneficiary and be paid
over to Beneficiary on account of the Obligations.

7. NOTICES,
Any notices under or pursuant to this Guaranty shall be deemed duly
sent when delivered in hand or when mailed by registered or certified mail, return receipt
requested, addressed as follows:

	 	 	 	 	 
	 

	 	To Guarantor:
	 	Joel Robertson
	 

	 	 	 	3555 Pierce Road
	 

	 	 	 	Saginaw, Michigan 48604
	 

	 	 	 	Saginaw County, Michigan
	 
	 	 	 	 
	 

	 	To Beneficiary:
	 	Fifth Third Bank
	 

	 	 	 	102 W. Front St.
	 

	 	 	 	Traverse City, Michigan 49684
	 

	 	 	 	Grand Traverse County, Michigan

Either party may change such address by sending notice of the
change to the other party.

8. MISCELLANEOUS,

(a) This Guaranty may be executed by the parties hereto in separate counterparts,
each of which when so executed and delivered shall be an original, but all such
counterparts shall together constitute but one and the same instrument.

(b) This Guaranty is the complete agreement of the parties hereto and supersedes all
previous understandings and agreements relating to the subject matter hereof. Neither this
Guaranty nor any of the terms hereof may be terminated, amended, supplemented, waived or
modified orally, but only by an instrument in writing signed by the party against whom
enforcement of the termination, amendment, supplement, waiver or modification is sought.

(c) As the context herein requires, the singular shall include the plural and one
gender shall include one or both other genders.

(d) This Guaranty shall inure to the benefit of Beneficiary’s successors and assigns
and shall be binding upon the heirs, executors, administrators and successors of
Guarantor. This Guaranty is not assignable by Guarantor.

			
	 	 	 
	CONT-GUAR * FM Third Bancorp 2001
	 	75291-8-1-D.G1BS — Version # 3 N-2

 

 

 

(e) If any provision of this Guaranty or the application thereof to any person or
circumstance is held invalid, the remainder of this Guaranty and the application thereof
to other persons or circumstances shall not be affected thereby.

(f) If from any cause or circumstances whatsoever, fulfillment of any provisions of
this Guaranty at the time performance of such provision shall be due involves
transcending the limit of validity presently prescribed by any applicable usury statute
or any other applicable law, with regard to obligations of like character and amount,
then ipso facto the obligation to be fulfilled shall be reduced to the limit of such
validity. The provisions of this paragraph shall control every other provision of this
Guaranty.

(g) This Guaranty is assignable by Beneficiary, and any assignment hereof or any
transfer or assignment of the Loan Documents or portions thereof by Beneficiary shall
operate to vest in any such assignee all rights and powers herein conferred upon and
granted to Beneficiary.

(h) This Guaranty shall be governed by and construed in accordance with the law of
the State of Michigan. Guarantor agrees that the state and federal courts for the County
in which the Beneficiary is located or any other court in which Beneficiary initiates
proceedings have exclusive jurisdiction over all matters arising out of this Guaranty.

(i) GUARANTOR AND BENEFICIARY HEREBY WAIVE THE RIGHT TO TRIAL BY JURY OF ANY
MATTERS ARISING IN CONNECTION VV1TH THIS GUARANTY OR THE TRANSACTIONS RELATED TH ERETO.

(j) TO THE GREATEST EXTENT PERMITTED BY LAW, GUARANTOR HEREBY WAIVES ANY AND ALL
RIGHTS TO REQUIRE MARSHALLING OF ASSETS BY BENEFICIARY.

IN WITNESS WHEREOF, Guarantor has caused this Guaranty to be executed as of the date
first above written.

	 	 	 	 	 	 	 	 	 
	BENEFICIARY:	 	 	 	GUARANTOR:
	 
	 	 	 	 	 	 	 	 
	Fifth Third Bank, an Ohio banking corporation	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Deana Kreager
	 	 	 	/s/ Joel C. Robertson	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	(Signature)
	 	 	 	(Signature)	 	 
	 
	 	 	 	 	 	 	 	 
	Deana Kreager AVP FCM	 	 	 	Joel Robertson	 	 
	 	 	 	 	 	 	 
	(Print Name and Title)	 	 	 	(Print Name)	 	 

					
	 	 	 	 	 
	CONT-GUAR 0 Fifth Third Bancorp 2001
	 	-5-
	 	75291-3-1-L-D.GIBS • Version # 3 N-2

 

 

 

					
	 	 	 	 	 
	054 — FTNM
	 	FIFTH THIRD BANK	 	 

Security Agreement

This Security Agreement (the “Agreement”) is made as of August 12, 2010 by Robertson
Research institute, a Colorado corporation located at 4215 Fashion Square Boulevard,
Saginaw, Saginaw County, Michigan 48603, (the “Debtor”) in favor of Fifth Third Bank, an
Ohio banking corporation located at 102 W. Front St., Traverse City, Grand Traverse County,
Michigan 49684 for itself and as agent for any affiliate of Fifth Third Bancorp
(hereinafter interchangeably referred to as the “Secured Party” or “Lender”). Debtor and
Secured Party hereby agree as follows:

WITNESSETH:

WHEREAS, Debtor is indebted to Secured Party in the aggregate principal amount of Two
Hundred Forty One Thousand Six Hundred Sixty Six and 00/100 Dollars ($241,666.00) pursuant
to the Term Note, dated August 12, 2010, executed by Debtor and made payable to the order
of Secured Party, in the principal amount of $241,666.00 (the “Note”), and all agreements,
instruments and documents executed or delivered in connection with the foregoing or
otherwise related thereto (collectively, together with any amendments, modifications, or
restatements thereof, the “Loan Documents”).

1. OBLIGATIONS.
This assignment of collateral and grant of security interest
shall secure all loans, advances, indebtedness and each and every other obligation or
liability of Debtor owed to Secured Party and any affiliate of Fifth Third Bancorp, however
created, of every kind and description, whether now existing or hereafter arising and
whether direct or indirect, primary or as guarantor or surety, absolute or contingent, due
or to become due, liquidated or unliquidated, matured or unmatured, participated in whole
or in part, created by trust agreement, lease, overdraft, agreement, or otherwise, whether
or not secured by additional collateral, whether originated with Secured Party or owed to
others and acquired by Secured Party by purchase, assignment or otherwise, and including,
without limitation, all loans, advances, indebtedness and each and every other obligation
or liability arising under the Loan Documents, letters of credit now or hereafter issued by
Secured Party or any affiliate of Fifth Third Bancorp for the benefit of or at the request
of Debtor, all obligations to perform or forbear from performing acts, any and all Rate
Management Obligations (as defined in the Loan Documents), and all agreements, instruments
and documents evidencing, guarantying, securing or otherwise executed in connection with
any of the foregoing, together with any amendments, modifications, and restatements
thereof, and all expenses and attorneys’ fees incurred or other sums disbursed by Secured
Party under this Agreement or any other document, instrument or agreement related to any of
the foregoing (collectively, the “Obligations”).

2. COLLATERAL. The Debtor hereby grants to Secured Party a security interest
in all right, title and interest of Debtor in the collateral now existing and hereafter
arising or acquired by Debtor, regardless of where it is located, and defined as follows
(together with all proceeds and products thereof and all additions and accessions thereto,
replacements thereof, supporting obligations therefor, software related thereto, guaranties
thereof, insurance or condemnation proceeds thereof, documents related thereto, all sales
of accounts constituting a right to payment therefrom, all tort or other claims against
third parties arising out of damage thereto or destruction thereof, all property received
wholly or partly in trade or exchange therefor, all fixtures attached or appurtenant
thereto, all leases thereof, and all rents, revenues, issues, profits and proceeds arising
from the sale, lease, license, encumbrance, collection, or any other temporary or permanent
disposition thereof, or any other interest therein, collectively, the “Collateral”):

(a) All Accounts, all Inventory, all Equipment, all General Intangibles, all Investment
Property.

(b) All instruments, chattel paper, electronic chattel paper, documents,
securities, moneys, cash, letters of credit, letter of credit rights, promissory
notes, warrants, dividends, distributions, contracts, agreements, contract rights or
other property, owned by Debtor or in which Debtor has an interest, including but not
limited to, those which now or hereafter are in the possession or control of Secured
Party or in transit by mail or carrier to or in the possession of any third party
acting on behalf of Secured Party, without regard to whether Secured Party received
the same in pledge, for safekeeping, as agent for collection or transmission or
otherwise or whether Secured Party had conditionally released the same, and the
proceeds thereof, all rights to payment from, and all claims against Secured Party,
and any deposit accounts of Debtor with Secured Party, including all demand, time,
savings, passbook or other accounts and all deposits therein.

			
	 	 	 
	
	 	75291-1-1 -D.GIBS — Version # 3 N-2

 

 

 

(c) All assets and all personal property now owned or hereafter acquired; all
now owned and hereafter acquired inventory, equipment, fixtures, goods, accounts,
chattel paper, documents, instruments, farm products, general intangibles, supporting
obligations, software, commercial tort claims, minerals, standing timber, growing
crops and all rents, issues, profits, products and proceeds thereof, wherever any of
the foregoing is located.

3. DEFINITIONS. Capitalized terms not otherwise defined in this Agreement
shall have the meanings attributed thereto in the applicable version of the Uniform
Commercial Code adopted in the jurisdiction in which Debtor is organized or, where
appropriate, the jurisdiction in which the Collateral is located, as such definitions may
be enlarged or expanded from time to time by legislative amendment thereto or judicial
decision (the “Uniform Commercial Code”). As used herein, the following capitalized terms
shall have the following meanings:

(a) “Accounts” means all accounts, accounts receivable, health-care insurance
receivables, credit card receivables, contract rights, instruments, documents,
chattel paper, tax refunds from federal, state or local governments and all
obligations in any form including without limitation those arising out of the sale or
lease of goods or the rendition of services by Debtor; all guaranties, letters of
credit and other security and support obligations for any of the above; all
merchandise returned to or reclaimed by Debtor; and all books and records (including
computer programs, tapes and data processing software) evidencing an interest in or
relating to the above; all winnings in a lottery or other game of chance operated by
a governmental unit or person licensed to operate such game by a governmental unit
and all rights to payment therefrom; and all “Accounts” as same is now or hereinafter
defined in the Uniform Commercial Code.

(b) “Equipment” means all goods (excluding inventory, farm products or consumer
goods), all machinery, machine tools, equipment, fixtures, office equipment,
furniture, furnishings, motors, motor vehicles, tools, dies, parts, jigs, goods
(including, without limitation, each of the items of equipment set forth on any
schedule which is either now or in the future attached to Secured Party’s copy of
this Agreement), and all attachments, accessories, accessions, replacements,
substitutions, additions and improvements thereto, all supplies used or useful in
connection therewith, and all “Equipment” as same is now or hereinafter defined in
the Uniform Commercial Code.

(c) “General Intangibles” means alt general intangibles, chooses in action,
causes of action, obligations or indebtedness owed to Debtor from any source
whatsoever, payment intangibles, software and all other intangible personal property
of every kind and nature (other than Accounts) including without limitation patents,
trademarks, trade names, service marks, copyrights and applications for any of the
above, and goodwill, trade secrets, licenses, franchises, rights under agreements,
tax refund claims, and all books and records including all computer programs, disks,
tapes, printouts, customer lists, credit files and other business and financial
records, the equipment containing any such information, and all “General Intangibles”
as same is now or hereinafter defined in the Uniform Commercial Code.

(d) “inventory” means goods, supplies, wares, merchandises and other tangible
personal property, including raw materials, work in process, supplies and components,
and finished goods, whether held for sale or lease, or furnished or to be furnished
under any contract for service, or used or consumed in business, and also including
products of and accessions to inventory, packing and shipping materials, all
documents of title, whether negotiable or non-negotiable, representing any of the
foregoing, and all “Inventory” as same is now or hereinafter defined in the Uniform
Commercial Code.

(e) “Investment Property” means a security, whether certificated or
uncertificated, security entitlement, securities account, commodity contract or
commodity account and all “Investment Property” as same is now or hereafter defined
in the Uniform Commercial Code.

4. WARRANTIES AS TO DEBTOR. Debtor hereby represents and warrants to Secured Party as
follows:

(a) It is a Colorado corporation with a principal place of business located at
the address otherwise set forth herein, and is duly organized, validly existing and
in good standing under the laws of the State of Colorado.

					
	 	 	 	 	 
	SEC-AGREEMENT © Fifth Third Bancorp 2001
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(b) Debtor further warrants that its exact legal name is set forth in the initial
paragraph of this Agreement, and that its Taxpayer I.D. is 80-0038127, and that its
Organizational No. is 20021037846.

5. WARRANTIES AS TO THE COLLATERAL. Debtor hereby represents and warrants to Secured
Party that:

(a) Except for the security interest hereby granted, Debtor is, and as to any
property which at any time forms a part of the Collateral, shall be, the sole owner of,
with good and marketable title in, each and every item of the Collateral, or otherwise
shall have the full right and power to grant a security interest in the Collateral, free
from any lien, security interest or encumbrance whatsoever;

(b) Each item of Collateral is, and shall be, valid, and all information furnished
to Secured Party with regard thereto is, and shall be, accurate and correct in all
respects when furnished;

(c) None of the Collateral shall be sold, assigned, transferred, discounted,
hypothecated or otherwise subjected to any lien, encumbrance or security interest, and
Debtor shall defend such Collateral and each and every part thereof against all claims
of all persons at any time claiming such Collateral or claiming any interest therein
adverse to Secured Party;

(d) The provisions of this Agreement are sufficient to create in favor of Secured
Party a valid and continuing lien on, and first security interest in, the types of
Collateral in which a security interest may be perfected by the filing of UCC Financing
Statements, and when such UCC Financing Statements are filed in the appropriate filing
offices, and the requisite filing fees are paid, such filings shall be sufficient to
perfect such security interests (other than Equipment affixed to real property so as to
become fixtures);

(e) If any of the Collateral is or will be attached to real estate in such a manner
as to become a fixture under applicable state law, that said real estate is not
encumbered in any way, or if said real estate is encumbered, Debtor will secure from the
lien holder or the party in whose favor it is or will become so encumbered a written
acknowledgment and subordination to the security interest hereby granted in such form as
is acceptable to Secured Party;

(f) The financial statements of Debtor for the most recent ended fiscal period and
heretofore submitted, to the Secured Party are true and correct and there are no
material adverse changes in the conditions, financial or otherwise, of Debtor since the
date of said financial statements.

6. DEBTOR’S RESPONSIBILITIES. Debtor covenants with, and warrants to, Secured Party
that Debtor shall:

(a) Furnish to Secured Party, in writing, a current list of all Collateral for the
purpose of identifying the Collateral and, further, execute and deliver such supplemental
instruments, documents, agreements and chattel paper, in the form of assignments or
otherwise, as Secured Party shall require for the purpose of confirming and perfecting,
and continuing the perfection of, Secured Party’s security interest in any or all of such
Collateral, or as is necessary to provide Secured Party with control over the Collateral
or any portion thereof;

(b) At its expense and upon request of Secured Party, furnish copies of invoices
issued by Debtor in connection with the Collateral, furnish certificates of insurance
evidencing insurance on Collateral, furnish proof of payment of taxes and assessments on
Collateral, make available to Secured Party, any and all of Debtor’s books, records,
written memoranda, correspondence, purchase orders, invoices and other instruments or
writings that in any way evidence or relate to the Collateral;

(c) Keep the Collateral insured at all times against risks of loss or damage by fire
(including so-called extended coverage), theft and such other casualties including
collision in the case of any motor vehicle, all in such amounts, under such forms of
policies, upon such terms, for such periods and written by such companies or underwriters
as is satisfactory to Secured Party. In all cases losses shall be payable to Secured
Party and any surplusage shall be paid to Debtor. All policies of insurance shall provide
for at least thirty (30) days
prior written notice of cancellation to Secured Party. Should Debtor at any time fail
to purchase or maintain insurance, pay taxes, or pay for any expense, incident or such
insurance, pay such taxes, order and pay for such necessary items of preservation,
maintenance or protection, and Debtor agrees to reimburse Secured Party for all
expenses incurred under this paragraph;

					
	 	 	 	 	 
	SEC-AGREEMENT © Fifth Third Bancorp 2001
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(d) Pay all taxes or assessments imposed on or with respect to the Collateral;

(e) Keep all of the Collateral in good condition and repair, protecting it from
weather and other contingencies which might adversely affect it as secured hereunder;

(f) Notify Secured Party immediately in writing of any information which Debtor
has or may receive which might in any way adversely affect the value of the
Collateral or the rights of Secured Party with respect thereto;

(g) Notify Secured Party promptly, in writing, of any change in the Debtor’s
exact legal name or any change in the legal name of Debtor or of any change in the
location of the Collateral or of any place of business or mailing addresses or the
establishment of any new place of business or mailing address;

(h) Pay all costs of filing any financing, continuation or termination
statements with respect to the security interest created hereby;

(i) Upon the occurrence of an Event of Default or breach of any provision of
this Security Agreement, pay all expenses and reasonable attorneys’ fees of Secured
Party; and Debtor agrees that said expenses and fees shall be secured under this
Agreement;

(j) Maintain possession of all Collateral at the location disclosed to Secured
Party and not to remove the Collateral from that location;

(k) Not sell, contract to sell, lease, encumber, or otherwise transfer the
Collateral (other than inventory) until the Obligations have been paid and performed,
Debtor acknowledging nonetheless that Secured Party has a security interest in the
proceeds of such Collateral;

(l) Take any other and further action necessary or desirable as requested by
Secured Party to grant Secured Party control over the Collateral, as “control” is
defined in the applicable version of the Uniform Commercial Code, including without
limitation (i) executing and/or authenticating any assignments or third party
agreements; (ii) delivering, or causing the delivery of, any of the Collateral to the
possession of Secured Party; or (iii) obtaining written acknowledgements of the lien
of Secured Party and agreements of subordination to such lien from third parties in
possession of the Collateral in a form acceptable to Secured Party. Debtor consents
to and hereby authorizes any third party in an authenticated record or agreement
between Debtor, Secured Party, and the third party, including but not limited to
depository institutions, securities intermediaries, and issuers of letters of credit
or other support obligations, to accept direction from Secured Party regarding the
maintenance and disposition of the Collateral and the products and proceeds thereof,
and to enter into agreements with Secured Party regarding same, without further
consent of the Debtor.

7. ACCOUNTS
RECEIVABLE, Debtor hereby agrees that, notwithstanding the fact
that all or any part of the Obligations is not matured and Debtor is current in payment
according to the tenor of the Obligations, Secured Party shall have the absolute right to
take any one or all of the following actions:

(a) Secured Party may serve written notice on Debtor instructing Debtor to
deliver to Secured Party all subsequent payments on accounts receivable which Debtor
shall do until notified otherwise;

(b) Secured Party may notify the account debtor(s) of its security interest and
instruct such account debtor(s) to make further payments on such accounts to Secured
Party instead of to Debtor; and,

					
	 	 	 	 	 
	SEC-AGREEMENT © Fifth Third Bancorp 2001
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(c) Secured Party may serve written notice upon Debtor that all subsequent
billings or statements of account rendered to any account debtor shall bear a notation
directing the account debtor(s) to make payment directly to Secured Party. Any payment
received by Secured Party pursuant to this paragraph shall be retained in a separate
non-interest bearing account as security for the payment and performance of all
Obligations of Debtor.

8. POWER OF ATTORNEY. Debtor hereby makes, constitutes and appoints Secured
Party its true and lawful attorney in fact to act, with full power of substitution, with
respect to the Collateral in any transaction, legal proceeding, or other matter in which
Secured Party is acting pursuant to this Agreement, including but not limited to executing,
authenticating and/or filing on its behalf: (i) UCC Financing Statements and amendments
thereto reflecting the lien of Secured Party upon the Collateral and any other documents
necessary or desirable to perfect or otherwise continue the security interest granted
herein; and (ii) any third party agreements or assignments to grant Secured Party control
over the Collateral, including but not limited to third party agreements between Debtor,
Secured Party, and depository institutions, securities intermediaries, and issuers of
letters of credit or other support obligations, which third party agreements direct the
third party to accept direction from Secured Party regarding the maintenance and
disposition of the Collateral and the products and proceeds thereof.

9. EVENTS OF DEFAULT. Any of the following events shall be an “Event of Default”
hereunder:

(a) An event of default occurs under any agreement, instrument or document
evidencing, guarantying, securing or otherwise executed or delivered in connection
with any of the Obligations, as “Event of Default” shall be defined therein.

(b) Any representation or warranty of Debtor set forth in this Agreement or in
any agreement, instrument, document, certificate or financial statement evidencing,
guarantying, securing or otherwise related to, this Agreement or any other Obligation
shall be materially inaccurate or misleading.

(c) Debtor shall fail to maintain in force the insurance required in this
Agreement or in any agreement, instrument, document, certificate or financial
statement evidencing, guarantying, securing or otherwise related to, this Agreement
or any other Obligation, or Debtor shall otherwise default in the observance or
performance of any covenant or agreement set forth in any of the foregoing for a
period of 30 days.

10. REMEDIES. Upon the occurrence and until the waiver of an Event of Default,
Secured Party may, without further notice to Debtor, at Secured Party’s option, declare any
note and all of the Obligations to become due and payable in its aggregate amount; provided
that the Obligations shall be accelerated automatically and immediately if the Event of
Default is a filing under the Bankruptcy Code. Secured Party may resort to the rights and
remedies of a secured party under the Uniform Commercial Code, including but not limited to
the right of a secured party to (a) enter any premises of Debtor, with or without legal
process and take possession of the Collateral and remove it and any records pertaining
thereto and/or remain on such premises and use it for the purpose of collecting, preparing
and disposing of the Collateral; (b) ship, reclaim, recover, store, finish, maintain and
repair the Collateral; and (c) sell the Collateral at public or private sale. Debtor will
be credited with the net proceeds of any such sale only when they are actually received by
Secured Party, and any requirement of reasonable notice of any disposition of the
Collateral will be satisfied without notice to Debtor if the Collateral is of a type
customarily sold on a recognized market or otherwise if such notice is sent to Debtor 10
days prior to such disposition. Debtor will, upon request, assemble the Collateral and any
records pertaining thereto and make them available at a place designated by Secured Party.
Secured Party may use, in connection with any assembly or disposition of the Collateral,
any trademark, tradename, tradestyle, copyright, patent right, trade secret or technical
process used or utilized by Debtor. No remedy set forth herein is exclusive of any other
available remedy or remedies, but each is cumulative and in addition to every other remedy
given under this Agreement, any of the Obligations, or now or hereafter existing at law or
in equity or by statute. Secured Party may proceed to protect and enforce its rights by an
action at law, in equity or by any other appropriate proceedings. No failure on the part of
Secured Party to enforce any of the rights hereunder shall be deemed a waiver of such
rights or of any Event of Default and no waiver of any Event of Default shall be deemed to
be a waiver of any subsequent Event of Default.

					
	 	 	 	 	 
	SEC-AGREEMENT © Fifth Third Bancorp 2001
	 	- 5 -
	 	75291-1-1-D.GIBS — Version # 3 N-2

 

 

 

11. MISCELLANEOUS PROVISIONS,

(a) All rights of Secured Party shall inure to the benefit of its successors and
assigns and all obligations of Debtor shall bind the heirs, executors, administrators,
successors and assigns of Debtor.

(b) Debtor acknowledges and agrees that, in addition to the security interests
granted herein, Secured Party has a banker’s lien and common law right of set-off in and
to Debtor’s deposits, accounts and credits held by Secured Party and Secured Party may
apply or set-off such deposits or other sums against the Obligations upon the occurrence
of an Event of Default as set forth in this Agreement.

(c) This Agreement contains the entire Agreement of the parties and no oral Agreement
whatsoever, whether made contemporaneously herewith or hereafter shall amend, modify or
otherwise affect the terms of this Agreement.

(d) All rights and liabilities hereunder shall be governed and limited by, and
construed in accordance with, the laws of the State in which Debtor is organized.

(e) Any provision herein which may prove limited or unenforceable under any law or
judicial ruling shall not affect the validity or enforceability of the remainder of this
Agreement.

(f) Debtor hereby authorizes Secured Party to file a copy of this Agreement as a
Financing Statement with appropriate county and state government authorities necessary to
perfect Secured Party’s security interest in the Collateral as set forth herein. Debtor
hereby further authorizes Secured Party to file UCC Financing Statements on behalf of
Debtor and Secured Party with respect to the Collateral.

	 	 	 	 	 	 	 	 	 	 	 
	SECURED PARTY:	 	 	 	DEBTOR:
	 
	 	 	 	 	 	 	 	 	 	 
	Fifth Third Bank, an Ohio banking Corporation	 	 	 	Robertson Research Institute, a Colorado corporation	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Deana Kreager
	 	 	 	By:
	 	/s/ Joel C. Robertson	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	(Signature)
	 	 	 	 	 	(Authorized Signer)	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Deana Kreager FCM AVP	 	 	 	Joel Robertson, President	 	 
	 	 	 	 	 	 	 
	(Print Name and Title)	 	 	 	(Print Name and Title)	 	 

					
	 	 	 	 	 
	SEC-AGREEMENT © Fifth Third Bancorp 2001
	 	- 6 -
	 	75291-1-1-D.GIBS — Version # 3 N-2

 

 

 

EXHIBIT A

Collateral Locations

4215 Fashion Square Boulevard, Saginaw, MI 48603

					
	 	 	 	 	 
	
	 	- 7 -
	 	75291-1-1-1-D.GIBS — Version # 3 N-2

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