LiqTech International Inc. Watch

from 8-K 8 pages This Letter Agreement (The “Agreement”) Confirms the Agreement Between LiqTech International, Inc. (The “Company” or “You”) and Lake Street Capital Markets, LLC (“Lake Street” or “We” or “US”) in Connection With the Proposed Offer and Private Placement (The “Offering”) by the Company of Debt Securities of the Company (The “Securities”) to a Limited Number of Accredited Institutional, Individual, or Strategic Investors (Each an “Investor”) at a Price and Upon Terms Satisfactory to the Company. the Offering Will Be Made Pursuant to One or More Exemptions From Registration Under the Securities Act of 1933, as Amended (The “Securities Act”), and Applicable Securities Laws of States and Other Jurisdictions (“Blue Sky Laws”). A. Appointment as Placement Agent

from 10-K 3 pages Reviewer Sydbank Nytorv 11 a 4200 Slagelse Telephone 74 37 94 00 Harmless Letter (Business Mortgage) Debtor: The Undersigned CVR.NR. 21503649 Name: LiqTech a/S ADR.: Grusbakken 12, 2820 Gentofte Provides Hereby Vendor: Dk – 12626509 Sydbank Nytorv 11 a 4200 Slagelse Phone 74 37 94 00 Lien on Everything the Debtor Owns and Future Acquires in One or More of the Listed Asset Types, See Land Registration Act § 47 C, Paragraph. 3, No. 1-7, as Security for the Indemnity Payment of What I at Any Time Any Must Be Creditor Guilty, but Not Beyond: Amount Dkk 1.500.000,00 Writes Dkk Onemillionfivehundred 00/100 the Above Liabilities: Special Provisions

from 10-K 3 pages As Security for the Performance of Any and All Obligations Concerning the Debts Described Below Which Debtor Cometas a/S C/O LiqTech a/S Industriparken 22c 2750 Ballerup Time Has or May Later Acquire With Respect to Creditor Sydbank a/S (Hereinafter Referred to as “The Bank”) Guarantors We Agree to Hold Ourselves Primary Liable as Guarantors: LiqTech a/S, Grusbakken 12, 2820 Gentofte LiqTech Na, 1804 Buerkele Road, White Bear Lake, Mn 55110 Notification on Behalf of All Guarantors All Notifications, Including Notifications in Accordance With Section 47 of the Danish Financial Business Act, Must Be Sent To: LiqTech a/S, Grusbakken 12, 2820 Gentofte LiqTech Na, 1804 Buerkele Road, White Bear Lake, Mn 55110 Debts Any Outstanding Balances With the Bank. Recourse the Guarantors Hereby Acknowledge and Accept That the Bank Reserves the Right to Realise or Release Any Other Items of Collateral and to Write Off the Proceeds at the Bank’s Discretion. Consequently the Guarantors Will Have No Right of Recourse Against Any Other Items of Collateral. Terms and Conditions in Addition to the General Terms and Conditions Overleaf, the Bank’s Terms and Conditions Will Apply. I/We the Guarantors Have Received a Copy of These Presents and a Copy of the Debt Agreement Between the Bank and the Debtor as Well as a Copy of the Bank’s Terms and Conditions. Signature as Guarantor Assuming Primary Liability: Place and Date LiqTech a/S Signed in Name: Name: The Presence of Address: Address: Postal Code/Town: Postal Code/Town: Signature as Guarantor Assuming Primary Liability: Translation: Kautionserklæring Guarantee Place and Date LiqTech Na Signed in Name: Name: The Presence of Address: Address: Postal Code/Town: Postal Code/Town: Translation: Kautionserklæring Guarantee General Terms and Conditions of Guarantee (Primary Liability) 1. the Guarantee Serves as Security for All Debts Owing to the Bank at Any Time in Respect of the Debts Described Herein

from S-1/A 3 pages Reviewer Sydbank Storegade 18 6200 Aabenraa Telephone 74 37 30 00 Harmless Letter (Business Mortgage) Debtor: The Undersigned CVR.NR. 25121031 Name: Cometas a/S ADR.: Lerhøj 10, 2880 Bagsværd Provides Hereby Vendor: Dk – 12626509 Sydbank Storegade 18 6200 Aabenraa Phone 74 27 30 00 Lien on Everything the Debtor Owns and Future Acquires in One or More of the Listed Asset Types, See Land Registration Act § 47 C, Paragraph. 3, No. 1-7, as Security for the Indemnity Payment of What I at Any Time Any Must Be Creditor Guilty, but Not Beyond: Amount Dkk 3.000.000,00 Writes Dkk Three Million 00/100 the Above Liabilities: Special Provisions: Besides in the Ministry of Justice Following Mortgage Form Harmless Letter Company Pant, See Page 3/Last Page. Date: Debtor's Signature Cometas a/S in Witness of Genuine Signature (S), Dated the Correctness and Issuer (S) Within the Authority

from S-1/A 3 pages Reviewer Sydbank Nytorv 11 a 4200 Slagelse Telephone 74 37 94 00 Harmless Letter (Business Mortgage) Debtor: The Undersigned CVR.NR. 21503649 Name: LiqTech a/S ADR.: Grusbakken 12, 2820 Gentofte Provides Hereby Vendor: Dk – 12626509 Sydbank Nytorv 11 a 4200 Slagelse Phone 74 37 94 00 Lien on Everything the Debtor Owns and Future Acquires in One or More of the Listed Asset Types, See Land Registration Act § 47 C, Paragraph. 3, No. 1-7, as Security for the Indemnity Payment of What I at Any Time Any Must Be Creditor Guilty, but Not Beyond: Amount Dkk 1.500.000,00 Writes Dkk Onemillionfivehundred 00/100 the Above Liabilities: Special Provisions

from S-1 3 pages As Security for the Performance of Any and All Obligations Concerning the Debts Described Below Which Debtor Cometas a/S C/O LiqTech a/S Industriparken 22c 2750 Ballerup Time Has or May Later Acquire With Respect to Creditor Sydbank a/S (Hereinafter Referred to as “The Bank”) Guarantors We Agree to Hold Ourselves Primary Liable as Guarantors: LiqTech a/S, Grusbakken 12, 2820 Gentofte LiqTech Na, 1804 Buerkele Road, White Bear Lake, Mn 55110 Notification on Behalf of All Guarantors All Notifications, Including Notifications in Accordance With Section 47 of the Danish Financial Business Act, Must Be Sent To: LiqTech a/S, Grusbakken 12, 2820 Gentofte LiqTech Na, 1804 Buerkele Road, White Bear Lake, Mn 55110 Debts Any Outstanding Balances With the Bank. Recourse the Guarantors Hereby Acknowledge and Accept That the Bank Reserves the Right to Realise or Release Any Other Items of Collateral and to Write Off the Proceeds at the Bank’s Discretion. Consequently the Guarantors Will Have No Right of Recourse Against Any Other Items of Collateral. Terms and Conditions in Addition to the General Terms and Conditions Overleaf, the Bank’s Terms and Conditions Will Apply. I/We the Guarantors Have Received a Copy of These Presents and a Copy of the Debt Agreement Between the Bank and the Debtor as Well as a Copy of the Bank’s Terms and Conditions. Signature as Guarantor Assuming Primary Liability: Place and Date LiqTech a/S Signed in Name: Name: The Presence of Address: Address: Postal Code/Town: Postal Code/Town: Signature as Guarantor Assuming Primary Liability: Translation: Kautionserklæring Guarantee Place and Date LiqTech Na Signed in Name: Name: The Presence of Address: Address: Postal Code/Town: Postal Code/Town: Translation: Kautionserklæring Guarantee General Terms and Conditions of Guarantee (Primary Liability) 1. the Guarantee Serves as Security for All Debts Owing to the Bank at Any Time in Respect of the Debts Described Herein

from 8-K/A 4 pages Translation: Overdraft Facility Creditor Sydbank a/S Sct. Jacobsvej 5, Dk-2750 Ballerup Hereby Grants Debtor Cometas a/S Lerhøj 10, 2880 Bagsværd Limit an Open Facility Dkk **3,000,000.00** on the Terms and Conditions Set Forth Below. Repayment Continuous Until Further Notice. Interest and Interest and Commission Are Calculated in Arrears and Are Payable Every 20 March, Commission 20 June, 20 September and 20 December. the Debit Rate Shall Be Fixed as Cibor 3 Plus a Margin of Currently 2.5000 Percentage Points. the Commission Rate Is Currently 0.0000% P.A. the Margin and Commission Rate Are Variable and May Be Changed by the Bank at Any Time Without Notice. Termination the Above Repayment Provision Notwithstanding, the Facility May at Any Time Be Terminated by the Debtor or the Bank for Repayment in Whole or in Part Without Notice. Collateral as Regards Collateral Which Has Been Provided to the Bank by Way of Charge, Guarantee (Primary and Secondary Liability), Assignment Etc Which Covers This Debt, Reference Is Made to the Separate Documents Concerning Collateral. Terms and Conditions Moreover the Facility Is Subject to the General Terms and Conditions of Facilities Attached Overleaf as Well as the Bank’s Terms and Conditions. Signature as Debtor: Place and Date Cometas a/S Signed in Name: Name: The Presence of Address: Address: Postal Code/Town: Postal Code/Town: Signature: Signature: Translation: Overdraft Facility General Terms and Conditions of Facilities 1. Default

from 8-K/A 4 pages Translation: Overdraft Facility

from 10-Q 5 pages Translation: Foreign Currency Loan I/We the Undersigned Debtor Liqtech a/S, C/O LiqTech International a/S Industriparken 22 C, Dk-2750 Ballerup Hereby Acknowledge to Owe to Creditor Sydbank a/S Sct. Jacobsvej 5, Dk-2750 Ballerup the Amount Stated Below Principal Usd ***475,000.00**** on the Terms and Conditions Set Forth Below. Repayment the Loan Will Be Written Down by Usd 25,000.00 Every Quarter, the First Time Being 30 December 2011. Regular Transfer Instalments and Interest May Be Debited to Account No 6814 1047842 Subject to the Availability of Funds. Interest and Interest Is Calculated in Arrears and Is Payable Every Quarter, the First Time Being 30 December2011. the Interest Commission Payment Period May Be Changed in Connection With the Interest Payment Dates. 1, 2, 3, 6 or 12 Months May Be Applied. Termination Special Terms and Conditions Apply. See Overleaf. Collateral as Regards Collateral Which Has Been Provided to the Bank by Way of Charge, Guarantee (Primary and Secondary Liability), Assignment Etc Which Covers This Debt, Reference Is Made to the Separate Documents Concerning Collateral. Terms and the Loan Will Further Be Subject to the General Terms and Conditions Attached Overleaf as Well as the Bank’s Terms Conditions and Conditions. a Copy of This Document Has Been Provided on the Signing of the Document. I/We the Undersigned Hereby Declare That the Proceeds of the Loan Will Be Used for Commercial Purposes. Signature as Debtor: Place and Date Liqtech a/S Signed in the Name