Document:

Prepared by MERRILL CORPORATION

 
December 18, 2000 

Proposed
Offer for Mr. Ray Burton

Oxboro CFO Candidate 

RE: Oxboro Medical Offer of Employment

Dear
Ray: 

    I
am pleased to offer you the position of Chief Financial Officer of Oxboro Medical, Inc. Although the position is employement "at will," the following are the terms and
conditions of your proposed employment:

	Title:	 	Chief Financial Officer
	
Salary:	
 	
$90,000 per year for the first year with a review at the end of one year.
	
Start Date:	
 	
ASAP , 2000.
	
Bonus:	
 	
Up to 50% of annual salary payable 90 days following year-end or 10 days after the audited results are presented to the board of directors whichever is sooner.
	
Bonus Calculation:	
 	
The bonus shall be earned at the rate of $12,000 per full one million in sales increased over $5 million for the fiscal year ended September 30, 2001 combined with $12,000 per full $100,000
that pretax operating profits exceed $1.3 million. Both the sales and pretax operating profits shall be combined to a maximum of 50% of the base salary.
	
Pretax Operating Profits defined:	
 	
Pretax operating profits shall be determined in accordance with generally accepted accounting principles before accruing the bonus described herein and adjusted to eliminate any interest income and
expense and to eliminate any "investment gain or losses" the calculation shall also exclude any costs associated with any unsuccessful potential acquisitions. All other costs shall be included in the calculation; however, the parties agree to
renegotiate the arrangement in the event an acquisition in the principal amount greater than $750,000 is made.
	
Stock Options:	
 	
Options to purchase 25,000 shares at $4.25 per share shall be granted and shall vest a on the 7th anniversary of employment from the initial date of employment, however, the options shall be subject to
an accelerated vesting plan s follows: There are provisions for accelerated vesting as follows:
	

 	
 	

8,350 stock options would accelerate vest on 10/16/2001 if the Company's pretax operating profit exceeds $1.3 million, for fiscal year 2001
	

 	
 	

8,325 would accelerate vest on 10/16/2002 if the Company's pretax operating profit exceeds $1.5 million for fiscal year 2002
	

 	
 	

8,325 would accelerate vest on 10/16/2003 if 3 year cumulative pretax profits exceed $4 million, during fiscal years 2001 through 2003
	

 	
 	

Pretax targets are governed by the pretax profit guidelines in previous section. No other conditions affect vesting of the options.
	
Benefits:	
 	
Standard similar to other Oxboro Medical executives—with four weeks vacation provided no more than two weeks can be taken at one time.
	

 	
 	

 

Page 1 of 2

 

    Ray,
if this arrangement meets with your approval please sign the acknowledgement below and return one signed copy to me. 

    The
Oxboro Senior Management Group and Oxboro Medical, Inc. Board of Directors is looking forward to a long and profitable relationship. 

Sincerely,

	

 	
 	

 	
 	

 
	/s/ J. DAVID BERKLEY   
 J. David Berkley
 President	 	 	 	 
	

Agreed to:	
 	

 	
 	

 
	

/s/ RAMON L. BURTON   
 Mr. Ramon (Ray) Burton	
 	

Date:	
 	

12/20/00

Page 2 of 2<PAGE>

                                                                   Exhibit 10I-3

                               COURIER CORPORATION

                                  AMENDMENT TO
                    SUPPLEMENTAL RETIREMENT BENEFIT AGREEMENT

     This AMENDMENT (the "Amendment") to the Supplemental Retirement Benefit
Agreement is made this 9th day of November, 2000, by and among Courier
Corporation, a Massachusetts corporation (the "Corporation"), and George Q.
Nichols ("Nichols"). Capitalized terms not defined herein shall have the meaning
given to them in the Supplemental Retirement Benefit Agreement, as amended (the
"Agreement").

     WHEREAS, the Corporation and Nichols are parties to the Agreement; and

     WHEREAS, the Corporation and Nichols now wish to amend certain terms
thereof; and

     WHEREAS, except as amended hereby, the Corporation and Nichols desire the
Agreement, as amended, to continue in full force and effect.

     NOW, THEREFORE, in consideration of the premises contained herein and in
the Agreement, each of the parties agree as follows:

     Section 2 is amended and restated in its entirety as follows:

          2. FORM OF PAYMENT. Unless Nichols elects otherwise, the Benefit shall
     be paid as a single life annuity in monthly installments for the duration
     of Nichols' life, commencing with the first calendar month after Nichols'
     retirement, as shown below:

                 If Nichols                Each Monthly
               RETIRES AT AGE              INSTALLMENT
            --------------------       --------------------
                    65                        $ 833.33

                    66                        1,000.00

                    67                        1,250.00

                    68                        1,666.67

                    69                        2,375.00

                    70                        5,833.33

<PAGE>

     IN WITNESS WHEREOF, Nichols has executed and the Corporation has caused
this Amendment to be executed by its officer thereunto duly authorized, and its
corporate seal to be affixed as of the date first set forth above.

                                             Courier Corporation

                                             By: /S/ JAMES F. CONWAY III
                                             Name:  James F. Conway III
                                             Title: President

                                             /S/ GEORGE Q. NICHOLS
                                             ----------------------
                                             George Q. Nichols

(Corporate Seal)
Attest:

/S/ MARY GAIL D. MCCARTHY
------------------------
Name:  Mary Gail D. McCarthy
Title: Assistant Clerk

                                       2<PAGE>

                                                                Exhibit 10J-8

                               COURIER CORPORATION
                             COURIER-CITIZEN COMPANY
                             COURIER COMPANIES, INC.
                      COURIER DELAWARE HOLDING CORPORATION
                    COURIER FOREIGN SALES CORPORATION LIMITED
                         COURIER INVESTMENT CORPORATION
                           COURIER KENDALLVILLE, INC.
                            COURIER PROPERTIES, INC.
                             COURIER STOUGHTON, INC.
                             COURIER WESTFORD, INC.
                           NATIONAL PUBLISHING COMPANY
                             COURIER NEW MEDIA, INC.
                              BOOK-MART PRESS, INC.
                              THE HOME SCHOOL, INC.
                       NATIONAL PUBLISHING BUSINESS TRUST
                            DOVER PUBLICATIONS, INC.
                            TRANSFOLIO EXPRESS, INC.
                             DOVER BOOK STORE, INC.

                                                     Dated as of: March 31, 2001

Citizens Bank of Massachusetts (successor
to State Street Bank and Trust Company),
  Individually and as Agent
28 State Street
Boston, Massachusetts  02109

Fleet National Bank (f/k/a BankBoston, N.A.)
100 Federal Street
Boston, Massachusetts  02110

KeyBank National Association
286 Water Street
Augusta, Maine 04332

     Re: AMENDMENT NO. 7 TO REVOLVING CREDIT AGREEMENT

Ladies and Gentlemen:

     We refer to the Revolving Credit Agreement, dated as of March 18, 1997 (as
amended, the "Agreement"), among COURIER CORPORATION, COURIER-CITIZEN COMPANY,
COURIER COMPANIES, INC., COURIER DELAWARE HOLDING

<PAGE>

CORPORATION, COURIER FOREIGN SALES CORPORATION LIMITED, COURIER INVESTMENT
CORPORATION, COURIER KENDALLVILLE, INC., COURIER PROPERTIES, INC., COURIER
STOUGHTON, INC., COURIER WESTFORD, INC., NATIONAL PUBLISHING COMPANY, COURIER
NEW MEDIA, INC., BOOK-MART PRESS, INC., THE HOME SCHOOL, INC., NATIONAL
PUBLISHING BUSINESS TRUST, DOVER PUBLICATIONS, INC., TRANSFOLIO EXPRESS, INC.
and DOVER BOOK STORE, INC. (each a "Borrower" and collectively the "Borrowers"),
CITIZENS BANK OF MASSACHUSETTS (successor to State Street Bank and Trust
Company), in its capacity as a Bank ("Citizens"), FLEET NATIONAL BANK (f/k/a
BankBoston, N.A.), in its capacity as a Bank ("Fleet"), KEYBANK NATIONAL
ASSOCIATION, in its capacity as a Bank ("Key"; and together with Citizens and
Fleet, the "Banks"), and CITIZENS BANK OF MASSACHUSETTS, in its capacity as
agent for the Banks (the "Agent").

     Terms used in this letter of agreement (this "Amendment") which are not
defined herein, but which are defined in the Agreement, shall have the same
respective meanings herein as therein.

     We have requested you to make certain amendments to the Agreement. You have
advised us that you are prepared and would be pleased to make the amendments so
requested by us on the condition that we join with you in this Amendment.

     Accordingly, in consideration of these premises, the promises, mutual
covenants and agreements contained in this Amendment, and fully intending to be
legally bound by this Amendment, we hereby agree with you as follows:

                                    ARTICLE I

                             AMENDMENTS TO AGREEMENT

     Effective March 31, 2001, the Agreement is amended as follows:

     (a) The term "Loan Documents" shall, wherever used in the Agreement or any
of the other Loan Documents, be deemed to also mean and include Amendment No. 7
to Revolving Credit Agreement, the Fleet Allonge, the Citizens Allonge and the
Key Allonge.

     (b) Section 1.1.56 of the Agreement is amended to read in its entirety as
follows:

     "1.1.56 "Revolving Loan Maturity Date" means March 31, 2004."

                                      -2-

<PAGE>

     (c) Section 5.29 of the Agreement is amended to read in its entirety as
follows:

     "5.29 CAPITAL EXPENDITURES. The Borrowers shall not make any Capital
     Expenditures in excess of $16,000,000 in the aggregate during any fiscal
     year (commencing with the fiscal year ending September 30, 2001).
     Notwithstanding the foregoing provisions of this Section 5.29, any
     unexpended portion of the amount permitted for Capital Expenditures in any
     fiscal year may be carried forward and included in the aggregate amount
     permitted for Capital Expenditures in the following fiscal year only."

                                   ARTICLE II

                       AMENDMENT TO REVOLVING CREDIT NOTES

     Effective on March 31, 2001, the Revolving Credit Notes to Citizens, Fleet
and Key are amended as set forth in the Allonges respectively attached hereto as
ANNEX 1, ANNEX 2 and ANNEX 3.

                                   ARTICLE III

                     CONDITIONS PRECEDENT TO AMENDMENT NO. 7

     This Amendment shall become and be effective as of the date hereof, but
only if:

     (a) The Borrowers shall have executed and delivered to Fleet an Allonge to
the Revolving Credit Note issued in favor of Fleet in the form of ANNEX 1 (the
"Fleet Allonge");

     (b) The Borrowers shall have executed and delivered to Citizens an Allonge
to the Revolving Credit Note issued in favor of Citizens in the form of ANNEX 2
(the "Citizens Allonge");

     (c) The Borrowers shall have executed and delivered to Key an Allonge to
the Revolving Credit Note issued in favor of Key in the form of ANNEX 3 (the
"Key Allonge"); and

     (d) This Amendment shall have been signed by the Borrowers, the Agent and
the Banks.

                                      -3-

<PAGE>

                                   ARTICLE IV

                         REPRESENTATIONS AND WARRANTIES

     The Borrowers jointly and severally represent and warrant to you as
follows:

     (a) REPRESENTATIONS IN AGREEMENT. Each of the representations and
warranties made by the Borrowers in the Agreement was true, correct and complete
when made and is true, correct and complete on and as of the date hereof with
the same full force and effect as if each of such representations and warranties
had been made by the Borrowers on the date hereof and in this Amendment (except
to the extent that such representations and warranties relate expressly to an
earlier date).

     (b) NO DEFAULTS OR EVENTS OF DEFAULT. No Event of Default, or any event
which, with the giving of notice or the passage of time, or both, would
constitute an Event of Default, exists on the date of this Amendment (after
giving effect to all of the arrangements and transactions contemplated by this
Amendment).

     (c) BINDING EFFECT OF DOCUMENTS. This Amendment has been duly authorized,
executed and delivered to you by the Borrowers and is in full force and effect
as of the date hereof, and the agreements and obligations of the Borrowers
contained herein constitute the joint and several, and legal, valid and binding
obligations of the Borrowers enforceable against the Borrowers in accordance
with their respective terms.

     (d) SOLVENCY. Both before and after giving effect to all indebtedness
incurred by the Borrowers on the date of this Amendment, the Borrowers taken as
a whole (i) are not Insolvent (as hereinafter defined), and will not be rendered
Insolvent by the indebtedness incurred in connection therewith, (ii) will not be
left with unreasonably small capital with which to engage in their businesses,
even allowing for a reasonable margin of error in the projections of the future
performance of the Borrowers, (iii) will not have incurred indebtedness beyond
their ability to pay such indebtedness as it matures, and (iv) will not fail to
have assets (both tangible and intangible) having a present fair salable value
in excess of the amount required to pay the probable liability on their then
existing debts (whether matured or unmatured, liquidated or unliquidated,
absolute fixed or contingent).

     As used herein, the term "Insolvent" means the occurrence of one or more of
the following events with respect to a Borrower: dissolution; termination of
existence; insolvency within the meaning of the United States Bankruptcy Code or
other applicable statutes; such Borrower's inability to pay its debts as they
come due; appointment of a receiver of any part of the property of, execution of
a trust mortgage or an assignment for the benefit of creditors by, or the entry
of an order for relief or the filing of a petition in bankruptcy or the
commencement of any proceedings under any bankruptcy or insolvency laws, or any
laws relating to the relief of debtors, readjustment of indebtedness or
reorganization of debtors, or the offering of a plan to creditors for
composition or extension, except for an involuntary proceeding commenced against
such Borrower which is dismissed

                                      -4-

<PAGE>

within 60 days after the commencement thereof without the entry or an order for
relief or the appointment of a trustee.

                                    ARTICLE V

                                  MISCELLANEOUS

     This Amendment may be executed in any number of counterparts, each of which
when executed and delivered shall be deemed an original, but all of which
together shall constitute one instrument. In making proof of this Amendment, it
shall not be necessary to produce or account for more than one counterpart
thereof signed by each of the parties hereto. Except to the extent specifically
amended and supplemented hereby, all of the terms, conditions and the provisions
of the Agreement and each of the Loan Documents shall remain unmodified, and the
Agreement and each of the Loan Documents, as amended and supplemented by this
Amendment, are confirmed as being in full force and effect.

     If you are in agreement with the foregoing, please sign the form of
acceptance on the enclosed counterpart of this Amendment and return such
counterpart to the undersigned, together with the signed documents referred to
in Article III, whereupon this Amendment, as so accepted by you, shall become a
binding agreement among you and the undersigned.

                                  Very truly yours,

                                  THE BORROWERS:
                                  --------------

                                  COURIER CORPORATION

                                  By:/S/ LEE COCHRANE
                                     -----------------
                                     Title: V. P. & Treasurer

                                  COURIER CITIZEN COMPANY

                                  By:/S/ LEE COCHRANE
                                     -----------------
                                     Title: V. P. & Treasurer

                                  COURIER COMPANIES, INC.

                                  By:/S/ LEE COCHRANE
                                     -----------------
                                     Title: Asst. Treasurer

                                      -5-

<PAGE>

                                  COURIER DELAWARE HOLDING CORPORATION

                                  By:/S/ WILLIAM L. LAMPE, JR.
                                     -------------------------
                                     Title: Vice President, Asst. Treasurer

                                  COURIER FOREIGN SALES CORPORATION LIMITED

                                  By:/S/ LEE COCHRANE
                                     ----------------
                                     Title: Treasurer

                                  COURIER INVESTMENT CORPORATION

                                  By:/S/ LEE COCHRANE
                                     ----------------
                                     Title: Asst. Treasurer

                                  COURIER KENDALLVILLE, INC.

                                  By:/S/ LEE COCHRANE
                                     ----------------
                                     Title: Asst. Treasurer

                                  COURIER PROPERTIES, INC.

                                  By:/S/ LEE COCHRANE
                                     ----------------
                                     Title: Asst. Treasurer

                                  COURIER STOUGHTON, INC.

                                  By:/S/ LEE COCHRANE
                                     ----------------
                                     Title: Asst. Treasurer

                                  COURIER WESTFORD, INC.

                                  By:/S/ LEE COCHRANE
                                     ----------------
                                     Title: Asst. Treasurer

                                      -6-

<PAGE>

                                  NATIONAL PUBLISHING COMPANY

                                  By:/S/ LEE COCHRANE
                                     ----------------
                                     Title: Asst. Treasurer

                                  COURIER NEW MEDIA, INC.

                                  By:/S/ LEE COCHRANE
                                     ----------------
                                     Title: Asst. Treasurer

                                  BOOK-MART PRESS, INC.

                                  By:/S/ LEE COCHRANE
                                     ----------------
                                     Title: Asst. Treasurer

                                  THE HOME SCHOOL, INC.

                                  By:/S/ LEE COCHRANE
                                     ----------------
                                     Title: Asst. Treasurer

                                  NATIONAL PUBLISHING
                                  BUSINESS TRUST

                                  By:/S/ LEE COCHRANE
                                     ----------------
                                     Title: Asst. Treasurer

                                  DOVER PUBLICATIONS, INC.

                                  By:/S/ LEE COCHRANE
                                     ----------------
                                     Title: Asst. Treasurer

                                  TRANSFOLIO EXPRESS, INC.

                                  By:/S/ LEE COCHRANE
                                     ----------------
                                     Title: Asst. Treasurer

                                      -7-

<PAGE>

                                  DOVER BOOK STORE, INC.

                                  By:/S/ LEE COCHRANE
                                     ----------------
                                     Title: Asst. Treasurer

     The foregoing Amendment is hereby accepted by the undersigned as of
March 31, 2001.

                                  THE BANKS:
                                  ----------

                                  CITIZENS BANK OF MASSACHUSETTS
                                  (successor to State Street
                                  Bank and Trust Company)

                                  By:/S/ C. ANDREW PICULELL
                                     ----------------------
                                     Title: Vice President

                                  FLEET NATIONAL BANK
                                  (f/k/a BankBoston, N.A.)

                                  By:/S/ ELISE M. RUSSO
                                     ------------------
                                     Title: SVP

                                  KEYBANK NATIONAL ASSOCIATION

                                  By:/S/ MITCHELL B. FELDMAN
                                     -----------------------
                                     Title: SVP

                                  THE AGENT:
                                  ----------

                                  CITIZENS BANK OF MASSACHUSETTS
                                  (successor to State Street
                                  Bank and Trust Company)

                                  By:/S/ C. ANDREW PICULELL
                                     ----------------------
                                     Title: Vice President

                                       -8-

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