SEC Contract Filing

Filing Date: 2020-07-01

Document Content:
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>ex_191964.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.4</b></font></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;text-transform:uppercase;"><u><b>SECOND AMENDED AND RESTATED SECURITY AGREEMENT</b></u></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"><b>SECOND </b><b>AMENDED AND RESTATED </b><b>SECURITY AGREEMENT</b> (this "<u>Agreement</u>"), dated as of June 29, 2020, by and between <b>BIO-Key International, Inc.</b><b>,</b><b> </b>a Delaware corporation (the "<u>Company</u>") and <b>LIND </b><b>GLOBAL MACRO FUND, LP</b> (the "<u>Secured Party</u>").</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"><b>WHEREAS</b>, the Company and the Secured Party have entered into (a) that certain Securities Purchase Agreement dated as of July 10, 2019 (as amended and in effect from time to time, the "<u>Initial</u> <u>SPA</u>"); (b) that certain Amended and Restated Senior Secured Convertible Promissory Note dated as of March 12, 2020 (as amended and in effect from time to time, the "<u>Initial N</u><u>ote</u>"); (c) that certain Securities Purchase Agreement dated as of May 6, 2020 (as amended and in effect from time to time, the "<u>Second</u> <u>SPA</u>" and, collectively with the Initial SPA, the "<u>Prior SPAs</u>" and each, individually, a "<u>Prior SPA</u>"); and (d) that certain Senior Secured Convertible Promissory Note dated as of May 6, 2020 (as amended and in effect from time to time, the "<u>Second Note</u>" and, collectively with the Initial Note, the "<u>Prior Notes</u>" and each, individually, a "<u>Prior Note</u>"); and</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"><b>WHEREAS</b>, the Company (a) granted to the Secured Party a security interest and lien on substantially all of its assets in order to secure the payment and performance of the Company's obligations to the Secured Party under the Initial SPA and the Initial Note pursuant to that certain Security Agreement dated as of July 10, 2019 by and between the Company and the Secured Party (as amended and in effect from time to time, the "<u>Original</u><u> Security Agreement</u>") and (b) reaffirmed the grant made under the Original Security Agreement and further granted to the Secured Party a security interest and lien on substantially all of its assets in order to secure the payment and performance of the Company's obligations to the Secured Party under the Prior SPAs and the Prior Notes pursuant to that certain Amended and Restated Security Agreement dated as of May 6, 2020 by and between the Company and the Secured Party (as amended and in effect from time to time, the "<u>Existing</u><u> Security Agreement</u>"); and</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"><b>WHEREAS</b>, the Company and the Secured Party are entering into (a) that certain Securities Purchase Agreement dated as of the date hereof (as amended and in effect from time to time, the "<u>Third</u><u> SPA</u>" and, collectively with the Prior SPAs, the "<u>SPAs</u>" and each, individually, a "<u>SPA</u>"); and (b) that certain Secured Convertible Promissory Note dated as of the date hereof (as amended and in effect from time to time, the "<u>Third</u><u> Note</u>" and, collectively with the Prior Notes, the "<u>Notes</u>" and each, individually, a "<u>Note</u>");</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"><b>WHEREAS</b>, each of the Company and the Secured Party wishes to continue and reaffirm the grants of liens and security interests by the Company in favor of the Secured Party under the Existing Security Agreement and, to the extent not covered in the Existing Security Agreement, grant liens in favor of the Secured Party; and</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"><b>WHEREAS</b>, it is a condition precedent to the Secured Party agreeing to make loans or otherwise extend credit to the Company under the Third SPA and the Third Note that the Company execute and deliver to the Secured Party a security agreement in substantially the form hereof; and</p>

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