##### 



Exhibit 10.24
 COMMERCIAL LEASE
 Lease Hub Management as
owners agent for Kamko I, LLC, a Limited Liability Company Landlord Aetrium
Incorporated, a Minnesota corporation Tenant
 DEFINITIONS
 Premises Exhibit A
 Building Exhibit B
 In consideration for the Base Rent, Additional Rent and any additional compensation(s) outlined in
this Lease, Landlord leases to Tenant the Premises under the following conditions:
 1.0 TERM OF LEASE AND POSSESSION:
 Term five years Commencement Date Expiration
Date
  1.1. OPTION TO RENEW:
  -1-




---



##### 



(i)
    
    the Term will be modified as stated above;(ii)
    
    the Option to Renew in this Article 1.2 will be deleted;(iii)
    
    The Base Rent for each year of the Extension Term will be at ninety-five
percent (95%) of then Fair Rental Value (as hereinafter defined) for similarly situated
property. Fair Rental Value means the annual rent that a willing tenant would pay,
and a willing landlord would accept, in arms-length, bona fide negotiations, if the
Premises were leased to a single tenant for 5 years under a lease pursuant to which
such tenant would not receive (and, accordingly, the rental rate that otherwise would
be agreed to will be reduced to reflect the fact that Tenant will not receive) any
rental concession, such as rental abatements or free rent periods or rental
assumption, inducements or any leasehold improvement allowance, and otherwise taking
into account any other pertinent factors, including, but not limited to, the net
effective annual rates per square foot for office leases recently or then being entered
into in suburban Minneapolis and St. Paul, Minnesota (Comparable Rates ). In
determining the Fair Rental Value and using Comparable Rates in connection with such
determination, the following factors (and any other factors then known to be pertinent)
will be considered: the size of the Premises; the length of the term; use; quality of
services provided; location and/or floor level; existing leasehold improvements;
leasehold improvements to be provided by Landlord, whether directly or by allowance;
the quality, age and location of the Building; financial strength of the applicable
tenant; rental concessions (such as rental abatements or free rent periods and rent
assumptions); inducements (such as signing bonuses, equity participation, tax benefits,
or other participation in ownership); the respective obligations of the Landlord and
the tenant, the manner in which the rents are then subject to escalation and the time
the particular rate under consideration became or will become effective.The Fair Rental Value will be determined as follows: Within 10 days after Landlord
receives notice from Tenant regarding Tenants election to exercise the Extension
Option, Landlord will give notice to Tenant of its determination of the Fair Rental
Value of the Premises for each year of the Extension Term, and Landlords
determination will constitute the Fair Rental Value unless Tenant objects in writing
within 10 days after Tenants receipt of Landlords determination. If Tenant so
objects, and the parties are unable to agree upon the Fair Rental Value within 20
days after the Tenants objection, then by written notice to Landlord within 10 days
thereafter Tenant may request determination of the Fair Rental Value under this
Article. If Tenant does not give such notice requesting determination of Fair Rental
Value using the appraisal process described below, Tenants exercise of the option
will be deemed rescinded. If determination by the appraisal process is requested by
Tenant, the Fair Rental Value will be determined by appraisal within 30 days after
Tenants request by a board of appraisers consisting of three reputable real estate
professionals experienced in the leasing of commercial office/industrial space (each
an Expert). One
Expert will be appointed by Tenant, and the second Expert will be
 -2-




---



##### 



2.0 BASE RENT:
 Base Rent
 
 -3-




---



##### 



3.0 ADDITIONAL RENT:
 Additional Rent
 3.1 COMMON AREA MAINTENANCE EXPENSES (CAM):
 CAM
 3.2 REAL ESTATE TAXES AND ASSESSMENTS:
  -4-




---



##### 



3.3 UTILITIES
  3.4 MISCELLANEOUS CHARGES AND REIMBURSEMENTS
  4.0 COVENANT TO PAY RENT:
  
  5.0 OVERDUE PAYMENTS
  6.0 USE
  -5-




---



##### 



7.0 CARE AND REPAIR OF PREMISES:
 HVAC
   8.0 HAZARDOUS MATERIALS
  -6-




---



##### 



9.0 PUBLIC LIABILITY INSURANCE
 
 10.0 SIGNAGE AND DISPLAYS:
  11.0 ALTERATIONS, INSTALLATION, FIXTURES:
  -7-




---



##### 



12.0 ACCESS TO PREMISES
   13.0 REMOVAL OF FIXTURES
  -8-




---



##### 



14.0 ASSIGNMENT OR SUBLETTING
  15.0 SUCCESSORS AND ASSIGNS
  16.0 NOTICES
  17.0 SURRENDER
  -9-




---



##### 



18.0 HOLDING OVER
  19.0 ABANDONMENT
  20.0 DEFAULT OF TENANT
 a.
    
    In the event of any failure of Tenant to pay any rental due hereunder within ten (10) days
after the same becomes due, or any failure to perform any other terms, conditions or covenants
of this Lease to be observed or performed by Tenant for more than ten (10) days after written
notice of such failure has been given to Tenant, or if Tenant or an agent of Tenant falsifies
any report required to
be furnished to Landlord pursuant to the terms of this Lease, or if Tenant or any guarantor
of this Lease becomes bankrupt or insolvent, or file any debtor proceedings or any person
takes or has against Tenant or any guarantor of this Lease in any court pursuant to any
statute either of the United States or of any state a petition in bankruptcy or insolvency
or for reorganization or for the appointment of a receiver or trustee of all or a portion of
Tenants or any such guarantors property, or if Tenant or any such
 -10-




---



##### 



guarantors property, or
if Tenant or any such guarantor makes an assignment for the benefit of creditors, or
petitions for or enters into an arrangement with its creditors, or if Tenant abandons the
Premises or suffer this Lease to be taken under any writ of execution, then in any such
event Tenant will be in default hereunder, and Landlord, in addition to other rights of
remedies it may have, will have the immediate right of re-entry and may remove all persons
and property from the Premises and such property may be removed and stored in a public
warehouse or elsewhere at the cost of, and for the account of Tenant, without being guilty
of trespass, or becoming liable for any loss or damage which may be occasioned thereby.
 b.
    
    Should Landlord elect to re-enter the Premises, as herein provided, or should it take
possession of the Premises pursuant to legal proceedings or pursuant to any notice provided
for by law, it may either terminate this Lease or it may from time to time, without
terminating this Lease, make such alterations and repairs as may be necessary in order to
re-let the Premises, and re-let the Premises or any part thereof for such term or terms (which
may be for a term extending beyond the term of this Lease) and at such rental or rentals and
upon such other terms and conditions as Landlord in its sole discretion may deem advisable.
Upon each such subletting all rentals received by the Landlord from such re-letting will be
applied first to the payment of any indebtedness other than rent due hereunder from Tenant to
Landlord; second, to the payment of any costs and expenses of such re-letting, including
brokerage fees and attorneys fees and costs of such alterations and repairs; third, to the
payment of the rent due and unpaid hereunder, and the residue, if any will be held by Landlord
and applied in payment of future rent as the same may become due and payable hereunder. If
such rentals received from such re-letting during any month be less than that to be paid
during that month by Tenant hereunder, Tenant, upon demand, will pay any such deficiency to
Landlord. No such re-entry or taking possession of the Premises by Landlord will be construed
as an election on its part to terminate this Lease unless a written notice of such intention
be given to Tenant or unless the termination thereof be decreed by a court of competent
jurisdiction. Notwithstanding any such re-letting without termination, Landlord may at any
time after such re-entry and re-letting elect to terminate this Lease for such previous
breach. Should Landlord at any time terminate this Lease for any such breach, in addition to
any other remedies it may have, it may recover from Tenant all damages it may incur by reason
of such breach, including the cost of recovering the Premises, attorneys fees, and costs, the
unamortized portion of any leasehold improvements made by Landlord for Tenant and including
the worth at the time of such termination of the excess, if any, of the amount of rent and
charges equivalent to rent reserved in this Lease for the remainder of the stated term over
the then reasonable rental value of the Premises for the remainder of the stated term, all of
which amounts will be immediately due and payable from Tenant to Landlord.c.
    
    Landlord may, at its option, instead of exercising any other rights or remedies available to
it in this Lease or otherwise by law, statute or equity, spend such money as is reasonably
necessary to cure any default of Tenant herein and the amount so spent, and costs incurred,
including attorneys fees in curing such default, will be paid by Tenant, as additional rent,
upon demand.
 -11-




---



##### 



d.
    
    In the event suit is brought for recovery of possession of the Premises, for the recovery of
rent or any other amount due under the provisions of this Lease, or because of the breach of
any other covenant herein contained on the part of the Tenant to be kept or performed, and a
breach is established, Tenant will pay to Landlord all reasonable expenses incurred therefor,
including attorneys fees and costs.e.
    
    Tenant waives any demand for possession of the Premises, and any demand for payment of rent
and any notice of intent to re-enter the Premises, or of intent to terminate this Lease, other
than the notices above provided in this Article, and any other notice or demand prescribed by
any applicable statutes or laws.f.
    
    No remedy herein or elsewhere in this Lease or otherwise by law, statute or equity, conferred
upon or reserved to Landlord or Tenant will be exclusive of any other remedy, but will be
cumulative, and may be exercised from time to time and as often as the occasion may arise.
 21.0 EMINENT DOMAIN
  a.
    
    If the whole of the Premises are acquired or condemned by eminent domain for any public or
quasi-public purpose, the term of this Lease will cease and terminate as of the date
possession is taken in such proceedings and all rentals will be paid up to that date.b.
    
    If any part constituting less than the whole of the Premises is acquired or condemned as
aforesaid, and in the event that such partial taking or condemnation materially affects the
Premises so as to render the Premises unsuitable for the business of the Tenant, in the
reasonable opinion of Landlord, then the term of this Lease will cease and terminate as of the
date possession is taken by the condemning authority and rent will be paid to the date of such
termination. In the event of a partial taking or condemnation of the Premises which does not
materially affect the Premises so as to render the Premises unsuitable for the business of the
Tenant, in the opinion of the Landlord, this Lease will continue in full force and effect with
a proportionate abatement of the Base Rent and Additional Rent based on the portion, if any of
the Premises taken. Landlord reserves the right, at its option, to restore the Building and
the Premises to substantially the same condition as they were prior to such condemnation. In
such event, Landlord will give written notice to Tenant, within thirty (30) days following the
date possession is taken by the condemning authority, of Landlords intention to restore.
Upon Landlords notice of election to restore, Landlord will commence restoration and will
restore the Building and the Premises with reasonable promptness, subject to
delays beyond Landlords control and delays in the making of condemnation or sale proceeds
adjustments by Landlord; and Tenant will have no right to terminate this Lease except as
herein provided. Upon completion of such restoration, the rent will be adjusted based upon
the portion, if any, of the Premises restored. Notwithstanding the foregoing, in the event
that twenty percent (20%) or more of the floor area of the Building or twenty percent (20%)
or more of the parking areas are so taken, then Landlord and Tenant will each have the right
to terminate
 -12-




---



##### 



this Lease by giving written notice thereof to the other within thirty (30)
days following the date possession is taken by the condemning authority.c.
    
    In the event of any condemnation or taking as a foresaid, whether whole or partial, the
Tenant will not be entitled to any part of the award paid for such condemnation and Landlord
is to receive the full amount of such award, the Tenant hereby expressly waiving any right to
claim to any part thereof.d.
    
    Although all damages in the event of any condemnation will belong to the Landlord whether
such damages are awarded as compensation for diminution in value of the leasehold or to the
fee of the Premises, Tenant will have the right to claim and recover from the condemning
authority, but not from Landlord, such compensation as may be separately awarded or
recoverable by Tenant in Tenants own right on account of any and all damage to Tenants
business by reason of the condemnation and for or on account of any cost or loss to which
Tenant might be put in removing Tenants merchandise, furniture, fixtures, leasehold
improvements and equipment. However, Tenant will have no claim against Landlord or make any
claim with the condemning authority for the loss of its leasehold estate, any unexpired term
or loss of any possible renewal or extension of said lease or loss of any possible value of
said lease, any unexpired term, renewal or extension of said lease.
 22.0 RULES AND REGULATIONS
  23.0 DAMAGE OR DESTRUCTION
  a.
    
    If the Building is damaged by fire or any other cause to such extent that the cost of
restoration, as estimated by Landlord, will equal or exceed twenty-five percent (25%) of the
replacement value of the Building (exclusive of foundations) just prior to the occurrence of
the damage, then Landlord may, not later than the thirtieth (30th) day following the damage,
give Tenant written notice of Landlords election to terminate this Lease.b.
    
    If the cost of restoration as estimated by Landlord will equal or exceed twenty-five percent
(25%) of said replacement value of the Building and if the Premises are not suitable as a
result of said damage for the purposes for which they are demised hereunder, in the reasonable
opinion of Landlord, then Tenant may, no later than the thirtieth (30th) day following the
damage, give Landlord a written notice of election to terminate this Lease.c.
    
    If the cost of restoration as estimated by Landlord amounts to less than twenty-five percent
(25%) of said replacement value of the Building, or if, despite the cost, neither Landlord nor
Tenant elects to terminate this Lease, Landlord will restore the Building and the Premises
with reasonable promptness, subject to delays beyond Landlords control and delays in the
 -13-




---



##### 



making of insurance adjustments by Landlord; and Tenant will have no right to terminate this
Lease except as herein provided. Landlord will not be responsible for restoring or repairing
leasehold improvements of the Tenant.
 d.
    
    In the event of either of the elections to terminate, this Lease will be deemed to terminate
on the date of the receipt of the notice of election and all rentals will be paid up to that
date. Tenant will have no claim against Landlord for the value of any unexpired term of this
Lease.e.
    
    In any case where damage to the Building materially affects the Premises so as to render them
unsuitable in whole or in part for the purposes for which they are demised hereunder, then,
unless such destruction was wholly or partially caused by the negligence or breach of the
terms of this Lease by Tenant, its employees, contractors or licensees, a portion of the rent
based upon the amount of the extent to which the Premises are rendered unsuitable will be
abated until repaired or restored. If the destruction or damage was wholly or partially
caused by negligence or breach of the terms of this Lease by Tenant as aforesaid and if
Landlord elects to rebuild, the rent will not abate and the Tenant will remain liable for the
same.
 24.0 CASUALTY INSURANCE
 a.
    
    Tenant will at all times during the term of this Lease, at its expense, maintain a policy or
policies of insurance with premiums paid in advance issued by an insurance company licensed to
do business in the State of Minnesota insuring the Building against loss or damage by fire,
explosion or other insurable hazards and contingencies for the full replacement value. All
insurance policies and renewals thereof required herein will (i) contain a loss payee and
standard mortgage clause in favor of and in form acceptable to Landlord; and (ii) have an
agreed amount endorsement or otherwise exclude co-insurance participation by the insured.
Tenant will use its best efforts to cause such policy or policies to provide that thirty (30)
days written notice be given to Landlord prior to cancellation thereof, and such policies will
otherwise be reasonably satisfactory to Landlord in all other respects. Tenant will deliver to
the Landlords mortgagee copies of such policies satisfactory to the mortgagee evidencing the
property insurance which is required herein. If Landlords mortgagee should require additional
insurance coverage than that required herein, Tenant will procure such insurance at its own
expense. Tenant will promptly furnish copies of all renewal notices received by it. At least
thirty (30) days prior to the expiration date of a required policy,
Tenant will deliver to Landlord a copy of a renewal policy in form satisfactory to Landlord.
Landlord may from time to time, but not more often than every three (3) years, require an
insurance appraisal, reasonably satisfactory to Landlord, confirming the replacement cost of
the insured property. If Tenant has a blanket insurance policy in force providing coverage
for several properties of Tenant, including the subject Premises, Landlord will accept a
certificate of such insurance together with a copy of such blanket insurance policy;
provided the certificate sets forth the amounts of insurance and coverage, and such amounts
are at least equal to the amounts required hereinabove, and otherwise complies with the
requirements hereof.
 -14-




---



##### 



b.
    
    Tenant will not carry any stock of goods or do anything in or about the Premises which will
in any way impair or invalidate the obligation of the insurer under any policy of insurance
required by this Lease.c.
    
    Landlord hereby waives and releases all claims, liabilities and causes of action against
Tenant and its agents, servants and employees for loss of damage to, or destruction of, the
Premises or any portion thereof, including the buildings and other improvements situated
thereon, resulting from fire, explosion or the other perils included in standard extended
coverage insurance, whether caused by the negligence of any of said persons or otherwise.
Likewise, Tenant hereby waives and releases all claims, liabilities and causes of action
against Landlord and its agents, servants and employees for loss of damage to, or destruction
of, any of the improvements, fixtures, equipment, supplies, merchandise and other property,
whether that of Tenant or of others in, upon or about the Premises resulting from fire,
explosion or the other perils included in standard coverage insurance, whether caused by the
negligence of any of said persons or otherwise. The waiver will remain in force whether or
not the Tenants or Landlords insurer consents thereto.d.
    
    If Tenant installs any electrical equipment that overloads the power lines to the building or
its wiring, Tenant will, at its own expense, make whatever changes are necessary to comply
with the requirements of the insurance underwriter, insurance rating bureau and governmental
authorities having jurisdiction.
 25.0 COVENANTS TO HOLD HARMLESS
  26.0 NON-LIABILITY
  -15-




---



##### 



27.0 SUBORDINATION
  a.
    
    Such holder will not disturb the possession and other rights of Tenant under this Lease so
long as Tenant is not currently in default hereunder.b.
    
    In the event of acquisition of title to the Premises by such holder, such holder will accept
the Tenant as Tenant of the Premises under the terms and conditions of this Lease and will
perform all the obligations of Landlord hereunder, andc.
    
    The Tenant will recognize such holder as Landlord hereunder
  28.0 ATTORNMENT
  -16-




---



##### 



29.0 NOVATION IN THE EVENT OF SALE
   30.0 QUIET ENJOYMENT
  31.0 RECORDING
  32.0 CONSENTS BY LANDLORD
  33.0 INTENT OF PARTIES
  -17-




---



##### 



34.0 TENANTS COMPLIANCE WITH PATRIOT ACT
 Patriot Act OFAC OFAC List
 35.0 GENERAL
 a.
    
    This Lease does not create the relationship of principal and agent or of partnership or of
joint venture or of any association between Landlord and Tenant, the sole relationship between
the parties hereto being that of Landlord and Tenant.b.
    
    No waiver of any default of Tenant hereunder will be implied from any omission by Landlord to
take any action on account of such default if such default persists or is repeated, and no
express waiver will affect any default other than the default specified in the express waiver
and that only for the time and to the extent therein stated. One or more waivers by Landlord
will not then be construed as a waiver of a subsequent breach of the same covenant, term or
condition. The consent or approval by Landlord of any act by Tenant requiring Landlords
consent or approval will not waive or render unnecessary Landlords consent to or approval of
any subsequent similar act by Tenant. No action required or permitted to be taken by or on
behalf of Landlord under the terms or provisions of this Lease will be deemed to constitute an
eviction or disturbance of Tenants possession of the Premises. All preliminary negotiations
are merged into and incorporated in this Lease. The laws of the State of Minnesota will
govern the validity, performance and enforcement of this Lease.
 -18-




---



##### 



c.
    
    This Lease and the exhibits, if any, attached hereto and forming a part hereof, constitute
the entire agreement between Landlord and Tenant affecting the Premises and there are no other
agreements, either oral or written, between them other than herein set forth. No subsequent
alteration, amendment, change or addition to this Lease will be binding upon Landlord or
Tenant unless reduced to writing and executed in the same form and manner in which this Lease
is executed.d.
    
    If any agreement, covenant or condition of this Lease or the application thereof to any
person or circumstance is, to any extent, invalid or unenforceable, the remainder of this
Lease, or the application of such agreement, covenant or condition to persons or circumstances
other than those as to which it is held invalid or unenforceable, will not be affected thereby
and each agreement, covenant or condition of this Lease will be valid and be enforced to the
fullest extent permitted by law.e.
    
    The captions are inserted only as a matter of convenience and for reference, and in no way
define, limit or describe the scope of this Lease nor the intent or any provision thereof.f.
    
    Submission of this instrument to Tenant or proposed Tenant or his agents or attorneys for
examination, review, consideration or signature does not constitute or imply an offer to
lease, reservation of space, or option to lease, and this instrument will have no binding
legal effect until execution hereof by both Landlord/Owner and Tenant or its agents.
  -19-




---



##### 



IN WITNESS WHEREOF
 LANDLORD:
    
    TENANT:/s/ Gary T. Mulcahy Sr.
    
    /s/ Douglas L. Hemer(Signature)
    
    (Signature)February 26, 2006
    
    February 26, 2006Date
    
    DateGary T. Mulcahy Sr.
    
    Douglas L. HemerName (print)
    
    Name (print)President
    
    Chief Administrative OfficerTitle
    
    Title
 
 -20-