Document:

Exhibit 10.4

 Exhibit 10.4 

FORBEARANCE AGREEMENT 

This FORBEARANCE AGREEMENT, dated as of November 6, 2015 (this “Agreement”), is entered into by and among FAMOUS
DAVE’S OF AMERICA, INC., a Minnesota corporation, D&D OF MINNESOTA, INC., a Minnesota corporation, LAKE & HENNEPIN BBQ AND BLUES, INC., a Minnesota corporation, FAMOUS DAVE’S RIBS, INC., a Minnesota corporation, FAMOUS
DAVE’S RIBS-U, INC., a Minnesota corporation, and FAMOUS DAVE’S RIBS OF MARYLAND, INC., a Minnesota corporation (each individually a “Borrower” and collectively, the “Borrowers”), WELLS FARGO BANK,
NATIONAL ASSOCIATION, as administrative agent on behalf of the Lenders under the Credit Agreement (as hereinafter defined) (in such capacity, the “Administrative Agent”), and the Lenders (as defined below). Capitalized terms used
herein and not otherwise defined shall have the meaning ascribed thereto in the Credit Agreement (as defined below). 
 RECITALS 

A. The Borrowers, certain banks and financial institutions from time to time party thereto (the “Lenders”) and the
Administrative Agent have entered into that certain Third Amended and Restated Credit Agreement, dated as of May 8, 2015 (as amended, modified, extended, restated, replaced, or supplemented from time to time, the “Credit
Agreement”). 
 B. The Borrowers have informed the Administrative Agent that they have failed to comply with (i) the Adjusted
Leverage Ratio financial covenant under Section 14.01 of the Credit Agreement as of the fiscal quarter ending September 30, 2015 (the “Adjusted Leverage Ratio Event of Default”), (ii) the Consolidated Cash Flow Ratio
financial covenant under Section 14.02 of the Credit Agreement as of the fiscal quarter ending September 27, 2015 (the “Consolidated Cash Flow Ratio Event of Default”) and (iii) the mandatory prepayment requirement
under Section 2.03(c) of the Credit Agreement with respect to the fiscal quarter ending September 27, 2015 (the “Mandatory Prepayment Event of Default”; together with the Adjusted Leverage Ratio Event of Default and the
Consolidated Cash Flow Ratio Event of Default, collectively, the “Existing Events of Default”). 
 C. The Borrowers have
requested that the Lenders forbear from exercising their rights and remedies under the Credit Agreement and the other Loan Documents as a result of the Existing Events of Default during the Forbearance Period (as defined below). 

D. The Lenders have agreed to do so, but only pursuant to the terms and conditions set forth herein. 

AGREEMENT 
 NOW, THEREFORE, in
consideration of the premises and the mutual covenants hereinafter contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1. Estoppel, Acknowledgement and Reaffirmation. Each of the Borrowers hereby acknowledges and agrees that, as of November 6, 2015,
the aggregate amount of the Total Development Loan Outstandings and Total Revolving Credit Outstandings Loans was not less than $18.3 million, which amount constitutes a valid and subsisting obligation of the Borrowers to the Lenders that is
not subject to any credits, offsets, defenses, claims, counterclaims or adjustments of any kind. Each of the Borrowers hereby acknowledges its obligations under the Credit Agreement and the other Loan Documents, reaffirms that each of the Liens and
security interests created and granted in or pursuant to the Loan Documents is valid and subsisting and agrees that this Agreement shall in no manner impair or otherwise adversely affect such obligations, Liens or security interests. 

 2. Forbearance. Subject to the terms and conditions set forth herein, the Administrative
Agent and the Lenders shall, during the Forbearance Period, forbear from exercising any and all rights or remedies available to the Administrative Agent and the Lenders under the Credit Agreement, the other Loan Documents and Requirements of Law,
but only to the extent that such rights or remedies arise exclusively as a result of the existence of the Existing Events of Default; provided, however, that the Administrative Agent and the Lenders shall be free to exercise any or all
of their rights and remedies (a) at any time on account of an Event of Default other than the Existing Events of Default or (b) on account of the Existing Events of Default at any time upon or after the occurrence of a Forbearance
Termination Event (as defined below). 
 3. Forbearance Termination Events. Nothing set forth herein or contemplated hereby is
intended to constitute an agreement by the Administrative Agent or the Lenders to forbear from exercising any of the rights available to the Administrative Agent or the Lenders under the Loan Documents or Requirements of Law (all of which rights and
remedies are hereby expressly reserved by the Administrative Agent and the Lenders) upon or after the occurrence of a Forbearance Termination Event. As used herein, a “Forbearance Termination Event” shall mean the earliest of the
following to occur: (a) any Default or Event of Default under the Credit Agreement or any other Loan Document other than the Existing Events of Default, (b) any breach by the Borrowers of any representation, obligation, agreement or
covenant under this Agreement and (c) December 4, 2015. The period from the date hereof to (but excluding) the earliest date that a Forbearance Termination Event occurs shall be referred to as the “Forbearance Period”.

 4. No Advances. From and after the date hereof, during the Forbearance Period, (a) the Borrowers shall not make any Requests
for Credit Extension, and (b) the Lenders and the LC Issuer shall not make any Credit Extensions, in each case, notwithstanding anything to the contrary set forth in the Credit Agreement or the other Loan Documents. In addition, during the
Forbearance Period, the Borrowers are prohibited, without the consent of the Required Lenders, from (a) continuing any Loans that are Eurodollar Rate Loans as Eurodollar Rate Loans at the end of any Interest Period and (b) converting any
Base Rate Loans or One-Month LIBO Rate Loans to Eurodollar Rate Loans. Notwithstanding the foregoing, the Required Lenders may, in their sole and absolute discretion, allow the continuation of (and conversion to) Eurodollar Rate Loans in the future
under such terms and conditions as the Required Lenders deem appropriate. Allowing the continuation of (or conversion to) Eurodollar Rate Loans shall in no way alter the defaulted status of the Credit Agreement. 

5. No Restricted Payments. From and after the date hereof, during the Forbearance Period, the Borrowers shall not declare, pay or make
any Restricted Payments (other than Restricted Payments in the form of non-cash equity compensation to management of the Borrowers, not to exceed $350,000 in aggregate), notwithstanding anything to the contrary set forth in the Credit Agreement or
the other Loan Documents. 
 6. Effectiveness; Conditions Precedent. This Agreement shall become effective as of the date hereof (the
“Forbearance Effective Date”) upon receipt by the Agent of counterparts to this Agreement duly executed by the Borrowers, the Administrative Agent and the Lenders. 

7. Incorporation of Agreement. Except as specifically modified herein, the terms of the Credit Agreement and the other Loan Documents
shall remain in full force and effect. The execution, delivery and effectiveness of this Agreement shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders under the Credit Agreement or the other Loan
Documents, or constitute a waiver or amendment of any provision of the Credit Agreement or the other Loan 

  
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Documents, except as expressly set forth herein. The breach of any provision or representation under this Agreement shall constitute an immediate Event of Default under each of the Credit
Agreement, and this Agreement shall constitute a Loan Document. 
 8. Representations and Warranties. Each of the Borrowers hereby
represents and warrants to the Lenders as follows: 
 (a) No Default or Event of Default exists or will exist under the
Credit Agreement or the other Loan Documents on and as of the Forbearance Effective Date, except for the Existing Events of Default. 

(b) The representations and warranties set forth in Article V of the Credit Agreement and any other Loan Document are true and
correct as of the date hereof, except for any such representation and warranty that specifically refers to an earlier date, in which case such representation and warranty shall be true and correct as of such earlier date. 

(c) This Agreement has been duly executed and delivered by the duly authorized officers of each Borrower that is a party hereto
and constitutes the legal, valid and binding obligation of each Borrower that is a party hereto, enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar
state or federal debtor relief laws from time to time in effect which affect the enforcement of creditors’ rights in general and the availability of equitable remedies. 

(d) Each Borrower has the right, power and authority and has taken all necessary corporate and other action to authorize the
execution, delivery and performance of this Agreement in accordance with its terms.  
 (e) No consent or
authorization of, filing with, or other act in respect of, an arbitrator or Governmental Authority and no consent of any other Person is required in connection with the execution, delivery, performance, validity or enforceability of this Agreement.

 (f) The Loan Documents continue to create a valid security interest in, and Lien upon, the Collateral, in favor of the
Administrative Agent, for the benefit of the Lenders, which security interests and Liens are perfected in accordance with the terms of the Loan Documents and prior to all Liens other than Permitted Encumbrances. 

(g) The Obligations of the Borrowers are not reduced or modified by this Agreement and are not subject to any offsets, defenses
or counterclaims. 
 9. Release. In consideration of the Administrative Agent’s and the Lenders’ willingness to enter into
this Agreement, each Borrower effective on the date hereof hereby waives, releases and forever discharges the Administrative Agent, the Lenders, Affiliates of the Lenders and each of their respective officers, employees, representatives, agents,
counsel and directors from any and all actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in equity, now known or unknown, suspected or unsuspected to the extent that any of the foregoing arises
from any action or failure to act in connection with the Credit Agreement and the other Loan Documents on or prior to the date hereof. 

10. No Third Party Beneficiaries. This Agreement and the rights and benefits hereof shall inure to the benefit of each of the parties
hereto and their respective successors and assigns. No other Person shall have or be entitled to assert rights or benefits under this Agreement. 

  
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 11. Entirety. This Agreement and the other Loan Documents embody the entire agreement
among the parties hereto and supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof. This Agreement and the other Loan Documents represent the final agreement between the parties and may not
be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties. 
 12. Counterparts; Electronic
Delivery. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, and it shall not be necessary in making proof of this Agreement to produce or account for more than
one such counterpart. Delivery of an executed counterpart of this Agreement by facsimile or other electronic means shall be effective as an original. 

13. No Actions, Claim. As of the date hereof, each of the Borrowers hereby acknowledges and confirms that it has no knowledge of any
actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in equity, against the Administrative Agent, the Lenders, or any of their respective officers, employees, representatives, agents, counsel or
directors arising from any action by such Persons, or failure of such Persons to act under this Agreement or the Loan Documents on or prior to the date hereof. 

14. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK. 
 15. Further Assurances. Each of the parties hereto agrees to execute and deliver, or to cause to be
executed and delivered, all such instruments as may reasonably be requested to effectuate the intent and purposes, and to carry out the terms, of this Agreement. 

16. Miscellaneous. 

(a) Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of
this Agreement for any other purpose. 
 (b) Wherever possible, each provision of this Agreement shall be interpreted in such
a manner as to be effective and valid under Requirements of Law, but if any provision of this Agreement shall be prohibited by or invalid under Requirements of 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 Agreement. 
 (c) Except as
otherwise provided in this Agreement, if any provision contained in this Agreement is in conflict with, or inconsistent with, any provision in any Loan Document, the provision contained in this Agreement shall govern and control. 

(d) This Agreement may not be amended or otherwise modified, waived or supplemented. 

(e) The interpretive provisions of Section 1.02 to the Credit Agreement are incorporated herein mutadis
mutandis. 
 [Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Agreement to be
duly executed and delivered as of the date first above written. 
  

			
	FAMOUS DAVE’S OF AMERICA, INC.,
	a Minnesota corporation
		
	By:	 	 /s/ Adam Wright

	Name:	 	 Adam Wright

	Title:	 	 Interim CEO

	
	 D&D OF MINNESOTA, INC.,

a Minnesota corporation

		
	By:	 	 /s/ Richard Pawlowski

	Name:	 	Richard Pawlowski
	Title:	 	CFO
	
	 LAKE & HENNEPIN BBQ AND BLUES, INC.,

a Minnesota corporation

		
	By:	 	 /s/ Richard Pawlowski

	Name:	 	Richard Pawlowski
	Title:	 	CFO
	
	 FAMOUS DAVE’S RIBS, INC.,

a Minnesota corporation

		
	By:	 	 /s/ Richard Pawlowski

	Name:	 	Richard Pawlowski
	Title:	 	CFO
	
	 FAMOUS DAVE’S RIBS-U, INC.,

a Minnesota corporation

		
	By:	 	 /s/ Richard Pawlowski

	Name:	 	Richard Pawlowski
	Title:	 	CFO
	
	FAMOUS DAVE’S RIBS OF MARYLAND, INC.,
	a Minnesota corporation
		
	By:	 	 /s/ John P. Beckman

	Name:	 	John P. Beckman
	Title:	 	President

			
	 AGENTS AND LENDERS:
	  	               WELLS
FARGO BANK, NATIONAL

              
ASSOCIATION,

 
			
	as Administrative Agent, L/C Issuer and Lender
		
	By:	 	 /s/ Steve Leon

	Name:	 	Steve Leon
	Title:	 	Managing Directorpgnd_Ex10_2

		
			EXHIBIT 10.2
		

		
			
		

		
			 
		

		
			August 21, 2015
		

		
			 
		

		
			Mr. Matthew Hallgren
		

		
			One North Franklin, Suite 3400 
		

		
			Chicago, IL 60606
		

		
			 
		

		
			Dear Matt:
		

		
			 
		

		
			This letter (the “Letter Agreement”) will confirm our agreement regarding your employment with Press Ganey Holdings, Inc. (the “Company”).
		

		
			 
		

		
			As you may be aware, in connection with the commencement of your employment, you were provided with an offer letter, dated March 28, 2014, as supplemented by a written confirmation of a salary increase dated July 20, 2014 and a written confirmation of promotion dated October 28, 2014 (collectively, the “Offer Letter”). Notwithstanding anything to the contrary in the Offer Letter, (x) effective August 31, 2015, your title will be Senior Vice President, Finance and you will be reporting to the Chief Financial Officer and (y) your base salary will be $200,000 annually (the “Base Salary”). With respect to each full calendar year while employed by the Company, you will be eligible to earn an annual target bonus award of up to thirty percent (30%) of your Base Salary (the “Target Bonus”), based upon and subject to the achievement of performance goals, which bonus, if any, is payable in accordance with and subject to the terms and conditions of the Company’s bonus plan.
		

		
			 
		

		
			In addition to the foregoing, in the event that your employment is terminated by the Company without Cause (as defined below) (other than due to death or disability) on or prior to August 31, 2016, subject to(x) your continued compliance with the restrictive covenants by which you are bound, (y) your returning on the date of your employment termination any and all property of the Company or its affiliates in your possession or control and (z) your execution and delivery of a general release of claims against the Company and its affiliates in a form acceptable to the Company (“Release”), on or prior to the sixtieth (60th ) day following the date of your termination of employment and your non-revocation of such Release within the time period provided therein (clauses (x), (y) and (z), collectively, the “Conditions”), the Company shall pay you an aggregate gross amount equal to $100,000 in the manner set forth below, which amount is equal to six (6) months of your current annual base salary (the “Severance Payment”), less any applicable withholding or other taxes.
		

		
			 
		

		
			The first installment of the Severance Payment, which amount is payable in twelve (12) equal installments in accordance with the Company’s usual payroll practices, will be paid to you on the first regular payroll date that occurs immediately following the date of termination; provided, however, that the Company shall have the right to cease making such payments and you shall be obligated to repay to the Company any such amounts already paid if (i) you fail to execute and deliver the Release within the time period provided therein or, after timely delivery, you revoke the Release within the time period specified in such Release, or (ii) you breach your obligations under any agreement containing restrictive covenants by which you are bound.
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

			 

		

For purposes of this Letter Agreement, the term “Cause” shall mean (i) the commission by you of an act of fraud or embezzlement, (ii) your indictment or conviction for or plea of guilty or nolo contendere to (x) a felony or (y) a crime involving moral turpitude, (iii) negligence or willful or intentional misconduct by you in the performance of your duties, including any willful or intentional misrepresentation or willful or intentional concealment by you on any report  submitted to the Company (or any of its affiliates) which the Chief Executive Officer of the Company (the “CEO”) in his reasonable discretion determines is materially detrimental to the best interests of the Company and its affiliates, (iv) the violation by you of a company policy regarding substance abuse, sexual harassment or discrimination or any other material policy of the Company or any of its affiliates regarding employment that the CEO in his reasonable discretion determines is materially detrimental to the best interests of the Company and its affiliates, (v) your willful or intentional refusal or repeated failure, following notice from the Company, to render services to the Company or any of its affiliates in accordance with your employment (other than as a result of incapacity due to physical or mental illness), (vi) your willful or intentional refusal or repeated failure, following notice from the Company, to comply with reasonable directives of the Board of Directors of the Company, the Board of Directors of any affiliate of the Company, the CEO or the General Counsel of the Company consistent with your duties, (vii) any act or omission that constitutes a material breach by you of any of the provisions of any agreement between you, on the one hand, and the Company or an affiliate of the Company, on the other hand, or (viii) any other willful or intentional misconduct by you which is materially injurious to the financial condition or business reputation of, or is otherwise, materially injurious to the Company or any of its affiliates.
		

		
			 
		

		
			In addition to the Severance Payment, subject to the Conditions, should you timely elect to continue coverage under the Company’s group health plans pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company agrees to pay the COBRA premiums for your medical, dental and vision coverage for a period of six (6) months from the termination date (such payment, the “COBRA Payment” and such period, the “COBRA Reimbursement Period”), in order for you to maintain health insurance coverage that is substantially equivalent to your coverage immediately prior to the termination date. Should you obtain employment with  an  employer  who provides health insurance benefits during the COBRA Reimbursement Period, the Company’s obligation to provide you the COBRA Payment shall forever cease upon the expiration of the waiting period (if any) for entitlement to insurance coverage through your new employer. You agree to notify the Company in writing in the event that you obtain employment before the end of the COBRA Reimbursement Period. In any event, and notwithstanding any provision to the contrary herein, the Company shall have no obligation to make any payments for COBRA premiums paid for health insurance coverage beyond the expiration of the COBRA Reimbursement Period. Notwithstanding the foregoing, if the Company determines that it cannot provide the COBRA Payment without potentially violating applicable law or incurring an excise tax, the Company shall in lieu thereof provide you a taxable monthly payment in an amount equal to the monthly COBRA premium that you would be required to pay to continue your and your covered dependents’ group medical, dental and visions coverage in effect on the date of termination (which amount shall be based on the premium for the first month of COBRA coverage), which payment shall commence in the month following the month in which the date of termination occurs and shall end on the earliest of (X) the last day of the COBRA Reimbursement Period, (Y) the date that you and/or your covered dependents become no longer eligible for COBRA and (Z) the date you becomes eligible to receive health insurance coverage from a subsequent employer.
		

		
			 
		

		
			Upon termination of your employment for any reason, you (or your estate) will be entitled to receive (i) any unpaid Base Salary earned through the date of termination, (ii) any expenses owed to you pursuant to the Company’s business expense reimbursement policy and (iii) any amounts accrued and arising from your participation in or benefits accrued under any employee benefit plan, program or arrangement, subject to and payable in accordance with the terms and conditions of such employee benefit plans, programs or arrangements. Except as otherwise required by law, the payments described in this Letter Agreement will be the only payments and benefits you will receive upon or following a termination of your employment, and you  agree you are not entitled to any additional payments, rights or benefits not otherwise described in this Letter Agreement. You hereby acknowledge and agree that you are not eligible to be a participant in any severance plan of the Company. Any payments received under this Letter Agreement will not be taken into account for purposes of determining benefits under any employee benefit plan of the Company, except to the extent required by law, or as otherwise expressly provided by the terms of such plan.
		

		
			

		 

		

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			Notwithstanding any other provision of this Letter Agreement, any payments hereunder will be subject to the withholding of such amounts, if any, relating to tax and other payroll deductions as the Company reasonably determines it should withhold pursuant to any applicable law or regulation.
		

		
			 
		

		
			This Letter Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) and will be interpreted accordingly. References under this Letter Agreement to your termination of employment shall be deemed to refer to the date upon which you experienced a “separation from service” within the meaning of Section 409A (a “Separation from Service”). Notwithstanding anything herein to the contrary, if any payment of money or benefits due to you hereunder could cause the application of an accelerated or additional tax under Section 409A, such payments or benefits shall be deferred if deferral will make such payment or benefits compliant under Section 409A, or otherwise such payment or benefits shall be restructured, to the extent possible, in a manner determined by the Company that does not cause such an accelerated or additional tax. To the extent any reimbursements or in-kind benefits due to you under this Letter Agreement constitute “non- qualified deferred compensation” under Section 409A, any such reimbursements or in-kind benefits shall be paid to you in a manner consistent with Treasury Regulation Section 1.409A-3(i)(1)(iv). For purposes of Section 409A, each payment made under this Letter Agreement will be designated as a “separate payment” within the meaning of Section 409A. Notwithstanding anything in herein to the contrary, if you are deemed by the Company at the time of your Separation from Service to be a  “specified employee” for purposes of Section 409A, to the extent delayed commencement of any portion of the benefits to which you are entitled under this Letter Agreement is required in order to avoid a prohibited distribution under Section 409A, such portion of your benefits shall not be provided to you prior to the earlier of (i) the expiration of the six-month period measured from the date of your Separation from Service or (ii) the date of your death. Upon the first business day following the expiration of the foregoing period, all payments deferred pursuant to the preceding sentence shall be paid in a lump sum to you (or your estate or beneficiaries), and any remaining payments due to you under this Letter Agreement will be paid as otherwise provided herein. The Company shall consult with you in good faith regarding the implementation of the provisions of this paragraph; provided that neither the Company nor any of its employees or representatives shall have any liability to you with respect to thereto.
		

		
			 
		

		
			This Letter Agreement constitutes the entire agreement between you and the Company and supersedes all other prior agreements between the parties related to the subject matter contained herein.
		

		
			 
		

		
			The validity, interpretation, construction and performance of this Letter Agreement shall be governed by the laws of the State of Delaware without regard to its principles of conflicts of law that would result in the application of the laws of a jurisdiction other than the State of Delaware.
		

		
			 
		

		
			This Letter Agreement may be executed in one or more counterparts, each of which will be deemed to be an original but all of which together will constitute one and the same instrument.
		

		
			 
		

		
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If the foregoing terms and conditions are acceptable and agreed to by you, please sign on the line provided below to signify such acceptance and return the executed copy to the undersigned.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						  PRESS GANEY ASSOCIATES, INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						  By:

					
					
						/s/ DEVIN J. ANDERSON

				
	
					
						 

					
					
						  Name:

					
					
						Devin J. Anderson

				
	
					
						 

					
					
						  Title:

					
					
						General Counsel and Corporate Secretary

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						  Accepted and agreed:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						  /s/ MATTHEW W. HALLGREN

					
					
						 

					
					
						 

				
	
					
						  Matthew Hallgren

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		 

		

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