Document:

EX-10.1

EXHIBIT 10.1

SECOND AMENDED AND RESTATED CONTROL INVESTOR GUARANTY

THIS SECOND AMENDED AND RESTATED GUARANTY (“Guaranty”) dated as of January 30, 2008, executed
and delivered by Allied Capital Corporation, a Maryland corporation (“Guarantor”), in favor of
Citibank, N.A., a national banking corporation, in its capacity as Administrative Agent
(“Administrative Agent”) for the benefit of the lenders under that certain Second Amended and
Restated Credit Agreement dated as of March 17, 2006 (as the same may be amended, restated,
supplemented or otherwise modified from time to time in accordance with its terms, the “Credit
Agreement”), by and among Ciena Capital, LLC, a limited liability company organized under the laws
of the State of Delaware, formerly known as Business Loan Express, LLC (the “Borrower”), certain
lenders named therein (“Lenders”), and Citibank, N.A., as Administrative Agent.

WHEREAS, Borrower, Bank of America, N.A., successor in interest by merger to Fleet National
Bank (“Original Administrative Agent”), and each lender party thereto executed that certain Credit
Agreement dated as of March 28, 2001 (the “Original Credit Agreement”);

WHEREAS, the Original Credit Agreement was amended and restated pursuant to that certain
Amended and Restated Credit Agreement (as amended, restated, supplemented or otherwise modified
from time to time, the “Amended and Restated Credit Agreement”) dated as of February 2, 2004, by
and among Borrower, Original Administrative Agent, as administrative agent, and each of the lenders
party thereto;

WHEREAS, in connection with the Original Credit Agreement, Guarantor executed and delivered a
Guaranty, dated as of March 28, 2001, of the obligations of Borrower to Original Administrative
Agent for its benefit and for the ratable benefit of the lenders under the Original Credit
Agreement, as such Guaranty was reaffirmed by that certain Amendment and Reaffirmation of Control
Investor Guaranty dated as of February 2, 2004 (as reaffirmed, the “Original Guaranty”);

WHEREAS, in connection with the Credit Agreement, Guarantor executed and delivered an Amended
and Restated Guaranty, dated as of March 17, 2006, of the obligations of Borrower to Administrative
Agent for its benefit and for the ratable benefit of the lenders under the Credit Agreement, (the
“Amended and Restated Guaranty”);

WHEREAS, concurrently herewith, Borrower, Administrative Agent, and each Lender party thereto,
have executed that certain Fifth Amendment and Waiver to Second Amended and Restated Credit
Agreement, which amends certain provisions of the Credit Agreement (the “Fifth Amendment”);

WHEREAS, as one of the conditions of entering into the Fifth Amendment, Administrative Agent
and Lenders have required that Guarantor amend and restate the Amended and Restated Guaranty in its
entirety as set forth herein;

WHEREAS, pursuant to the Credit Agreement, Lenders have agreed to make available to Borrower
certain financial accommodations on the terms and conditions set forth in the Credit Agreement;

WHEREAS, Guarantor owns, directly or indirectly, at least 94.9% of each class of the issued
and outstanding membership interests of Borrower; and

WHEREAS, Guarantor’s execution and delivery of this Guaranty is a condition to Lenders making,
and continuing to make, such financial accommodations to Borrower;

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged by Guarantor, Guarantor agrees as follows:

Section 1. Guaranty.

(a) Guarantor hereby absolutely, irrevocably and unconditionally guarantees the due and
punctual payment and performance when due, whether at stated maturity, by acceleration or
otherwise, of the following (collectively referred to as the “Guaranteed Obligations”): (1) all
present and future indebtedness and obligations owing by Borrower to any Lender or Administrative
Agent under or in connection with the Credit Agreement and any other Loan Document, including
without limitation, the repayment of all principal of the Loans, and the payment of all interest,
Fees, charges, attorneys’ fees and other amounts payable to any Lender or Administrative Agent
thereunder or in connection therewith; (2) any and all extensions, renewals, modifications,
amendments or substitutions of the foregoing; (3) all expenses, including, without limitation,
attorneys’ fees and disbursements, that are incurred by Lenders and Administrative Agent in the
enforcement of any of the foregoing; and (4) all other Obligations, provided,
however, that the Guaranteed Obligations shall not include any obligation of Borrower or
any of its Subsidiaries under any Interest Rate Agreement.

(b) All expenses, including, without limitation, attorneys’ fees and disbursements that are
incurred by Lenders and Administrative Agent (i) in the enforcement of the obligations of the
Guarantor hereunder and (ii) in connection with the Credit Agreement and any other Loan Document,
shall be fully recoverable from the Guarantor.

(c) Any amounts due from Guarantor to Administrative Agent or Lenders shall bear interest (i)
in the case of amounts payable pursuant to Section 1(a) hereof, from the date demand is made
therefor, and (ii) in the case of amounts payable pursuant to Section 1(b) hereof, from the date
that is thirty (30) days after Administrative Agent’s demand therefor, and in the case of all of
the foregoing amounts, until such amounts are paid in full at the highest rate then applicable to
the Guaranteed Obligations.

(d) All payments hereunder shall be applied to the Guaranteed Obligations in the order and
manner specified in the Credit Agreement.

Section 2. Guaranty of Payment and Not of Collection. This Guaranty is a guaranty of
payment, and not merely of collection. Accordingly, Lenders and Administrative Agent shall not be
obligated or required before enforcing this Guaranty against Guarantor: (a) to pursue any right or
remedy Lenders or Administrative Agent may have against Borrower or any other Person or commence
any suit or other proceeding against Borrower or any other Person in any court or other tribunal;
(b) to make any claim in a liquidation or bankruptcy of Borrower or any other Person; or (c) to
make demand of Borrower or any other Person or to enforce or seek to enforce or realize upon any
collateral security held by Lenders or Administrative Agent which may secure any of the Guaranteed
Obligations.

Section 3. Guaranty Absolute. Guarantor guarantees that the Guaranteed Obligations
will be paid strictly in accordance with the terms of the documents evidencing the same, regardless
of any Applicable Law now or hereafter in effect in any jurisdiction affecting any of such terms or
the rights of Administrative Agent or Lenders with respect thereto. The liability of Guarantor
under this Guaranty shall be absolute, irrevocable and unconditional in accordance with its terms
and shall remain in full force and effect without regard to, and shall not be released, suspended,
discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever,
including without limitation, the following (whether or not Guarantor consents thereto or has
notice thereof):

(a) Subject to the provisions of Section 4 of this Guaranty, (i) any change in the amount,
interest rate or due date or other term of any of the Guaranteed Obligations, (ii) any change in
the time, place or manner of payment of all or any portion of the Guaranteed Obligations, (iii) any
amendment or waiver of, or consent to the departure from or other indulgence with respect to, the
Credit Agreement, any other Loan Document, or any other document or instrument evidencing or
relating to any Guaranteed Obligations, or (iv) any waiver, renewal, extension, addition, or
supplement to, or deletion from, or any other action or inaction under or in respect of, the Credit
Agreement, any of the other Loan Documents, or any other documents, instruments or agreements
relating to the Guaranteed Obligations or any other instrument or agreement referred to therein or
evidencing any Guaranteed Obligations or any assignment or transfer of any of the foregoing;

(b) any lack of validity or enforceability of the Credit Agreement, any of the other Loan
Documents, or any other document, instrument or agreement referred to therein or evidencing any
Guaranteed Obligations or any assignment or transfer of any of the foregoing;

(c) any furnishing to Administrative Agent or Lenders of any additional security for the
Guaranteed Obligations, or any sale, exchange, release or surrender of, or realization on, any
security for the Guaranteed Obligations;

(d) any settlement or compromise of any of the Guaranteed Obligations, any security therefor,
or any liability of any other party with respect to the Guaranteed Obligations, or any
subordination of the payment of the Guaranteed Obligations to the payment of any other liability of
Borrower or any other obligor with respect to the Guaranteed Obligations;

(e) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution,
liquidation or other like proceeding relating to Guarantor, Borrower or any other Person, or any
action taken with respect to this Guaranty by any trustee or receiver, or by any court, in any such
proceeding;

(f) any act or failure to act by Borrower or any other Person which may adversely affect the
Guarantor’s subrogation rights, if any, against Borrower to recover payments made under this
Guaranty;

(g) any nonperfection of any security interest or other Lien on any collateral securing in any
way any of the Guaranteed Obligations;

(h) any application of sums paid by Borrower or any other Person with respect to the
liabilities of Borrower to Administrative Agent or Lenders, regardless of what liabilities of
Borrower remain unpaid;

(i) any defect, limitation or insufficiency in the borrowing powers of Borrower or in the
exercise thereof; or

(j) any other circumstance which might otherwise constitute a defense available to, or a
discharge of, the Guarantor hereunder, including, without limitation, the failure by Administrative
Agent or any Lender to provide copies of any notice delivered to Borrower or any Subsidiary in
accordance with the terms of any of the Loan Documents.

Section 4. Action with Respect to Guaranteed Obligations.

(a) Subject to the provisions of Section 4(b) hereof, Lenders and Administrative Agent may, at
any time and from time to time, without the consent of, or notice to, Guarantor, and without
discharging Guarantor from its obligations hereunder, take any and all actions described in Section
3 hereof and may otherwise: (i) amend, modify, alter or supplement the Credit Agreement or any
other Loan Document; (ii) sell, exchange, release or otherwise deal with all, or any part, of any
collateral; (iii) release any Person liable in any manner for the payment or collection of the
Guaranteed Obligations; (iv) exercise, or refrain from exercising, any rights against Borrower or
any other Person; and (v) apply any sum, by whomsoever paid or however realized, to the Guaranteed
Obligations in such order as Lenders shall elect.

(b) Notwithstanding the foregoing, Administrative Agent and Lenders shall not agree to any of
the following without the prior written consent of the Guarantor: (i) any increase of the principal
amount of commitments under the Credit Agreement to an amount in excess of the Aggregate Commitment
Amount from time to time in effect pursuant to Section 2.12(b) of the Loan Agreement, (ii) any
increase in the interest rate applicable to the loans under the Credit Agreement (other than an
increase to the Default Rate in accordance with the terms of the Credit Agreement), (iii) any
amendment or modification that would have the effect of increasing the Default Rate, (iv) any
amendment or modification that would have the effect of modifying the Termination Date (otherwise
than pursuant to a termination of the Commitments pursuant to Section 2.12 or 10.2 of the Credit
Agreement), (v) any amendment or modification to Sections 10.1 or 10.2 of the Credit Agreement, or
(v) any amendment or modification that would have the effect of increasing any ratio or percentage
provided for in Section 7.12 of the Loan Agreement or the definition of Required Asset Quality
Level.

Section 5. Representations and Warranties. Guarantor hereby makes to Administrative
Agent and Lenders the following representations and warranties:

(a) Organization; Power; Qualification. Guarantor is a corporation, duly organized or
formed, validly existing and in good standing under the jurisdiction of its incorporation or
formation, has the power and authority to own or lease its respective properties and to carry, on
its respective business as now being and hereafter proposed to be conducted, and is duly qualified
and is in good standing as a foreign corporation, partnership, or other legal entity, and
authorized to do business, in each jurisdiction in which the character of its properties or the
nature of its business requires such qualification or authorization and where the failure to be so
qualified or authorized would have, in each instance, a Material Adverse Effect.

(b) Authorization. Guarantor has the right and power, and has taken all necessary
action to authorize it, to guaranty the Guaranteed Obligations hereunder. Guarantor has the right
and power, and has taken all necessary action to authorize it, to execute, deliver and perform this
Guaranty and any other Loan Document to which it is a party in accordance with their respective
terms and to consummate the transactions contemplated hereby and thereby. This Guaranty has been
duly executed and delivered by the duly authorized officers of the Guarantor, and each is a legal,
valid and binding obligation of the Guarantor, enforceable against it in accordance with its
respective terms.

(c) Compliance with Laws. The execution, delivery and performance of this Guaranty in
accordance with its terms do not and will not, by the passage of time, the giving of notice, or
otherwise: (i) require any Governmental Approval, other than such as have been obtained and are in
full force and effect, or violate any Applicable Law (including all Environmental Laws) relating to
the Guarantor; (ii) conflict with, result in a breach of, or constitute a default under the
articles of incorporation or bylaws of Guarantor or any indenture, agreement or other instrument to
which the Guarantor is a party or by which it or any of its properties may be bound; or (iii)
result in or require the creation or imposition of any Lien, other than Liens in favor of the
Administrative Agent and the Lenders, upon or with respect to any property now owned or acquired by
the Guarantor.

(d) Governmental Approvals. Guarantor is in compliance with each Governmental Approval
applicable to it and in compliance with all other Applicable Law relating to it (including, without
limitation, the Investment Company Act of 1940, as amended), except for non-compliances which, and
Governmental Approvals the failure to possess which, would not, individually or in the aggregate,
have a Material Adverse Effect.

(e) Defaults. No “Event of Default” or “Default” (as each such term is defined under
the Control Investor Credit Agreement) has occurred and is continuing or would exist after giving
effect to any of the Loan Documents.

Section 6. Covenants of Guarantor. For so long as this Agreement or the Credit
Agreement is in effect and thereafter until each of (x) the payment in full of the Obligations and
(y) the termination, expiration, or full cash collateralization of all LCs, Guarantor agrees as
follows:

(a) Year-End Statements. As soon as available and in any event within ninety-five (95)
days after the end of each fiscal year of Guarantor, Guarantor shall deliver to Administrative
Agent (with sufficient copies for distribution by Administrative Agent to each Lender for all
deliveries other than electronic deliveries) the financial statements of Guarantor as at the end of
such fiscal year which shall be (a) certified by the chief financial officer of Guarantor, in his
or her opinion, to present fairly, in accordance with GAAP, the financial position of Guarantor as
at the date thereof and the result of operations for such period and (b) examined and reported on
by independent certified public accountants meeting the requirements of Section 8.2 of the Control
Investor Credit Agreement, whose opinion shall be unqualified.

(b) Quarterly Financial Statements. As soon as available and in any event within fifty
(50) days after the close of each of the first, second, and third fiscal quarters of Guarantor,
Guarantor shall deliver to Administrative Agent (with sufficient copies for distribution by
Administrative Agent to each Lender for all deliveries other than electronic deliveries) the
financial statements of Guarantor as at the end of such period all of which shall be certified by
the chief financial officer of Guarantor, in his or her opinion, to present fairly, in accordance
with GAAP, the financial position of Guarantor as at the date thereof and the results of operations
for such period (subject to normal year-end audit adjustments).

(c) Additional Information. Guarantor shall contemporaneously deliver to
Administrative Agent (with sufficient copies for distribution by Administrative Agent to each
Lender for all deliveries other than electronic deliveries) copies of all documents required to be
delivered by the Guarantor to the lenders under the Control Investor Credit Agreement as provided
in Sections 8.3(a), 8.3(b)(i) and 8.4(a), (e) and (f) of the Control Investor Credit Agreement
notwithstanding termination of the Control Investor Credit Agreement.

(d) Compliance with Laws. Guarantor shall comply with all Applicable Laws (including,
without limitation, the Investment Company Act of 1940, as amended), including the obtaining and
maintaining of all Governmental Approvals, the failure with which to comply could reasonably be
expected to have a Material Adverse Effect.

(e) Business Development Company. Guarantor shall at all times maintain its status as
a “business development company” under the Investment Company Act of 1940, as amended.

(f) Replacement of LCs. On or prior to February 15, 2008, Guarantor shall replace, or
cause to be terminated, LCs issued under the Credit Agreement in an amount sufficient to cause the
LC Exposure under the Credit Agreement to not be greater than $50,000,000 as of such date, and
shall provide to Administrative Agent, or cause Borrower to provide, evidence satisfactory to
Administrative Agent and each applicable LC Issuer, that (1) Borrower has cancelled LCs in a face
amount sufficient to reduce the LC Exposure to no greater than $50,000,000 as of such date, (2)
Borrower has returned the originals of such terminated LCs to Administrative Agent, and (3) the
beneficiary of each such terminated LC has provided a written acknowledgment consenting to such
termination.

(g) Receipt of Payments and Distributions. Guarantor shall not, on and after the
Fifth Amendment Effective Date, accept from Borrower, or any Subsidiary of Borrower, any (i)
distributions including, without limitation, guarantee fees, management fees, or dividends, other
than tax distributions permitted under Section 9.5(c) of the Loan Agreement or (ii) any payment on
any Subordinated Indebtedness.

Section 7. Waiver. Guarantor, to the fullest extent permitted by Applicable Law,
hereby waives notice of acceptance hereof or any presentment, demand, protest or notice of any kind
which in any manner or to any extent might vary the risk of Guarantor or which otherwise might
operate to discharge Guarantor from its obligations hereunder.

Section 8. Inability to Accelerate Loan. If Administrative Agent and/or Lenders are
prevented under Applicable Law or otherwise from demanding or accelerating payment of any of the
Guaranteed Obligations by reason of any automatic stay or otherwise, Agents and/or Lenders shall be
entitled to receive from the Guarantor, upon demand therefor, the sums which otherwise would have
been due had such demand or acceleration occurred.

Section 9. Reinstatement of Guaranteed Obligations. If claim is ever made on
Administrative Agent or any Lender for repayment or recovery of any amount or amounts received in
payment or on account of any of the Guaranteed Obligations, and Administrative Agent or such Lender
repays all or part of said amount by reason of (a) any judgment, decree or order of any court or
administrative body of competent jurisdiction, or (b) any settlement or compromise of any such
claim effected by such Administrative Agent or such Lender with any such claimant (including
Borrower or a trustee in bankruptcy for Borrower), then and in such event Guarantor agrees that any
such judgment, decree, order, settlement or compromise shall be binding on it, notwithstanding any
revocation hereof or the cancellation of the Credit Agreement, any of the other Loan Documents, or
any other instrument evidencing any liability of Borrower, and Guarantor shall be and remain liable
to Administrative Agent or such Lender for the amounts so repaid or recovered to the same extent as
if such amount had never originally been paid to Administrative Agent or such Lender. Guarantor’s
liability under this Section 9 shall survive the termination of this Guaranty.

Section 10. Subrogation. Upon the making by Guarantor of any payment hereunder for the
account of Borrower, Guarantor shall be subrogated to the rights of the payee against Borrower;
provided, however, that Guarantor shall not enforce any right or receive any payment by way of
subrogation or otherwise take any action in respect of any other claim or cause of action Guarantor
may have against Borrower arising by reason of any payment or performance by Guarantor pursuant to
this Guaranty, unless and until all of the Guaranteed Obligations have been indefeasibly paid and
performed in full. If any amount shall be paid to Guarantor on account of or in respect of such
subrogation rights or other claims or causes of action, Guarantor shall hold such amount in trust
for the benefit of Administrative Agent and Lenders and shall forthwith pay such amount to
Administrative Agent to be credited and applied against the Guaranteed Obligations, whether matured
or unmatured, in accordance with the terms of the Credit Agreement or to be held by Administrative
Agent as collateral security for any Guaranteed Obligations existing.

Section 11. Set off.

(a) In addition to any rights now or hereafter granted under any of the other Loan Documents
or Applicable Law and not by way of limitation of any such rights, Guarantor hereby authorizes each
Lender, at any time upon the occurrence and during the continuation of an Event of Default, without
any prior notice to Guarantor or to any other Person, any such notice being hereby expressly
waived, to set off and to appropriate and to apply any and all deposits (general or special,
including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured
or unmatured) and any other indebtedness at any time held or owing by any Lender, or an affiliate
of any Lender, to or for the credit or the account of Guarantor against and on account of any of
the Guaranteed Obligations, although such obligations shall be contingent or unmatured. Each Lender
agrees to give Guarantor prompt notice after the exercise by Lender of such right of set off but
the failure of a Lender to give such notice shall not affect the validity of any such set off.
Guarantor agrees, to the fullest extent permitted by Applicable Law, that any Participant may
exercise rights of set off or counterclaim and other rights with respect to its participation as
fully as if such Participant were a direct creditor of the Guarantor in the amount of such
participation.

(b) Administrative Agent and Lenders acknowledge and agree that the bank accounts set forth on
Schedule 11 attached hereto and any similar bank account created in the future shall not be subject
to any right of offset or banker’s lien.

Section 12 Information. Guarantor assumes all responsibility for being and keeping
itself informed of the financial condition of Borrower, and of all other circumstances bearing upon
the risk of nonpayment of any of the Guaranteed Obligations and the nature, scope and extent of the
risks that the Guarantor assumes and incurs hereunder, and agrees that neither Administrative Agent
nor any Lender shall have any duty whatsoever to advise Guarantor of information regarding such
circumstances or risks.

Section 13. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE
FULLY PERFORMED, IN SUCH STATE, AND WITHOUT REFERENCE TO CONFLICT OF LAWS PRINCIPLES OR PROVISIONS.

Section 14. Jurisdiction; Consent to Service of Process: Waiver of Jury
Trial.

(a) Guarantor hereby irrevocably and unconditionally submits, for itself and its property, to
the nonexclusive jurisdiction of any New York State court or Federal court of the United States of
America sitting in New York City, and any appellate court from any thereof; in any action or
proceeding arising out of or relating to this Guaranty or the other Loan Documents, or for
recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and
unconditionally agrees that all claims in respect of any such action or proceeding may be heard and
determined in such New York State court or, to the extent permitted by law, in such Federal court.
Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law. Nothing in this Guaranty shall affect any right that Administrative Agent
or any Lender may otherwise have to bring any action or proceeding relating to this Guaranty or the
other Loan Documents against Guarantor or its properties in the courts of any jurisdiction.

(b) Guarantor hereby irrevocably and unconditionally waives, to the fullest extent it may
legally and effectively do so, any objection which it may now or hereafter have to the laying of
venue of any suit, action or proceeding arising out of or relating to this Guaranty or the other
Loan Documents in any New York State court or Federal court located in the State of New York. Each
of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the
defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

(c) Guarantor and each other party hereto consents to service of process in the manner
provided for notices in Section 21 hereof. Nothing in this Guaranty will affect the right of any
party to this Guaranty to serve process in any other manner permitted by law.

(d) Each party hereto hereby waives, to the fullest extent permitted by applicable law, any
right it may have to a trial by jury in respect of any litigation directly or indirectly arising
out of, under or in connection with this Guaranty or any of the other Loan Documents. Each party
hereto (1) certifies that no representative, agent or attorney of any other party has represented,
expressly or otherwise, that such other party would not, in the event of litigation, seek to
enforce the foregoing waiver and (2) acknowledges that it and the other parties hereto have been
induced to enter into this Guaranty and the other Loan Documents, as applicable, by, among other
things, the mutual waivers and certifications in this Section 14.

(e) Guarantor agrees not to assert any claim against Administrative Agent, any Lender, any of
their Affiliates, or any of their respective directors, officers, employees, attorneys, agents, and
advisers, on any theory of liability, for special, indirect, consequential, or punitive damages
arising out of or otherwise relating to this Guaranty or any of the other Loan Documents.

Section 15. Loan Accounts. Administrative Agent and each Lender may maintain books
and accounts setting forth the amounts of principal, interest and other sums paid and payable with
respect to the Guaranteed Obligations, and in the case of any dispute relating to any of the
outstanding amount, payment or receipt of any of the Guaranteed Obligation or otherwise, the
entries in such books and accounts shall be deemed prima facie evidence of the matters set forth
therein. The failure of Administrative Agent or any Lender to maintain such books and accounts
shall not in any way relieve or discharge Guarantor of any of its obligations hereunder.

Section 16. Waiver of Remedies. No delay or failure on the part of Administrative
Agent or any Lender in the exercise of any right or remedy it may have against any Guarantor
hereunder or otherwise shall operate as a waiver thereof, and no single or partial exercise by
Administrative Agent or any Lender of any such right or remedy shall preclude other or further
exercise thereof or the exercise of any other such right or remedy.

Section 17. Termination. This Guaranty shall remain in full force and effect until the
indefeasible payment in full of the Guaranteed Obligations and of any amounts owing by Guarantor
pursuant to Sections 1(b), 1(c) and 1(d) hereof, and the termination or cancellation of the
Commitments.

Section 18. Successors and Assigns. Each reference herein to Administrative Agent or
Lenders shall be deemed to include such Person’s respective successors and assigns (including, but
not limited to, any holder of the Guaranteed Obligations) in whose favor the provisions of this
Guaranty also shall inure, and each reference herein to Guarantor shall be deemed to include
Guarantor’s successors and assigns, upon whom this Guaranty also shall be binding. Lenders may, in
accordance with the applicable provisions of the Credit Agreement, assign, transfer or sell any
Guaranteed Obligation, or grant or sell participations in any Guaranteed Obligations, to any Person
without the consent of, or notice to, Guarantor and without releasing, discharging or modifying
Guarantor’s obligations hereunder. Guarantor hereby consents to the delivery by the Agents or any
Lender to any Eligible Assignee or Participant (or any prospective Eligible Assignee or
Participant) of any financial or other information regarding Borrower or Guarantor. Guarantor may
not assign or transfer its rights or obligations hereunder or under any other Loan Document to any
Person without the prior written consent of all of Lenders (and any such assignment or transfer
without such consent shall be null and void).

Section 19. Amendments. This Guaranty may not be amended except in writing signed by
the Requisite Lenders (or all of Lenders if required under the terms of the Credit Agreement),
Administrative Agent and Guarantor.

Section 20. Payments. All payments to be made by Guarantor pursuant to this Guaranty
shall be made in Dollars, in immediately available funds to Administrative Agent at the Principal
Office.

Section 21. Notices. All notices and other communications required or provided for
hereunder shall be (a) in writing (including facsimile transmission or similar writing), (b) sent
in the case of Guarantor, to the address provided on the signature page to this Guaranty unless a
change of address has been sent to all other parties in accordance with the terms of this Section
21, or in the case of a notice to Administrative Agent or a Lender, to the address provided for in
the Credit Agreement and (c) all such notices and other communications shall be deemed effective
(i) if mailed, when received; (ii) if telecopied, when transmitted, or (iii) if hand delivered,
when delivered; provided, however, that any notice of a change of address for notices shall not be
effective until received.

Section 22. Severability. In case any provision of this Guaranty shall be invalid,
illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.

Section 23. Headings. Section headings used in this Guaranty are for convenience only
and shall not affect the construction of this Guaranty.

Section 24. Definitions. Terms not otherwise defined herein are used herein with the
respective meanings given them in the Credit Agreement.

Section 25. No Novation. This Guaranty amends and entirely restates the Amended and
Restated Guaranty executed by Guarantor; provided, however, that the execution and delivery of this
Guaranty and the other Loan Documents shall not in any circumstances be deemed to have terminated,
extinguished, or discharged the obligations and expenses under the Original Guaranty, the Amended
and Restated Guaranty, or the collateral security therefor, all of which shall continue under and
be governed by this Guaranty and the other Loan Documents.

[Signature on Next Page]

1

IN WITNESS WHEREOF, Guarantor has duly executed and delivered this Guaranty as of the date and
year first written above.

ALLIED CAPITAL CORPORATION,

as Guarantor

By: /s/ Penni F. Roll

Penni F. Roll

Chief Financial Officer

Address for Notices:

1919 Pennsylvania Ave., N.W.

3rd Floor

Washington, D.C. 20006

Attention: Joan M. Sweeney

Telephone: 202.721-6210

Telecopy: 202.721-6101

CITIBANK, N.A., as Administrative Agent

By: /s/ Anthony V. Pantina

Anthony V. Pantina

Vice President

Address for Notices:

Citibank, N.A.,

as Administrative Agent

Citibank, N.A.

666 Fifth Avenue, 3rd Floor

New York, NY 10103

Attention: Anthony Pantina

Telecopy: 212-783-6266

Telephone: 212-783-6094

2EX-10.1

Exhibit 10.1

SEPARATION AGREEMENT

This Separation Agreement dated and effective as of January 29, 2008 (the “Agreement”) is
entered into by and between Analogic Corporation (the “Company”) and Alex A. Van Adzin (“Mr. Van
Adzin”).

A. Mr. Van Adzin has informed the Company that he wishes to resign from the Company in order
to pursue other opportunities.

B. The parties desire to enter into a written agreement embodying their mutual understanding
and promises concerning the orderly transition of Mr. Van Adzin’s responsibilities and the
resolution of all issues concerning Mr. Van Adzin’s employment at the Company and the termination
of that employment.

Now, therefore, in consideration of the mutual promises set forth below, and intending to be
legally bound, the parties agree as follows:

1. Separation Date.

The parties agree that Mr. Van Adzin’s last day of employment was January 4, 2008 (the
“Separation Date”). As of the end of the business day on the Separation Date, Mr. Van Adzin ceased
to be an employee of the Company, and ceased to hold any other position with the Company, its
subsidiaries, affiliates and employee benefit plans, including without limitation any position as
an officer, director, employee or fiduciary of any of the foregoing. In consideration of the
Company’s promises under this Agreement, Mr. Van Adzin hereby waives and forever relinquishes any
rights he may have under the Company’s Severance Plan for Management Employees (the “Severance
Plan”) and any other severance pay plan or arrangement other than this Agreement. Mr. Van Adzin
recognizes and agrees that this Section 1 would fully satisfy and discharge any obligation the
Company might have to provide a “Notice Period” under the Severance Plan if Mr. Van Adzin did not
waive and relinquish any rights he may have thereunder.

2. Payment for Vacation Days. The Company shall pay Mr. Van Adzin an amount equal to
his daily rate of base salary as of the Separation Date multiplied by the number of accrued and
unused vacation days (including any pro-rata portion thereof), less any applicable legally required
or voluntarily authorized deductions and withholdings.

3. Severance Pay. In full consideration of Mr. Van Adzin’s acceptance of all of the
terms and conditions of this Agreement and his execution of the Release of Claims and Agreement Not
to Sue that is Attachment A to this Agreement (the “Release”) in accordance with the provisions of
Section 13(b) below and his not revoking the Release during the revocation period set forth in
Section 14 below, and subject to his performance hereunder, the Company shall also provide Mr. Van
Adzin with the following special benefits, which Mr. Van Adzin acknowledges and agrees he is not
owed, and to which he would not otherwise be entitled:

a. For the period starting on the day after the Separation Date (as defined in Section 1 of
this Agreement) and continuing for one year thereafter (January 5, 2008, through and including
January 4, 2009) (the “Severance Period”), the Company shall pay Mr. Van Adzin amounts equal to
what was formerly his regular base salary, at the rate in effect on the Separation Date, less
legally required and voluntarily authorized deductions and withholdings (the “Severance Pay”). The
Severance Pay shall be paid to Mr. Van Adzin in accordance with the Company’s customary payroll
practices beginning promptly after the Separation Date, but in no event before the Effective Date
(as defined in Section 17 of this Agreement). For the avoidance of doubt, the aggregate amount of
Severance Pay will be $205,000, before legally required and voluntarily authorized deductions and
withholdings. In addition, the Company shall continue to pay the employer portion of Mr. Van
Adzin’s group health (medical and dental) insurance and group life insurance premiums for
continuing coverage during the Severance Period (the “Health Benefit”). Mr. Van Adzin hereby
acknowledges and agrees that the Severance Pay will provide him with at least four (4) weeks more
in salary continuation than he would otherwise be entitled to under the standard practices
ordinarily applicable to management employees of the Company whose employment terminates under
similar circumstances, and that the Health Benefit will provide him with at least four (4) weeks
more in employer-paid group health insurance and group life insurance premiums than he would
otherwise be entitled to under such standard practices.

b. A lump sum payment representing Mr. Van Adzin’s target bonus for the Company’s fiscal year
2008 equal to 30% of his base salary rate of $205,000, or $61,500. This payment will be made as
soon as practicable after the Effective Date (as defined in Section 17 of this Agreement).

c. Any unpaid portions of the Severance Pay described in Section 3(a) of this Agreement shall
be paid to Mr. Van Adzin’s estate in the event of his death, on the condition that he has signed
this Agreement and executed the Release in accordance with the provisions of Section 13(b) below
and has not exercised his right to revoke the Release under Section 14 of this Agreement.

d. Title to the laptop computer, monitor, and printer used by Mr. Van Adzin at the Company as
of December 1, 2007 will be delivered to Mr. Van Adzin after the Effective Date. A lump sum
payment of $1,000 representing the estimated cost of mobile phone service and certain professional
memberships for one year will be made as soon as practicable after the Effective Date. In
addition, the telephone number that is associated with the mobile phone provided by Analogic will
be transferred to Mr. Van Adzin, upon his request.

e. The Company will provide Mr. Van Adzin with career transition services it deems appropriate
from a firm selected by the Company. The cost of providing such services shall be borne by the
Company. For clarity, the above services will be provided for a six month period beginning at the
Effective Date of this Agreement. Should he continue to need these services beyond this six month
period, Mr. Van Adzin may request up to two additional three month extensions, in succession.
These services will be provided by Drake Beam Moran at the Company’s cost.

f. Notwithstanding the termination of Mr. Van Adzin’s employment as set forth in this
Agreement, the following outstanding stock awards shall vest (or the restrictions shall lapse, as
the case may be) according to the following schedule:

A. One thousand two hundred fifty (1,250) Analogic incentive stock options granted to Mr. Van
Adzin at a strike price of $42.83 on October 27, 2003 will vest on October 27, 2008.

B. Five hundred (500) Analogic incentive stock options granted to Mr. Van Adzin at a strike
price of $41.32 on October 8, 2004 will vest on October 8, 2008.

C. The restrictions on one thousand two hundred fifty (1,250) shares of Analogic Restricted
Stock granted to Mr. Van Adzin on February 24, 2004 will lapse on October 27, 2008.

D. The restrictions on five hundred (500) shares of Analogic Restricted Stock granted to Mr.
Van Adzin on October 8, 2004 will lapse on October 8, 2008.

E. Subject to the achievement by the Company of the performance goals established by the
Compensation Committee of the Company’s Board of Directors for the participants in the 2007
Performance-Contingent Restricted Stock Plan (the “2007 Performance Stock Plan”) and to the final
determination by the Compensation Committee of the Company’s performance relative to the goals, Mr.
Van Adzin will earn the portion of the 2,000 target shares awarded to him on October 26, 2007,
calculated as follows: 2,000 x 17/36 x “Performance Share Multiplier.” For the purposes of this
section, the Performance Share Multiplier is the factor from 0x through 2.0x that will apply to all
participants who received awards in the 2007 Performance Stock Plan.

Except as expressly modified in this Section 3(f), all other terms and conditions pertaining to the
respective stock awards will remain in full force and effect.

Mr. Van Adzin recognizes and agrees that the provisions of this Section 3 and the other provisions
of this Agreement would fully satisfy, discharge and exceed any obligation the Company might have
to provide Mr. Van Adzin with “Severance Benefits” under the Severance Plan if Mr. Van Adzin did
not waive and relinquish his rights thereunder pursuant to Section 1 of this Agreement.

4. Continuation of Certain Benefits.

a. Mr. Van Adzin shall have all rights provided under federal or state law to continue
participation in any group health (medical and dental) and life insurance plan sponsored by the
Company in which he was a primary participant during his employment with the Company. After the end
of the Severance Period, if Mr. Van Adzin elects to continue his participation in the Company’s
group health (medical and dental) plans under the federal Consolidated Omnibus Budget
Reconciliation Act of 1985 (“COBRA”), he shall sign and return to the Company within the time
limits provided under COBRA the forms that he will receive under separate cover. Mr. Van Adzin’s
ability to elect to continue health insurance coverage under COBRA’s provisions and life insurance
coverage shall be determined in accordance with the governing insurance policies. Until the Release
becomes effective in accordance with Section 14 below, Mr. Van Adzin’s rights as to previously
granted stock options and restricted stock awards, if any, shall be determined in accordance with
the governing plan documents and, as applicable, the awards.

b. Except as may be otherwise provided in this Agreement, Mr. Van Adzin’s right to any and all
Company benefits will terminate on the Separation Date.

5. Return of Company Property. Mr. Van Adzin acknowledges, warrants, and represents
that, except as is otherwise provided in Section 3(d) of this Agreement, on the Separation Date or
upon earlier request by the Company, he will return all property owned by the Company that has been
in his possession, custody, or control, including, but not limited to, any credit cards (or credit
cards on which the Company is a guarantor), building or office keys, identification cards,
telephones, pagers, and fax machines. Mr. Van Adzin agrees to repay to the Company the amounts of
any temporary or permanent advances previously made to him by the Company which remain outstanding
and any unpaid balances on any credit cards of monies due to the Company or for which the Company
is a guarantor.

6. Integrity of Company Records. Mr. Van Adzin agrees to leave intact all electronic
Company documents, including those that he developed or helped to develop during his employment,
and agrees to deliver to the Company on the Separation Date and earlier upon request the computer
media on which such documents are stored and all passwords and keys necessary to access such
documents. Mr. Van Adzin warrants and represents to the Company that he has not concealed,
falsified, deleted, destroyed, or altered any documents, emails, or other records of the Company,
and that he has not copied any such materials without written permission from the Company, except
as may be authorized by the Company’s written policies.

7. Protection of Confidential Information. Mr. Van Adzin acknowledges that in the
course of his employment with the Company or any of its predecessor companies, he has had access to
confidential information and trade secrets relating to business affairs of the Company and/or its
predecessor companies or subsidiaries or affiliates (“Confidential Information”). Mr. Van Adzin
agrees to maintain the confidentiality of the Confidential Information. Mr. Van Adzin agrees that,
at no time following his execution of this Agreement, will he disclose or otherwise make available
to any person, company, or other party, any Confidential Information. This Agreement shall not
limit any obligations that Mr. Van Adzin may have under applicable federal or state laws or any
other agreements that he may have with the Company. Mr. Van Adzin acknowledges and reaffirms his
obligations under his Proprietary Information and Inventions Agreement with the Company that was
effective October 27, 2003 (the “Proprietary Information Agreement”), which shall continue in full
force and effect. Any provision of this Agreement to the contrary notwithstanding, nothing in this
Agreement is intended to waive any provision of the Proprietary Information Agreement.

8. Business Expenses and Compensation. Mr. Van Adzin acknowledges that he has been
reimbursed by the Company for all business expenses incurred in connection with his employment at
the Company and that no other reimbursements are owed to him. Mr. Van Adzin further acknowledges
that he has received payment in full for all services rendered in conjunction with his employment
at the Company and that no other compensation is owed to him.

9. Confidentiality of This Agreement. Mr. Van Adzin agrees to hold this Agreement in
confidence, and not to disclose, directly or by implication, any of its provisions, except (a) to
his spouse or immediate family members, or his legal and financial advisors (in each case on the
condition that those parties cannot disclose the same to any others, except as required by
operation of law), and (b) to the extent required by law or to the extent necessary to enforce his
rights under this Agreement.

10. Entitlement to Unemployment Benefits and Reemployment. The Company agrees not to
challenge Mr. Van Adzin’s entitlement to any applicable unemployment compensation benefits. Mr. Van
Adzin agrees that at no time in the future will he seek employment with the Company, its
subsidiaries or affiliates, and he waives any right to do so.

11. Advice of Counsel. Mr. Van Adzin is advised to consult with an attorney before
signing this Agreement or the Release. By signing this Agreement, Mr. Van Adzin acknowledges and
agrees that the Company has advised him in writing to consult with an attorney concerning this
Agreement and the Release, including, but not limited to, by providing Mr. Van Adzin with a copy of
this Agreement and the Release to review in detail before signing. Mr. Van Adzin further
acknowledges and agrees that he is responsible for payment of all of his own legal fees and
expenses incurred in connection with the review of this Agreement and the Release and the
resolution of any and all Claims that he may have against the Company.

12. No Solicitation or Disparagement; Competition. Mr. Van Adzin shall not, either
directly or indirectly, on his behalf or on the behalf of others, solicit, divert, or hire away, or
attempt to solicit, divert, or hire away, to any other business, any person employed by the Company
or its subsidiaries or affiliates whether or not such employee is a full-time employee or a
temporary employee of the Company or its subsidiaries or affiliates. Mr. Van Adzin shall not,
either directly or indirectly, disparage the Company or its services or products or any of the
persons or entities that are released under the provisions of the Release. Nothing in this
Agreement shall prohibit Mr. Van Adzin from providing truthful testimony in response to a subpoena
or other legal process. In addition, as of the Effective Date and as approved by the Compensation
Committee of the Analogic Board of Directors, the Company shall be deemed to have released Mr. Van
Adzin from any and all obligations not to compete with the Company following the Separation Date,
including without limitation those arising out of those certain Non-Competition Agreements signed
by Mr. Van Adzin dated March 24, 2004 and October 16, 2004, respectively.

13. Conditions to Severance Pay and Health Benefit. Mr. Van Adzin’s entitlement to
receive and retain the Severance Pay, Health Benefit and career transition services benefits
described in Section 3 above is contingent on (a) his signing this Agreement and delivering it to
the person identified in Section 14 below by February 5, 2008; (b) his signing the Release on or
after January 5, 2008 and on or before February 5, 2008 and delivering it to the person identified
in Section 14 below within seven calendar days after he signs it; (c) his not revoking the Release
within seven calendar days after he signs it; and (d) his full performance of his obligations under
this Agreement and the Release.

14. Right to Revoke Release. Within seven (7) days after his signing the Release (and
only within seven (7) days after his signing the Release), Mr. Van Adzin may revoke the Release for
any reason by informing the Company of his intent to revoke the Release. The Release will not
become effective or enforceable unless and until (a) Mr. Van Adzin executes the Release on or after
January 5, 2008 and on or before February 5, 2008, (b) Mr. Van Adzin delivers the signed Release to
the person identified below within seven calendar days after he signs it, and (c) the seven-(7)-day
revocation period has expired without Mr. Van Adzin having revoked the Release. Any such revocation
must be in writing and hand delivered to the person listed below or, if sent by mail, must be
received by such person within the applicable time period, sent by certified mail with return
receipt requested, and addressed as follows:

Douglas Rosenfeld

Vice President, Human Resources

Analogic Corporation

	 	8	 	Centennial Drive

	 	 	 	Peabody, Massachusetts 01960

In the event that Mr. Van Adzin effectively revokes the Release, neither Mr. Van Adzin nor the
Company will have any rights or obligations whatsoever under this Agreement. Any such revocation
will not affect the termination of Mr. Van Adzin’s employment at the Company described in Section 1
of this Agreement, which will be effective as of the date set forth in Section 1 of this Agreement
whether or not Mr. Van Adzin signs the Release or revokes the Release.

15. Adequate Time to Review. The parties acknowledge that the Company
previously offered Mr. Van Adzin a Separation Agreement on November 5, 2007 and again on November
28, 2007, provided Mr. Van Adzin a period of more than twenty one (21) days in which to review and
consider the Agreement, and that the parties negotiated certain changes with respect thereto. The
changes from the original reflected in this Agreement, whether material or immaterial to the
Agreement, shall not restart the running of the twenty-one (21) day time period. Mr. Van Adzin
may, if he so chooses, sign this Agreement prior to the expiration of such twenty-one-(21)-day
period, but, if he does so, his signing of this Agreement will not cause the seven-(7)-day
revocation period specified in Section 14 of this Agreement to begin, as the Release may not be
signed before January 5, 2008 and it may only be revoked within seven (7) days after he signs the
Release.

16. Knowing and Voluntary Agreement. Mr. Van Adzin hereby acknowledges and agrees
that (a) he has read this Agreement, including the Release, (b) the Company has advised him in
writing to consult with an attorney of his choosing prior to signing this Agreement or the Release,
(c) he understands the provisions of this Agreement, or to the extent that he has not understood
any section, paragraph, sentence, clause, or provision, he has taken steps to ensure that it was
explained to him to his satisfaction, (d) he is not relying on any representations by any
representative of the Company concerning the meaning of any provision of this Agreement or the
Release, and (e) he has entered into this Agreement knowingly and voluntarily.

17. Effective Date of Release. The Release shall not become effective until the day
(the “Effective Date”) that is eight (8) calendar days after Mr. Van Adzin has signed the Release
in accordance with the provisions of Section 13(b) above and then only if (a) it has been delivered
to the person named in Section 14 of this Agreement within seven days after he signed it, and (b)
it has not been revoked by Mr. Van Adzin in accordance with the provisions of Section 14 of this
Agreement.

18. No Admission of Liability. This Agreement is not an admission by the Company of
any liability or wrongdoing, or an admission by the Company that any of its actions or inactions
are unjustified, unwarranted, discriminatory, wrongful, or in violation of any federal, state, or
local law, and this Agreement shall not be interpreted as such. The Company disclaims any liability
to Mr. Van Adzin or any other person on the part of itself and/or its current or former directors,
officers, employees, representatives, and agents. Mr. Van Adzin agrees and acknowledges that this
Agreement shall not be interpreted to render either the Company or Mr. Van Adzin to be a prevailing
party for any purpose including, but not limited to, an award of attorneys’ fees under any statute
or otherwise.

19. No Pending Complaints; Cooperation.

a. By signing this Agreement, Mr. Van Adzin acknowledges and represents that neither he nor
any of his representatives or assigns has filed any Claim against any of the Released Parties with
any federal, state, or local court or administrative agency or in any forum, and that neither he
nor any of his representatives or assigns is a party to any such Claim.

b. Mr. Van Adzin agrees to cooperate fully with the Company, if requested by the Company or
its counsel to do so, in the defense or prosecution of any claims or actions now in existence or
which may be brought in the future against or on behalf of the Company. Mr. Van Adzin’s full
cooperation in connection with such claims or actions shall include, but not be limited to, his
being available to meet with Company counsel to prepare for trial or discovery or any
administrative hearing or mediation or other alternative dispute resolution mechanism, and to act
as a witness when requested by the Company at reasonable times designated by the Company. The
Company agrees to reimburse Mr. Van Adzin for reasonably documented travel, food, and lodging
expenses in connection with the aforementioned cooperation. Mr. Van Adzin further agrees to execute
and deliver such instruments, documents, certificates, and affidavits and supply such other
information and take such further action as the Company reasonably requires in order to effectuate
or further document Mr. Van Adzin’s removal from all offices, titles, statuses, and positions with
the Company and its subsidiaries and affiliates effective as of the end of the business day on the
Separation Date.

20. Successful Enforcement of Breach. In the event that Mr. Van Adzin is determined to
be in breach of any provision of this Agreement or the Release (or any other agreement or
obligation binding on Mr. Van Adzin) by an Arbitrator under Section 23 of this Agreement, the
Company will have no further obligations under Section 3 of this Agreement. In the event of Mr. Van
Adzin’s breach and the Company’s successful enforcement of its rights under this Agreement or the
Release (or any other agreement or obligation binding on Mr. Van Adzin) by judgment or settlement,
then in addition to any other remedies and damages available under law, the Company shall also be
entitled to repayment of all monies paid to Mr. Van Adzin pursuant to this Agreement, and shall
also be entitled to an award for all legal expenses and fees, including, but not limited to, the
reasonable fees and disbursements of counsel, incurred by the Company in connection with its
efforts to obtain or enforce any benefit or right provided by this Agreement or the Release (or any
other agreement or obligation binding on Mr. Van Adzin). If the Company is determined to be in
breach of any provision of this Agreement by an Arbitrator under Section 23 of this Agreement, then
in addition to any other remedies and damages available under law, Mr. Van Adzin shall also be
entitled to an award of all legal expenses and fees, including, but not limited to, the reasonable
fees and disbursements of counsel, incurred by him in connection with his efforts to obtain or
enforce any benefit or right provided by this Agreement or the Release.

21. No Adequate Remedy at Law. Mr. Van Adzin agrees that it is impossible to measure
in money all of the damages that will be incurred by the Company by reason of his breach of any of
his obligations under this Agreement or the Release. Therefore, if the Company shall institute any
action or proceeding to enforce the provisions of this Agreement or the Release, Mr. Van Adzin
hereby waives, and shall not raise in any such action or proceeding, the claim or defense that the
Company has an adequate remedy at law.

22. No Assignment. This Agreement is personal to Mr. Van Adzin and not assignable.

23. Governing Law and Arbitration. This Agreement, including the Release, shall be
governed by the laws of the Commonwealth of Massachusetts, without regard to the conflict of laws
principles thereof, except to the extent that the laws of the Commonwealth are preempted by federal
law. If any part of this Agreement, including the Release, is construed to be in violation of any
law, such part shall be modified to achieve the objective of the parties to the fullest extent
permitted, and the balance of this Agreement shall remain in full force and effect. All disputes
arising out of, or in connection with, the interpretation or breach of this Agreement or the
Release, which are not promptly settled by mutual agreement of the parties, will be finally settled
by arbitration in accordance with the National Rules for the Resolution of Employment Disputes of
the American Arbitration Association. Unless otherwise agreed to in writing by both parties, such
arbitration shall be conducted in Boston, Massachusetts.

24. Entire Agreement. This Agreement, including the Release, contains the entire
agreement between Mr. Van Adzin and the Company with respect to the subject matter of this
Agreement and the Release, and there are no promises, undertakings or understandings as to such
subject matter outside of this Agreement or the Release, except as may otherwise be stated in this
Agreement or the Release. This Agreement supersedes all prior or contemporaneous discussions,
communications, understandings, negotiations, and agreements, whether written or oral, with respect
to Mr. Van Adzin’s employment at the Company, termination of that employment, and all related
matters, except as may otherwise be stated in this Agreement. For the avoidance of doubt, neither
this Agreement nor the Release supersedes the Proprietary Information Agreement, which continues in
full force and effect. Mr. Van Adzin’s rights to payments or employee benefits from the Company are
specified exclusively and completely in this Agreement. This Agreement, including the Release, may
only be modified or amended by a writing signed by an authorized officer of the Company and by Mr.
Van Adzin.

In Witness Whereof, the parties have executed this Agreement under seal by their signatures
below.

ANALOGIC CORPORATION

	 	 	 
	By /s/ James W. Green

	 	/s/ Alex Van Adzin
	 

	 	 
	James W. Green

President and Chief Executive Officer

	 	Alex A. Van Adzin

1

Date: 1-30-08 Date: January 31, 2008Exhibit A

RELEASE OF CLAIMS AND AGREEMENT NOT TO SUE

This Release of Claims and Agreement Not to Sue (this “Release”) is being executed by Alex A.
Van Adzin on the date set forth on the signature page below.

1. Released Claims. In consideration of the payment by the Company to me of the
Severance Pay described in Section 3.a. of the separation agreement between me and Analogic
Corporation dated and effective as of January 29, 2008 (the “Separation Agreement”), and in
consideration of the Health Benefit and career transition services to be provided at the Company’s
expense pursuant to Sections 3.a. and 3.c. of the Separation Agreement, which Severance Pay, Health
Benefit and career transition services I acknowledge I would not otherwise be entitled to receive,
I, Alex A. Van Adzin, for myself and my heirs, executors, administrators, representatives,
successors and assigns, hereby fully, forever, and unconditionally release, acquit, and discharge
the Company and its subsidiaries, other affiliated entities, predecessors, successors, and assigns,
and the officers, directors, shareholders, holders of any interest, principals, employees, employee
benefit plans (except to the extent that the Separation Agreement provides for benefits or rights
to be provided to me under any such plans), attorneys, fiduciaries, agents and other
representatives of or in each of them (the “Released Parties”) of and from any and all claims,
charges, complaints, actions, causes of action, suits, rights, debts, sums of money, agreements,
covenants, contracts, promises, omissions, representations, accounts, reckonings, obligations,
damages, costs, liabilities, expenses, and demands (the previously listed items being sometimes
referred to collectively in this Release as “Claims”) of any kind and nature whatsoever, whether
known, unknown, presently existing, contingent, or conditional, in law or in equity, which I ever
had or now have against the Released Parties, for or by reason of any matter, cause, or thing
whatsoever from the beginning of the world to the date on which I am signing this Release,
including, but not limited to, any and all Claims arising out of my employment at, and/or
separation from, the Company (the “Released Claims”), which Released Claims shall include, but not
be limited to, any Claims under or in connection with any or all of the following:

i. The Massachusetts Fair Employment Practices Act, which includes Massachusetts General Law,
Chapter 15lB, as amended; the Massachusetts Privacy Statute, G.L. c. 214, § 1B, as amended; the
Massachusetts Wage Payment Statute, G.L. c. 149, § 148 et seq., as amended; the Massachusetts
Sexual Harassment Statute, G.L. c. 214, § 1C, as amended; the Massachusetts Consumer Protection
Act, G.L. c. 93A, as amended; the Massachusetts Civil Rights Act, G.L. c.12, § 11H and § 11I, as
amended; the Massachusetts Equal Rights Act, G.L. c. 93, § 102, as amended; and the Massachusetts
Workers Compensation Statute, G.L.c. 152;

ii. The Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq., as amended by the Older
Workers Benefit Protection Act, 29 U.S.C. § 626 et seq.;

iii. The Americans with Disabilities Act, 42 U.S.C. § 12101 et seq.;

iv. The Employee Retirement Income and Security Act, 29 U.S.C. § 1001, et seq.;

v. The Fair Labor Standards Act, 29 U.S.C. § 201 et seq.;

vi. Sections 1981 through 1988 of Title 42 of the United States Code, as amended;

	 	 	 
	vii.

	 	The Equal Pay Act of 1963, Public Law 88-38;
	viii.

	 	The Family and Medical Leave Act, 29 U.S.C. § 2601 et seq.:
	ix.

	 	The National Labor Relations Act, 29 U.S.C. § 151 et seq.;

x. The Occupational Safety and Health Act, 29 U.S.C. § 651 et seq.;

xi. The Rehabilitation Act, 29 USC. § 701 et seq.;

xii. Title VII of the Civil Rights Act of 1964, as amended by the Civil Rights Act of 1991, 42
U.S.C. § 2000e et seq.;

xiii. The Worker Adjustment and Retraining Notification Act of 1988, 29 U.S .C. § 2101 et
seq.;

xiv. Any other federal, state, or local law, including any attorneys’ fees that could be
awarded in connection with these or any other Claims;

xv. Any and all common-law Claims under contract, quasi-contract or tort theories, including,
but not limited to:

	 	A.	 	Breach of contract, breach of an
express or implied promise, breach of the implied covenant of
good faith and fair dealing, or breach of fiduciary duty;

	 	B.	 	lnterference with contractual
relations;

	 	C.	 	Promissory estoppel, or quantum
meruit;

	 	D.	 	Breach of employee handbooks,
manuals, or other policies;

	 	E.	 	Any Claim under or associated with
any of the Company’s equity compensation plans or arrangements,
including any Claim with respect to any stock options and
restricted stock awards, but excluding any Claims with respect to
or arising under the provisions of Section 3(f) of the Separation
Agreement, and any Claim under or associated with any other
employee compensation or benefit plan, including but not limited
to the Company’s Severance Plan for Management Employees, but
excluding any Claims with respect to or arising under the
provisions of Sections 3(a), 3(b), and/or 4(a) of the Separation
Agreement;

F. Assault or battery;

	 	G.	 	Invasion of privacy or disclosure
of private or protected personal information;

	 	H.	 	False imprisonment;

	 	I.	 	Intentional or negligent
misrepresentation, or fraud;

	 	J.	 	Retaliation, or intentional or
negligent infliction of emotional distress;

	 	K.	 	Defamation (including all forms of
libel, slander, and self-defamation);

	 	L.	 	Wrongful discharge, or wrongful
discharge in violation of public policy;

	 	M.	 	Negligence, including negligent
hiring, retention, or supervision;

	 	N.	 	Any other Claim based on any
theory, whether developed or undeveloped, arising from or related
in any way to my employment or the termination of my employment
at the Company, or any other fact or matter occurring prior to my
signing this Agreement;

	 	O.	 	Any other Claim arising under or
related to any other federal, state, or local human rights, civil
rights, wage-hour, pension, labor or employment laws, rules, or
regulations, other public policy; and/or

	 	 	 	P. Any other Claim arising under
common law or in equity.

2. Exclusions. The only Claims excluded from the Released Claims are (a) Claims for
breach of the Separation Agreement by the Company, (b) Claims that first arise after the date on
which I signed this Release, (c) Claims concerning vested benefits under any retirement and/or
pension plans under the Employee Retirement Income Security Act (29 U.S.C. § 1001 et seq.), and (d)
Claims to defense and indemnification by the Company for actions taken by me in the course and
scope of my employment at the Company, provided, however, that I understand that the Company makes
no representations or warranties pertaining to my right to make any such Claims. For the avoidance
of doubt, Claims under the Company’s Severance Plan for Management Employees are not excluded from
the Released Claims. Nothing in this Release shall prohibit me from filing a Claim with,
cooperating with, or participating in any investigation or proceeding conducted by, the federal
Equal Employment Opportunity Commission or a state Fair Employment Practices Agency (except that I
acknowledge that I may not be able to recover any monetary benefits in connection with such Claim
or proceeding).

3. Agreement Not to Sue. By signing this Release, I acknowledge and represent that
neither I nor any of my representatives or assigns has filed any Claim against any of the Released
Parties with any federal, state, or local court or administrative agency, or in any forum, and that
neither I nor any of my representatives or assigns is a party to any such Claim. In addition, I
agree, on behalf of myself and my heirs, executors, administrators, representatives, successors and
assigns, not to file or otherwise assert any Released Claim against any of the Released Parties
with any federal, state, or local court or administrative agency, or in any forum, except as
permitted by Section 2 above.

. 4. Right to Revoke. I understand that, within seven (7) days after I sign this
Release (and only within seven (7) days after I sign this Release), I may revoke this Release for
any reason by informing the Company of my intent to revoke the Release. I understand that this
Release will not become effective or enforceable unless and until (a) I execute this Release on or
after January 5, 2008 and on or before February 5, 2008, (b) I deliver the signed Release to the
person identified below within seven calendar days after I sign it, and (c) the seven-(7)-day
revocation period has expired without my having revoked this Release. I understand that any such
revocation must be in writing and hand delivered to the person listed below or, if sent by mail,
must be received by such person within the applicable time period, sent by certified mail with
return receipt requested, and addressed as follows:

Douglas Rosenfeld

Vice President, Human Resources

Analogic Corporation

	 	8	 	Centennial Drive

	 	 	 	Peabody, Massachusetts 01960

I understand that in the event that I effectively revoke the Release, neither I nor the
Company will have any rights or obligations whatsoever under the Separation Agreement. I also
understand that any such revocation will not affect the termination of my employment at the Company
described in Section 1 of the Separation Agreement, which will be effective as of the date set
forth in Section 1 of the Separation Agreement whether or not I revoke the Release.

5. Adequate Time to Review. I acknowledge that I have been given at least twenty-one
(21) days in which to consider the provisions of the Separation Agreement and this Release before
signing them.

6. Knowing and Voluntary Waiver. I hereby acknowledge and agree that (a) I have read
the Separation Agreement and this Release, (b) the Company has advised me in writing to consult
with an attorney of my choosing prior to signing the Separation Agreement and this Release, (c) I
understand the provisions of the Separation Agreement and this Release, or to the extent that I
have not understood any section, paragraph, sentence, clause, or provision, I have taken steps to
ensure that it was explained to me to my satisfaction, (d) I am not relying on any representations
by any representative of the Company concerning the meaning of any provision of the Separation
Agreement or this Release, and (e) I have entered into the Separation Agreement and this Release
knowingly and voluntarily. I UNDERSTAND AND AGREE THAT BY ENTERING INTO THIS RELEASE I AM WAIVING
ANY AND ALL RIGHTS OR CLAIMS THAT I MIGHT HAVE ARISING UNDER THE AGE DISCRIMINATION IN EMPLOYMENT
ACT, AS AMENDED BY THE OLDER WORKERS BENEFIT PROTECTION ACT, AND THAT I HAVE RECEIVED CONSIDERATION
BEYOND THAT TO WHICH I WAS ENTITLED IN THE ABSENCE OF THIS RELEASE.

7. Effective Date. This Release shall not become effective until the day (the
“Effective Date”) that is eight (8) calendar days after I have signed it in accordance with the
provisions of Section 13(b) of the Separation Agreement and then only if (i) it has been delivered
to the person named in Section 4 of this Release within seven days after I signed it, and (ii) it
has not been revoked by me in accordance with the provisions of Section 4 of this Release.

8. Entire Agreement. This Release and the Separation Agreement contain the entire
agreement between me and the Company with respect to the subject matter of this Release, and there
are no promises, undertakings or understandings as to such subject matter outside of this Release
and the Separation Agreement. This Release may only be modified or amended by a writing signed by
an authorized officer of the Company and me.

I understand the contents of this Release, and I am signing it voluntarily on the
31st day of January, 2008.

/s/Alex Van Adzin      

Alex A. Van Adzin

2

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