CTI INDUSTRIES CORP
<DOCUMENT>
<TYPE>EX-10.8
<SEQUENCE>9
<FILENAME>v034637_ex10-8.htm
<TEXT>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>LIMITED
      CONTINUING UNCONDITIONAL GUARANTY</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      LIMITED CONTINUING UNCONDITIONAL GUARANTY dated as of February 1, 2006 (the
      &#8220;Guaranty&#8221;), is executed by Stephen M. Merrick, individually (the &#8220;Guarantor&#8221;),
      whose address is 422 Rosiland Drive, Palatine, Illinois, to and for the benefit
      of CHARTER ONE BANK, N.A., a national banking association (together with any
      of
      its affiliate or subsidiary corporations, or their successors or assigns, being
      collectively referred to herein as the &#8220;Bank&#8221;), whose address is 71 South Wacker
      Drive, Suite 2900, Chicago, Illinois 60606.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WHEREAS,
      CTI Industries Corporation, an Illinois corporation (the &#8220;Borrower&#8221;), whose
      address is 22160 North Pepper Road, Barrington, Illinois 60010, desires or
      may
      desire at some time and/or from time to time to obtain financial accommodations
      from the Bank; and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WHEREAS,
      the Guarantor is a shareholder and creditor of the Borrower, and desires the
      Bank to extend or continue the extension of credit to the Borrower and the
      Bank
      has required that Guarantor execute and deliver this Guaranty to the Bank as
      a
      condition to the extension and continuation of credit by the Bank;
      and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WHEREAS,
      the extension or continued extension of credit, as aforesaid, by the Bank is
      necessary and desirable to the conduct and operation of the business of the
      Borrower and will inure to the financial benefit of the Guarantor;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NOW,
      THEREFORE, FOR VALUE RECEIVED, it is agreed that the preceding provisions and
      recitals are an integral part hereof and that this Guaranty shall be construed
      in light thereof, and in consideration of advances, credit or other financial
      accommodation heretofore afforded, concurrently herewith being afforded or
      hereafter to be afforded to the Borrower by the Bank, the Guarantor hereby
      unconditionally and absolutely guarantees to the Bank or other person paying
      or
      incurring the same, irrespective of the validity, regularity or enforceability
      of any instrument, writing, arrangement or credit agreement relating to or
      the
      subject of any such financial accommodation, the payment in full, promptly
      on
      demand of the Bank or such other person paying or incurring the same, of up
      to
      the principal amount of One Million and 00/100 Dollars ($1,000,000.00) (the
      &#8220;Guaranteed Debt&#8221;) of the Indebtedness (as hereinafter defined).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      used
      herein, &#8220;Indebtedness&#8221; shall mean and include any and all indebtedness,
      obligations and liabilities of the Borrower to the Bank arising under and
      pursuant to that certain Loan and Security Agreement dated as of February 1,
      2006, executed by and between the Borrower and the Bank (as amended,
      supplemented or modified from time to time, the "Loan Agreement"), and as
      evidenced by the following promissory notes executed by Borrower in connection
      therewith as of the same date: Term Note in the original principal amount of
      Three Million Five Hundred Thousand and 00/100 Dollars ($3,500,000.00),
      Revolving Note in the maximum original principal amount of Six Million Five
      Hundred Thousand and 00/100 Dollars ($6,500,000.00) and Mortgage Note in the
      original principal amount of Two Million Eight Hundred Thousand and 00/100
      Dollars ($2,800,000.00), including any and all new or renewal notes issued
      in
      substitution or replacement therefor or any and all extensions, renewals or
      replacements thereof (collectively, the &#8220;Notes&#8221;); </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>plus</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      (b) all
      interest due or to become due on the Notes, </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>plus</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      (c) all
      costs, legal expenses and attorneys&#8217; and paralegals&#8217; fees of every kind
      (including those costs, expenses and fees of attorneys and paralegals who may
      be
      employees of the Bank or its indirect parent), paid or incurred by the Bank
      in
      endeavoring to collect the Indebtedness or any part thereof, or in enforcing
      its
      rights in connection with any collateral for the Notes, or in defending against
      any defense, counterclaim, setoff or crossclaim based on any act of commission
      or omission by the Bank with respect to the Notes, any collateral therefor,
      or
      in connection with any Repayment Claim (as hereinafter defined). It is hereby
      agreed that, while the liability of the Guarantor to the Bank under this
      Guaranty is limited to the Guaranteed Debt as set forth above, the Indebtedness
      is in no way limited as to dollar amount.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
      no
      circumstances shall the liability of the Guarantor hereunder be reduced by,
      from
      or as a result of any payment to or amount realized by the Bank from any rents,
      deposits, insurance proceeds, condemnation awards, proceeds from bankruptcy
      sale, foreclosure or any conveyance in lieu of foreclosure or from any other
      profits, avails, revenues or proceeds derived from any collateral for the
      Indebtedness or the Premises, and only payments made to the Bank by the
      Guarantor out of his personal funds not derived from the assets of the Borrower
      or the Premises after demand therefor by the Bank shall be applied against
      such
      liability.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      case
      of the death of the Guarantor, or in case of</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">any
      bankruptcy, reorganization, debt arrangement or other proceeding under any
      bankruptcy or insolvency law, any dissolution, liquidation or receivership
      proceeding is instituted by or against either the Borrower or the Guarantor,
      or
      any default by the Guarantor of any of the covenants, terms and conditions
      set
      forth herein, all of the Guaranteed Debt shall, without notice to anyone,
      immediately become due or accrued and all amounts due hereunder shall be
      payable, jointly and severally, by the Guarantor. The Guarantor hereby expressly
      and irrevocably: (a) waives, to the fullest extent possible, on behalf of
      himself</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
      his</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">successors
      and assigns (including any surety) and any other person, any and all rights
      at
      law or in equity to subrogation, reimbursement, exoneration, contribution,
      indemnification, set off or to any other rights that could accrue to a surety
      against a principal, a guarantor against a maker or obligor, an accommodation
      party against the party accommodated, a holder or transferee against a maker,
      or
      to the holder of a claim against any person, and which the Guarantor may have
      or
      hereafter acquire against any person in connection with or as a result of the
      Guarantor&#8217;s execution, delivery and/or performance of this Guaranty, or any
      other documents to which the Guarantor is a party or otherwise; (b) waives
      any
&#8220;claim&#8221; (as such term is defined in the United States Bankruptcy Code) of any
      kind against the Borrower, and further agrees that he</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">shall
      not
      have or assert any such rights against any person (including any surety), either
      directly or as an attempted set off to any action commenced against the
      Guarantor by the Bank or any other person; and (c) acknowledges and agrees
      (i)
      that foregoing waivers are intended to benefit the Bank and shall not limit
      or
      otherwise affect the Guarantor&#8217;s liability hereunder or the enforceability of
      this Guaranty, (ii) that the Borrower and its successors and assigns are
      intended third party beneficiaries of the foregoing waivers, and (iii) the
      agreements set forth in this paragraph and the Bank&#8217;s rights under this
      paragraph shall survive payment in full of the Guaranteed Debt.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
      dividends or other payments received by the Bank on account of the Indebtedness,
      from whatever source derived, shall be taken and applied by the Bank toward
      the
      payment of the Guaranteed Debt and in such order of application as the Bank
      may,
      in its sole discretion, from time to time elect. The Bank shall have the
      exclusive right to determine how, when and what application of payments and
      credits, if any, whether derived from the Borrower or any other source, shall
      be
      made on the Indebtedness and such determination shall be conclusive upon the
      Guarantor.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      Guaranty shall in all respects be continuing, absolute and unconditional, and
      shall remain in full force and effect with respect to the Guarantor until:
      (i)
      written notice from the Bank to the Guarantor by United States certified mail
      of
      its discontinuance as to the Guarantor; or (ii) until all Guaranteed Debt
      created or existing before receipt of either such notice shall have been fully
      paid. In case of the discontinuance of this Guaranty as to any Guarantor, this
      Guaranty shall nevertheless continue and remain in force against any other
      guarantor until discontinued as to such other guarantor as provided herein.
      In
      the event of the death or incompetency</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of
      the
      Guarantor, this Guaranty shall continue as to all of the Guaranteed Debt
      theretofore incurred by the Borrower even though the Indebtedness is renewed
      or
      the time of maturity of the Indebtedness is extended without the consent of
      the
      executors, administrators, successors or assigns of the Guarantor.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No
      compromise, settlement, release or discharge of, or indulgence with respect
      to,
      or failure, neglect or omission to enforce or exercise any right against any
      other guarantor shall release or discharge the Guarantor.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Guarantor&#8217;s liability under this Guaranty shall in no way be modified, affected,
      impaired, reduced, released or discharged by any of the following (any or all
      of
      which may be done or omitted by the Bank in its sole discretion, without notice
      to anyone and irrespective of whether the Indebtedness shall be increased or
      decreased thereby): (a) any acceptance by the Bank of any new or renewal note
      or
      notes of the Borrower, or of any security or collateral for, or other guarantors
      or obligors upon, any of the Indebtedness; (b) any compromise, settlement,
      surrender, release, discharge, renewal, refinancing, extension, alteration,
      exchange, sale, pledge or election with respect to the Indebtedness, or any
      note
      by the Borrower, or with respect to any collateral under Section 1111 or take
      any action under Section 364, or any other section of the United States
      Bankruptcy Code, now existing or hereafter amended, or other disposition of,
      or
      substitution for, or indulgence with respect to, or failure, neglect or omission
      to realize upon, or to enforce or exercise any liens or rights of appropriation
      or other rights with respect to, the Indebtedness or any security or collateral
      therefor or any claims against any person or persons primarily or secondarily
      liable thereon; (c) any failure, neglect or omission to perfect, protect, secure
      or insure any of the foregoing security interests, liens, or encumbrances of
      the
      properties or interests in properties subject thereto; (d) the granting of
      credit from time to time by the Bank to the Borrower in excess of the amount,
      if
      any, to which the right of recovery under this Guaranty is limited (which is
      hereby expressly authorized); (e) any change in the Borrower&#8217;s name or the
      merger of the Borrower into another corporation; (f) any act of commission
      or
      omission of any kind or at any time upon the part of the Bank with respect
      to
      any matter whatsoever, other than the execution and delivery by the Bank to
      the
      Guarantor of an express written release or cancellation of this Guaranty; or
      (g)
      the payment in full of the Indebtedness. The Guarantor hereby consents to all
      acts of commission or omission of the Bank set forth above and agrees that
      the
      standards of good faith, diligence, reasonableness and care shall be measured,
      determined and governed solely by the terms and provisions hereof.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      order
      to hold the Guarantor liable hereunder, there shall be no obligation on the
      part
      of the Bank, at any time, to resort for payment from the Borrower or to anyone
      else, or to any collateral, security, property, liens or other rights and
      remedies whatsoever, all of which are hereby expressly waived by the
      Guarantor.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Guarantor hereby expressly waives diligence in collection or protection,
      presentment, demand or protest or in giving notice to anyone of the protest,
      dishonor, default, or nonpayment or of the creation or existence of any of
      the
      Indebtedness or of any security or collateral therefor or of the acceptance
      of
      this Guaranty or of extension of credit or indulgences hereunder or of any
      other
      matters or things whatsoever relating hereto.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Guarantor waives any and all defenses, claims and discharges of the Borrower,
      or
      any other obligor, pertaining to the Indebtedness, except the defense of
      discharge by payment in full. Without limiting the generality of the foregoing,
      the Guarantor will not assert, plead or enforce against the Bank any defense
      of
      waiver, release, discharge in bankruptcy, statute of limitations, res judicata,
      statute of frauds, anti-deficiency statute, fraud, incapacity, minority, usury,
      illegality or unenforceability which may be available to the Borrower or any
      other person liable in respect of any of the Indebtedness, or any setoff
      available against the Bank to the Borrower or any such other person, whether
      or
      not on account of a related transaction. The Guarantor expressly agrees that
      the
      Guarantor shall be and remain liable for any deficiency remaining after
      foreclosure of any mortgage or security interest securing the Guaranteed Debt,
      whether or not the liability of the Borrower or any other obligor for such
      deficiency is discharged pursuant to statute or judicial decision.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">So
      long
      as this Guaranty is continuing, the Guarantor covenants and agrees to furnish
      to
      the Bank or its authorized representatives information regarding the business
      affairs, operations and financial condition of the Guarantor, including, but
      not
      limited to, as soon as available, and in any event, within thirty (30) days
      after their filing, (i) copies of the federal income tax returns of the
      Guarantor, (ii) an annual personal financial statement in form and substance
      acceptable to the Bank, and (iii) such other information (including nonfinancial
      information) as the Bank may request, all in reasonable detail and prepared
      and
      certified as accurate by the Guarantor. The personal financial statements of
      the
      Guarantor furnished to the Bank at or prior to the execution and delivery of
      this Guaranty fairly present the financial condition of the Guarantor for the
      periods shown therein, and since the dates covered by the most recent of such
      financial statements, there has been no material adverse change in the
      Guarantor&#8217;s business operations or financial condition. The Guarantor agrees to
      advise the Bank immediately of any material adverse change in the financial
      condition, business operations or any other status of the Guarantor. Except
      as
      expressly shown on the most recent of such financial statements, the Guarantor
      (a) owns all of his</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">assets
      free and clear of all liens; (b) is not a party to any litigation, nor is any
      litigation threatened to the knowledge of the Guarantor which would, if
      adversely determined, cause any material adverse change in his</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">business
      or financial condition; and (c) has no delinquent tax liabilities, nor have
      any
      tax deficiencies been proposed against him.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">4</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
      secure
      payment of the Guaranteed Debt, the Guarantor grants to the Bank a security
      interest in all property of the Guarantor delivered concurrently herewith or
      which is now, or at any time hereafter in transit to, or in the possession,
      custody, or control of the Bank, and all proceeds of all such property. The
      Guarantor agrees that the Bank shall have the rights and remedies of a secured
      party under the Uniform Commercial Code in effect in Illinois from time to
      time,
      with respect to all of the aforesaid property, including, without limitation
      thereof, the right to sell or otherwise dispose of any such property. The Bank
      may, without demand or notice of any kind to anyone, apply or set off any
      balances, credits, deposits, accounts, moneys or other indebtedness at any
      time
      credited by or due from the Bank to the Guarantor against the amounts due
      hereunder and in such order of application as the Bank may from time to time
      elect. Any notification of intended disposition of any property required by
      law
      shall be deemed reasonably and properly given if given in the manner provided
      by
      the applicable statute. The Guarantor hereby assigns and transfers to the Bank
      any and all cash, negotiable instruments, documents of title, chattel paper,
      securities, certificates of deposit, deposit accounts other cash equivalents
      and
      other assets of the Guarantor in the possession or control of the Bank for
      any
      purpose.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PROVIDED
      THAT THE BANK ACTS IN GOOD FAITH IN A COMMERCIALLY REASONABLE MANNER, THE
      GUARANTOR WAIVES EVERY DEFENSE, CAUSE OF ACTION, COUNTERCLAIM OR SETOFF WHICH
      THE GUARANTOR MAY NOW HAVE OR HEREAFTER MAY HAVE TO ANY ACTION BY THE BANK
      IN
      ENFORCING THIS GUARANTY. AS FURTHER SECURITY, ANY AND ALL DEBTS AND LIABILITIES
      NOW OR HEREAFTER ARISING AND OWING TO THE GUARANTOR BY THE BORROWER, OR TO
      ANY
      OTHER PARTY LIABLE TO THE BANK FOR THE INDEBTEDNESS, ARE HEREBY SUBORDINATED
      TO
      THE BANK&#8217;S CLAIMS AND ARE HEREBY ASSIGNED TO THE BANK. THE GUARANTOR HEREBY
      AGREES THAT THE GUARANTOR MAY BE JOINED AS A PARTY DEFENDANT IN ANY LEGAL
      PROCEEDING (INCLUDING, BUT NOT LIMITED TO, A FORECLOSURE PROCEEDING) INSTITUTED
      BY THE BANK AGAINST THE BORROWER. THE GUARANTOR AND THE BANK, AFTER CONSULTING
      OR HAVING HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL, EACH KNOWINGLY,
      VOLUNTARILY AND INTENTIONALLY WAIVE IRREVOCABLY THE RIGHT TO TRIAL BY JURY
      WITH
      RESPECT TO ANY SUCH LEGAL PROCEEDING IN WHICH THE GUARANTOR AND THE BANK ARE
      ADVERSE PARTIES. THIS PROVISION IS A MATERIAL INDUCEMENT TO THE BANK GRANTING
      ANY FINANCIAL ACCOMMODATION TO THE BORROWER AND ACCEPTING THIS
      GUARANTY.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Should
      a
      claim (a &#8220;Repayment Claim&#8221;) be made upon the Bank at any time for repayment of
      any amount received by the Bank in payment of the Indebtedness, or any part
      thereof, whether received from the Borrower, the Guarantor pursuant hereto,
      or
      received by the Bank as the proceeds of collateral, by reason of: (i) any
      judgment, decree or order of any court or administrative body having
      jurisdiction over the Bank or any of its property; or (ii) any settlement or
      compromise of any such Repayment Claim effected by the Bank, in its sole
      discretion, with the claimant (including the Borrower), the Guarantor shall
      remain jointly and severally liable to the Bank for the amount so repaid to
      the
      same extent as if such amount had never originally been received by the Bank,
      notwithstanding any termination hereof or the cancellation of any note or other
      instrument evidencing the Indebtedness.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">5</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Bank
      may, without notice to anyone, sell or assign the Indebtedness, or any part
      thereof, or grant participations therein, and in any such event each and every
      immediate or remote assignee or holder of, or participant in, all or any of
      the
      Indebtedness shall have the right to enforce this Guaranty, by suit or otherwise
      for the benefit of such assignee, holder, or participant, as fully as if herein
      by name specifically given such right herein, but the Bank shall have an
      unimpaired right, prior and superior to that of any such assignee, holder or
      participant, to enforce this Guaranty for the benefit of the Bank, as to any
      part of the Indebtedness retained by the Bank.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Unless
      and until all of the Indebtedness has been paid in full, no release or discharge
      of any other person, whether primarily or secondarily liable for and obligated
      with respect to the Indebtedness, or the institution of bankruptcy,
      receivership, insolvency, reorganization, dissolution or liquidation proceedings
      by or against the Guarantor or any other person primarily or secondarily liable
      for and obligated with respect to the Indebtedness, or the entry of any
      restraining or other order in any such proceedings, shall release or discharge
      the Guarantor, or any other guarantor of the indebtedness, or any other person,
      firm or corporation liable to the Bank for the Indebtedness.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
      references herein to the Borrower and to the Guarantor, respectively, shall
      be
      deemed to include any successors or assigns, whether immediate or remote, to
      such and any executors or administrators to such individual.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      this
      Guaranty contains any blanks when executed by the Guarantor, the Bank is hereby
      authorized, without notice to the Guarantor, to complete any such blanks
      according to the terms upon which this Guaranty is executed by the Guarantor
      and
      is accepted by the Bank.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      Guaranty has been delivered to the Bank at its offices in Chicago, Illinois,
      and
      the rights, remedies and liabilities of the parties shall be construed and
      determined in accordance with the laws of the State of Illinois, in which State
      it shall be performed by the Guarantor.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TO
      INDUCE
      THE BANK TO GRANT FINANCIAL ACCOMMODATIONS TO THE BORROWER, THE GUARANTOR
      IRREVOCABLY AGREES THAT ALL ACTIONS ARISING DIRECTLY OR INDIRECTLY AS A RESULT
      OR IN CONSEQUENCE OF THIS GUARANTY SHALL BE INSTITUTED AND LITIGATED ONLY IN
      COURTS HAVING SITUS IN THE CITY OF CHICAGO, ILLINOIS. THE GUARANTOR HEREBY
      CONSENTS TO THE EXCLUSIVE JURISDICTION AND VENUE OF ANY STATE OR FEDERAL COURT
      LOCATED AND HAVING ITS SITUS IN CHICAGO, ILLINOIS, AND WAIVES ANY OBJECTION
      BASED ON FORUM NON CONVENIENS. THE GUARANTOR HEREBY WAIVES PERSONAL SERVICE
      OF
      ANY AND ALL PROCESS, AND CONSENTS TO THE SERVICE OF PROCESS BY CERTIFIED MAIL,
      RETURN RECEIPT REQUESTED, DIRECTED TO THE GUARANTOR AT THE ADDRESS INDICATED
      IN
      THE BANK&#8217;S RECORDS IN THE MANNER PROVIDED BY APPLICABLE STATUTE, LAW, RULE OF
      COURT OR OTHERWISE. FURTHERMORE, THE GUARANTOR WAIVES ALL NOTICES AND DEMANDS
      IN
      CONNECTION WITH THE ENFORCEMENT OF THE BANK&#8217;S RIGHTS HEREUNDER, AND HEREBY
      CONSENTS TO, AND WAIVES NOTICE OF THE RELEASE, WITH OR WITHOUT CONSIDERATION,
      OF
      THE BORROWER OR ANY OTHER PERSON RESPONSIBLE FOR PAYMENT OF THE INDEBTEDNESS,
      OR
      OF ANY COLLATERAL THEREFOR.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">6</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Wherever
      possible each provision of this Guaranty shall be interpreted in such manner
      as
      to be effective and valid under applicable law, but if any provision of this
      Guaranty shall be prohibited by or invalid under such law, such provision shall
      be ineffective to the extent of such prohibition or invalidity, without
      invalidating the remainder of such provision or the remaining provisions of
      this
      Guaranty.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">It
      is
      agreed that the Guarantor&#8217;s liability is independent of any other guaranties at
      any time in effect with respect to all or any part of the Indebtedness, and
      that
      the Guarantor&#8217;s liability hereunder may be enforced regardless of the existence
      of any such other guaranties.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No
      delay
      on the part of the Bank in the exercise of any right or remedy shall operate
      as
      a waiver thereof, and no single or partial exercise by the Bank of any right
      or
      remedy shall preclude other or further exercise thereof, or the exercise of
      any
      other right or remedy. No modification, termination, discharge or waiver of
      any
      of the provisions hereof shall be binding upon the Bank, except as expressly
      set
      forth in a writing duly signed and delivered on behalf of the Bank.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      Guaranty: (i) is valid, binding and enforceable in accordance with its
      provisions, and no conditions exist to the legal effectiveness of this Guaranty
      as to the Guarantor; (ii) contains the entire agreement between the Guarantor
      and the Bank; (iii) is the final expression of their intentions; and (iv)
      supersedes all negotiations, representations, warranties, commitments, offers,
      contracts (of any kind or nature, whether oral or written) prior to or
      contemporaneous with the execution hereof. No prior or contemporaneous
      representations, warranties, understandings, offers or agreements of any kind
      or
      nature, whether oral or written, have been made by the Bank or relied upon
      by
      the Guarantor in connection with the execution hereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      term
&#8220;Guarantor&#8221; as used herein shall mean all parties signing this Guaranty, and the
      provisions hereof shall be binding upon the Guarantor, and each one of them,
      and
      all such parties, their respective executors, administrators, successors and
      assigns shall be jointly and severally obligated hereunder. This Guaranty shall
      inure to the benefit of the Bank and its successors and assigns.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">7</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">IN
      WITNESS WHEREOF, the Guarantor has executed and delivered this Limited
      Continuing Unconditional Guaranty as of the date set forth above.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>/s/Stephen
      M. Merrick</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stephen
      M. Merrick, individually</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">8</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
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