Standard Contracts
SECURITY AGREEMENTSecurity Agreement • October 28th, 2022 • Schmitt Industries Inc • Industrial instruments for measurement, display, and control • Delaware
This SECURITY AGREEMENT, dated as of October 25, 2022 (this “Agreement”), is among SCHMITT INDUSTRIES, INC., an Oregon corporation (together with its successors and assigns, the “Company”), Schmitt Measurement Systems, Inc., an Oregon corporation (together with its successors and assigns, “SMS”) and Ample Hills Acquisition LLC, a New York limited liability company (together with its successors and assigns, “Ample Hills” and together with SMS, the “Subsidiaries”) (the Company and the Subsidiaries, together with any other debtor parties joined hereto from time to time as provided herein, collectively, the “Debtors”, and each individually, a “Debtor”), and Sententia Capital Management LLC, a New York limited liability company, (together with his or its successors and assigns, the “Secured Party”), as the holder of that certain Promissory Note, dated as of the date hereof, issued by the Company in the original aggregate principal amount of $1,000,000 on the date hereof (the “Note”).
