OPERATING OFFICER OF
FARGO.
NO WAIVER OF ANY BREACH OF THIS AGREEMENT, OR OF COMPLIANCE WITH ANY
CONDITION OR PROVISION OF THIS AGREEMENT WILL BE DEEMED A WAIVER OF SIMILAR OR
DISSIMILAR PROVISIONS OR CONDITIONS AT ANY TIME.
(O)
GOVERNING LAW.
THIS AGREEMENT AND THE LEGAL RELATIONS AMONG THE
PARTIES AS TO ALL MATTERS SHALL BE GOVERNED BY THE LAWS OF THE STATE OF
MINNESOTA (WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES OF ANY
JURISDICTION).
(P)
FURTHER ASSURANCES.
THE PARTIES TO THIS AGREEMENT AGREE TO
PERFORM, OR CAUSE TO BE PERFORMED, SUCH FURTHER ACTS AND DEEDS, AND TO EXECUTE
AND DELIVER, OR CAUSE TO BE EXECUTED AND DELIVERED, SUCH ADDITIONAL OR
SUPPLEMENTAL DOCUMENTS OR INSTRUMENTS AS MAY BE REASONABLY REQUIRED BY THE OTHER
PARTY TO CARRY INTO EFFECT THE INTENT AND PURPOSE OF THIS AGREEMENT.
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(Q)
INTERPRETATION.
THE INVALIDITY OR UNENFORCEABILITY OF ALL OR ANY
PART OF ANY PROVISION OF THIS AGREEMENT WILL NOT AFFECT THE VALIDITY OR
ENFORCEABILITY OF THE REMAINDER OF SUCH PROVISION OR OF ANY OTHER PROVISION OF
THIS AGREEMENT, WHICH WILL REMAIN IN FULL FORCE AND EFFECT.
(R)
COUNTERPARTS.
THIS AGREEMENT MAY BE EXECUTED IN SEVERAL
COUNTERPARTS, EACH OF WHICH WILL BE DEEMED TO BE AN ORIGINAL, BUT ALL OF WHICH
TOGETHER WILL CONSTITUTE ONE AND THE SAME INSTRUMENT.
Fargo and the Executive have executed this Agreement as of the date first above
written.
FARGO ELECTRONICS, INC.
By:
/s/
GARY R. HOLLAND
Gary R. Holland
CEO
Agreed to as of this 1st day of May, 2002
/s/
PAUL W.B. STEPHENSON
Paul W. B. Stephenson
8