Document:

Exhibit 4.5

 

Summary of the existing
Financial Service Agreement of Triple P. Nederland B.V. Our reference 14.39861.

 

(This
English translation has no legal force and is provided to the customer for
convenience only. The conditions in the Dutch language shall be binding and
prevail in all respects. The law of the Netherlands shall apply)

 

The Agreement covers receivables
from debtors in The Netherlands, Belgium,
Germany, South Africa and United Kingdom in connection with current
activities.

 

SERVICES

 

Working capital financing

 

This is a credit facility in
current account up to a maximum of EUR 6.000.000,=.

 

Within this maximum and
depending of the value of the collateral provided to us at any time, the
purpose of the facility will be Receivables financing.

 

Receivables financing

 

Until further notice, we finance
the receivables which are eligible for financing under the Agreement, up to 60%
of the total amount pledged to us, with a maximum amount of
EUR 6.000.000,=.

 

The maximum concentration
permitted on a single Debtor. meant in article 4 of the General Provisions
governing Working capital financing, will be maximum 10% of the total receivables portfolio up to a maximum of
EUR 1.000.000,=.

 

We can exclude certain debtors
from this general rule. We will first check the creditworthiness of the debtors
you wish to have excluded and then decide the maximum amount of credit
available in respect of each of them; the limits will remain in force until
further notice. Unless we indicate otherwise, the credit available to you will
be subject to a concentration limit of 30% or EUR 3.000.000,= per debtor
whom we consider suitably creditworthy.

 

The check on the
creditworthiness of your debtor is made solely from a lending point of view on
our behalf and does not therefore imply any assumption of liability or Debtor
risk protection by us.

 

Any credit made available or
payments made will be in Euro’s. Invoice amounts in other currencies will be
converted at the prevailing exchange rate on the date in question.

 

The extension of this credit and
its continuation will be subject at all times to you promptly submitting
accurate lists of the outstanding receivables, together with the related
documents.

 

Sales ledger administration
and management

 

For the time being, you will
continue to operate your own sales ledger administration and management system.
However, this administration system has to meet our specific requirements. The
manner in which it has to be managed will be determined by us in mutual
consultation.

 

To enable us to monitor your
sales ledger administration and management system, we ask you to send us a
computer printout of open items once every two weeks. By referring to the
printouts, we are able to see how long each amount has been outstanding. To
enable us to check information from your system against our own records, your
sales ledger administration system has to show all transactions to within no
more than seven days after the date of the printout.

 

 

You will keep us informed about
the developments in your debtor portfolio in general and about the possibility
of collecting your receivables in particular. You will inform us in writing
about the reason of non-payment of items which are overdue.

 

COMMISSION, FEES AND INTEREST

 

Commission

 

As long as you do not use the
credit facility we will charge you, on the basis of the information provided by
you, a commission of 0,035% on the amount of the receivables pledged to us.

On the moment you start using
the credit facility the commission will be increased to 0,04%

 

The minimum commission payable
per year is EUR 25.000,=, exclusive VAT.

 

This commission will apply until
further notice and as long as there is no significant change in the other
information currently available to us.

 

The commission is reduced, based
on the assumption that your turnover will be delivered to us through Electronic
Financial Services for Internet (EFSi). Should this appear to be not the case,
due to circumstances for your account, it will be necessary to charge the
standard commission. This means that the commission then will be raised with
10%. The minimum increase is 0,05%.

 

Interest

 

Debit interest Receivables financing

 

Current debit interest rate
4,25% per annum

 

	
  IFN Euro base rate

  	
   

  	
  2,75%

  	
   

  	
  (minimum)

  	
   

  
	
  Margin

  	
   

  	
  1,50%

  	
   

  	
   

  	
   

  

 

Credit interest

 

Until further notice, interest
is paid by us on credit balances in euro’s at 1% per annum.

 

Other fees and charges

 

For each day that you offer us
receivables for pledge, we will charge you a fee of EUR 3,40 excl. VAT as
a contribution to the registration costs incurred by us. This fee is
irrespective of how many receivables pledging forms you submit on one and the
same day.

 

ADDITIONAL SECURITY

 

As additional security for the
payment of all your present or future indebtedness to us on any account
whatsoever, the following security has been or will be provided to us:

 

• Joint and several liability of
Triple P N.V., to be laid down in the appropriate agreement.

• Mutual guarantee agreement on
behalf of both financing institutions, i.e. IFN Finance B.V. and ABN AMRO Bank
N.V.

• Pledge of receivables

 

 

SPECIAL PROVISIONS

 

• All
sums and monies to which you are entitled under the Agreement will be credited
to your account of ABN AMRO Bank N.V. in Utrecht.

• Electronic
information as referred to in Article 24 of our General Provisions for
Financial Services will be provided through our EFSi system (Electronic
Financial Services for Internet).

• All
terms, conditions and quotations contained in the Agreement will be applicable
until further notice.

• We will
receive the single and consolidated annual accounts (balance sheet, profit and
loss account and explanatory notes) from Triple P Netherlands B.V. and Triple P
N.V., within 5 month(s) of the end of every financial year. These accounts must
be drawn up by an auditor.

• We will
receive your single interim figures within 2 month(s) of the end of every
half-yearly period.

• We will
receive quarterly summaries of your accounts payable.

• You
will consult us in advance about any investments you intend to make, including acquisitions.

• The
outcome of the annual audit must be acceptable to us.

• If at
any time the borrowing requirement exceeds EUR 5.000.000 you must consult us
immediately.

• If IFN
Finance B.V. considers that the risk profile is increasing significantly, all
conditions and quotes laid down in the agreement will continue to apply until
revolved by us.

• Our
lending is based on the assumption that Triple P N.V. Group’s operation will be
profitable.

• Further
details of the cooperation are laid down in our standard factoring contract. If
the conditions laid down in the standard factoring contract contravene this
facility letter, the letter shall prevail.

• Account
receivable will not be eligible for advance financing if one of the following
circumstances arises:

 

1.               60 days have passed since the due
date, in which case we can take over from you the collection process, at your
request;

2.               Receivables are disputed in full or
in part. Exclusion applies to the disputed part only.

3.               Receivables invoiced in instalments.
This may occur, for example, when there is no correlation between the work
carried out by you and the invoice sent. Unless and until IFN Finance decides
otherwise on the basis of risk considerations, you are exempted in such cases
from the obligation arising out of art. 11.1 of our standard factoring
contract. (i.e. to make mention of our involvement on your invoice).

 

ENTIRE AGREEMENT

 

The Agreement consists of both
the contents of this condition letter and the following items of our General
Provisions for Financial Services:

• General Provisions

• General Provisions governing
Working capital financing

• Appendix Receivables Financing

• General Provisions governing EFSi

 

The stipulations of this condition letter
prevail on the General Provisions for Financial Services

 

DURATION

 

Prolongation and termination are
subject to our General Provisions for Financial Services.Exhibit 10.1

 

May 27, 2005

 

Mr. Mark
Ivie

19405
Saint James Road

Brookfield,
WI 53045

 

Dear
Mark:

 

On behalf of
MedQuist Inc. (the “Company”), this Agreement describes the terms of
your new employment as the Company’s Chief Technology Officer, which must commence
on a date mutually agreed to in writing by you and the Company (the “Employment
Commencement Date”).  For purposes of
this Agreement, you are referred to as the “Employee.”  Other capitalized terms used in this
Agreement have the meanings defined in Section 7, below.

 

1.  Term. 
The Company shall employ Employee hereunder for a three (3) year
term commencing on the Employment Commencement Date hereof (the “Term”),
which Term will be automatically extended for additional one (1) year
periods beginning on the third anniversary of the Employment Commencement Date
and upon each subsequent anniversary thereof unless either party provides the
other party with at least ninety (90) days prior written notice of its
intention not to renew this Agreement unless terminated earlier pursuant to
Sections 3 or 5 of this Agreement.

 

2.  Consideration.

 

a.  Compensation.  As consideration for all services rendered by
Employee to the Company and for the Covenants contained herein, Employee will
be entitled to:

 

(1)  base salary at an annual rate of $225,000;

 

(2)  signing bonus of $50,000 to be paid within
thirty (30) days of Employment Commencement Date.

 

(3)  participate in MedQuist’s Management Bonus
Plan for 2005.  Your target bonus in this
plan will be 40% of your base salary for 2005 and following years; provided,
however that your bonus for 2005 shall be prorated based upon your Employment
Commencement Date.  The target bonus is
the payment amount that the Employee shall be eligible to receive if the
Company and Employee both attain the pre-established bonus plan target
objectives.  The actual bonus award may
be higher or lower than the target bonus amount based upon achievement of the
objectives by Employee and the Company. 
Management Bonus Plan target objectives shall be developed on or before February 28th
of each year of the Management Bonus Plan;

 

(4)  participate in the same employee benefit
plans available generally to other full-time employees of the Company, subject
to the terms of those plans

 

 

(as the same may be
modified, amended or terminated from time to time); (benefits information
package enclosed);

 

(5)  receive relocation support in accordance with
the Company Relocation Policy (policy enclosed).  This relocation policy will be in effect for
the first 12 months of your employment;

 

(6)  if Employee’s employment is terminated by the
Company without Cause, the severance pay and benefits described below in Section 5.

 

b.  Long Term Incentives.  In addition, from time to time, the Board may
review the performance of the Company and Employee and, in its sole discretion,
may grant stock options, shares of restricted stock or other equity-based
incentives to Employee to reward extraordinary performance and/or to encourage
Employee’s future efforts on behalf of the Company.  The grant of any such equity incentives will
be subject to the terms of the Company’s equity-based plans and will be
evidenced by a separate award agreement by and between the Company and
Employee.

 

(1)  Upon joining MedQuist, you will become
entitled to a special stock option grant of 60,000 shares of non-qualified
stock options (“Special Option Grant”) to purchase Company common stock, no par
value (“Common Stock”), pursuant to the Company’s Stock Option Plan adopted May 29,
2002 (the “Option Plan”).  The grant date
of the Special Option Grant will occur on the later of (i) the date the
Company becomes current in its reporting obligations under the Securities
Exchange Act of 1934; or (ii) the first date thereafter when the Form S8
Registration Statement for the Option Plan complies with the requirement of the
Securities Exchange Commission provided that you are still an employee on the
grant date.  The option price for the
Special Option Grant shall be equal at least to the fair market value of the
Company’s Common Stock as of the grant date. 
The Special Option Grant will be subject to all of the terms and
conditions of the Option Plan and the Stock Option Agreement that will be
issued if and when the grant becomes effective. 
Your right to exercise the option will vest in equal 20% installments on
each of the first five (5) anniversaries of the grant date.  In
the event of a “Change of Control” (as defined below) of the Company while you
are an employee, your Special Option Grant may, from and after the date which is six months after the Change of
Control (but not beyond the expiration date of the option), be exercised for up
to 100% of the total number of shares then subject to the Special Option Grant
minus the number of shares previously purchased upon exercise of such option
(as adjusted for any change in the outstanding shares of the Common Stock of
the Company in accordance with the terms of the Option Plan) and your vesting
date will accelerate accordingly.  A “Change
of Control” shall be deemed to have occurred upon the happening of any of the
following events:

 

(i)                                     A
change within a twelve-month period in the holders of more than 50% of the
outstanding voting stock of the Company; or

 

(ii)                                  Any other event deemed to constitute a “Change
of Control” by the Company’s Board of Directors.

 

2

 

(2)  Contingent upon Employee’s continued
attainment of performance objectives, the Company agrees to deliver a long term
incentive value of $60,000 annually through one of the following, as determined
in the Company’s sole discretion: (i) a stock option grant pursuant to the
Option Plan, (ii) a restricted stock grant or (iii) a cash-based long
term incentive program to be developed. 
The long term incentive value of Company stock will be calculated based
on an industry accepted stock valuation methodology.  

 

3.  Employment-At-Will.  Nothing contained in this Agreement is
intended to create an employment relationship whereby Employee will be employed
other than as an “at-will” employee. 
Employee’s employment by the Company may be terminated by Employee or
the Company at any time; provided, however, that
while employed by the Company, the terms and conditions of Employee’s
employment by the Company will be as herein set forth; and provided
further, that Section 4 of this Agreement will survive
the termination of Employee’s employment.

 

4.  Covenants.

 

a.                                                               Non-Solicitation.  While employed by the Company and for the
eighteen (18) month period following the cessation of that employment for any
reason (and without regard to whether such cessation was initiated by Employee
or the Company), Employee will not do any of the following without the prior
written consent of the Company:

 

(1)  solicit, entice or induce, either directly or
indirectly, any person, firm or corporation who or which is a client or
customer of the Company or any of its subsidiaries to become a client or
customer of any other person, firm or corporation;

 

(2)  influence or attempt to influence, either
directly or indirectly, any customer of the Company or its subsidiaries to
terminate or modify any written or oral agreement or course of dealing with the
Company or its subsidiaries (except in Employee’s capacity as an employee of
the Company); or

 

(3)  influence or attempt to influence, either
directly or indirectly, any person to terminate or modify any employment,
consulting, agency, distributorship, licensing or other similar relationship or
arrangement with the Company or its subsidiaries (except in Employee’s capacity
as an employee of the Company).

 

b.                                                              Non-Disclosure.  Employee shall not use for Employee’s
personal benefit, or disclose, communicate or divulge to, or use for the direct
or indirect benefit of any person, firm, association or company other than
Company, any “Confidential Information,” which term shall mean any information
regarding the business methods, business policies, policies, procedures,
techniques, research or development projects or results, historical or
projected financial information, budgets, trade secrets, or other knowledge or
processes of, or developed by, Company or any other confidential information
relating to or dealing with the business operations of Company, made known to
Employee or learned or acquired by Employee while in the employ of Company, but

 

3

 

Confidential Information
shall not include information otherwise lawfully known generally by or readily
accessible to the general public.  The
foregoing provisions of this subsection shall apply during and after the
period when the Employee is an employee of the Company and shall be in addition
to (and not a limitation of) any legally applicable protections of Company
interest in confidential information, trade secrets, and the like.  At the termination of Employee’s employment
with Company, Employee shall return to the Company all copies of Confidential
Information in any medium, including computer tapes and other forms of data
storage.

 

c.                                                               Non-Competition.  While employed by the Company and for the
eighteen (18) month period following the cessation of that employment for any
reason (and without regard to whether such cessation was initiated by Employee
or the Company), Employee shall not directly or indirectly engage in (as a
principal, shareholder, partner, director, officer, agent, employee, consultant
or otherwise) or be financially interested in any business which is involved in
business activities which are the same as or in direct competition with business
activities carried on by the Company, or being definitively planned by the
Company at the time of termination of Employee’s employment.  Nothing contained in this subsection shall
prevent Employee from holding for investment up to three percent (3%) of any
class of equity securities of a company whose securities are publicly traded on
a national securities exchange or in a national market system.

 

d.                                                              Intellectual
Property & Company Creations.

 

(1)  Ownership.  All right, title and interest in and to any
and all ideas, inventions, designs, technologies, formulas, methods, processes,
development techniques, discoveries, computer programs or instructions (whether
in source code, object code, or any other form), computer hardware, algorithms,
plans, customer lists, memoranda, tests, research, designs, specifications,
models, data, diagrams, flow charts, techniques (whether reduced to written
form or otherwise), patents, patent applications, formats, test results,
marketing and business ideas, trademarks, trade secrets, service marks, trade
dress, logos, trade names, fictitious names, brand names, corporate names,
original works of authorship, copyrights, copyrightable works, mask works,
computer software, all other similar intangible personal property, and all improvements,
derivative works, know-how, data, rights and claims related to the foregoing
that have been or are conceived, developed or created in whole or in part by
the Employee (a) at any time and at any place that relates directly or
indirectly to the business of the Company, as then operated, operated in the
past or under consideration or development or (b) as a result of tasks
assigned to Employee by the Company (collectively, “Company Creations”), shall
be and become and remain the sole and exclusive property of the Company and
shall be considered “works made for hire” as that term is defined pursuant to
applicable statutes and law.

 

(2)  Assignment.  To the extent that any of the Company
Creations may not by law be considered a work made for hire, or to the extent
that, notwithstanding the foregoing, Employee retains any interest in or to the
Company Creations, Employee hereby irrevocably assigns and transfers to the
Company any and all right, title, or interest that Employee has or may have,
either now or in the future, in and to the Company

 

4

 

Creations, and any
derivatives thereof, without the necessity of further consideration.  Employee shall promptly and fully disclose
all Company Creations to the Company and shall have no claim for additional
compensation for Company Creations.  The
Company shall be entitled to obtain and hold in its own name all copyrights,
patents, trade secrets, trademarks, and service marks with respect to such
Company Creations.

 

(3)  Disclosure & Cooperation.  Employee shall keep and maintain adequate and
current written records of all Company Creations and their development by
Employee (solely or jointly with others), which records shall be available at
all times to and remain the sole property of the Company.  Employee shall communicate promptly and
disclose to the Company, in such form as the Company may reasonably request,
all information, details and data pertaining to any Company Creations.  Employee further agrees to execute and
deliver to the Company or its designee(s) any and all formal transfers and
assignments and other documents and to provide any further cooperation or
assistance reasonably required by the Company to perfect, maintain or otherwise
protect its rights in the Company Creations. 
Employee hereby designates and appoints the Company or its designee as
Employee’s agent and attorney-in-fact to execute on Employee’s behalf any
assignments or other documents deemed necessary by the Company to perfect,
maintain or otherwise protect the Company’s rights in any Company Creations.

 

e.                                                               Acknowledgments.  Employee acknowledges that the Covenants are
reasonable and necessary to protect the Company’s legitimate business
interests, its relationships with its customers, its trade secrets and other
confidential or proprietary information. 
Employee further acknowledges that the duration and scope of the
Covenants are reasonable given the nature of this Agreement and the position
Employee holds or will hold within the Company. 
Employee further acknowledges that the Covenants are included herein to
induce the Company to enter into this Agreement and that the Company would not
have entered into this Agreement or otherwise employed or continued to employ
the Employee in the absence of the Covenants. 
Finally, Employee also acknowledges that any breach, willful or
otherwise, of the Covenants will cause continuing and irreparable injury to the
Company for which monetary damages, alone, will not be an adequate remedy.

 

f.                                                                 Enforcement.

 

(1)  If any court determines that the Covenants,
or any part thereof, is unenforceable because of the duration or scope of such
provision, that court will have the power to modify such provision and, in its
modified form, such provision will then be enforceable.

 

(2)  The parties acknowledge that significant
damages will be caused by a breach of any of the Covenants, but that such
damages will be difficult to quantify. 
Therefore, the parties agree that if Employee breaches any of the
Covenants, liquidated damages will be paid by Employee in the following manner:

 

5

 

(i)                                     any
Company stock options, stock appreciation rights, restricted stock units or
similar equity incentives then held by Employee, whether or not then vested,
will be immediately and automatically forfeited;

 

(ii)                                  any
shares of restricted stock issued by the Company, then held by Employee or her
permitted transferee and then subject to forfeiture will be immediately and
automatically forfeited; and

 

(iii)                                 any
obligation of the Company to provide severance pay or benefits (whether
pursuant to Section 5 or otherwise) will cease.

 

(3)  In addition to the remedies specified in Section 4(f)(2) and
any other relief awarded by any court, if Employee breaches any of the
Covenants:

 

(i)                                   Employee
will be required to account for and pay over to the Company all compensation,
profits, monies, accruals, increments or other benefits derived or received by
Employee as a result of any such breach; and

 

(ii)                                the
Company will be entitled to injunctive or other equitable relief to prevent
further breaches of the Covenants by Employee.

 

(4)  If Employee breaches Section 4,
then the duration of the restriction therein contained will be extended for a
period equal to the period that Employee was in breach of such restriction.

 

5.  Termination.  Employee’s employment by the Company may be
terminated at any time.  Upon
termination, Employee will be entitled to the payment of accrued and unpaid
salary through the date of such termination. 
All salary, commissions and benefits will cease at the time of such
termination, subject to the terms of any benefit plans then in force or
enforceable under applicable law and applicable to Employee, and the Company
will have no further liability or obligation hereunder by reason of such
termination; provided, however, that subject
to Section 4(f)(2)(iii), if Employee’s employment is terminated by
the Company without Cause, Employee will be entitled to (a) continued
payment of his base salary (at the rate in effect upon termination) for a
period of 12 months; (b) a payment equal to the average of the last three
bonuses from the MedQuist Management Bonus Plan received by Employee.  In the event that there are not three full
years of employment, then the average of the last two years will apply.  If less than two years, the target bonus will
be paid; and notwithstanding the foregoing, no amount will be paid or benefit
provided under this Section 5 unless and until (x) Employee
executes and delivers a general release of claims against the Company and its
subsidiaries in a form prescribed by the Company, and (y) such release becomes
irrevocable.  Any severance pay or
benefits provided under this Section 5 will be in lieu of, not in
addition to, any other severance arrangement maintained by the Company.

 

6.  Miscellaneous.

 

a.                                                               Other
Agreements.  Employee represents and
warrants to the Company that there are no restrictions, agreements or understandings
whatsoever to which

 

6

 

he is a party that would
prevent or make unlawful her execution of this Agreement, that would be
inconsistent or in conflict with this Agreement or Employee’s obligations
hereunder, or that would otherwise prevent, limit or impair the performance by
Employee of his duties to the Company.

 

b.                                                              Entire
Agreement; Amendment.  This Agreement
contains the entire agreement and understanding of the parties hereto relating
to the subject matter hereof, and merges and supersedes all prior and
contemporaneous discussions, agreements and understandings of every nature
relating to the employment of Employee by the Company.  This Agreement may not be changed or
modified, except by an agreement in writing signed by each of the parties
hereto.

 

c.                                                               Waiver.  Any waiver of any term or condition hereof
will not operate as a waiver of any other term or condition of this
Agreement.  Any failure to enforce any
provision hereof will not operate as a waiver of such provision or of any other
provision of this Agreement.

 

d.                                                              Governing
Law.  This Agreement shall be
governed by, and enforced in accordance with, the laws of the State of New
Jersey without regard to the application of the principles of conflicts of
laws.

 

e.                                                               Severability.  Whenever possible, each provision of this
Agreement will be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid,
illegal or unenforceable in any respect under any applicable law or rule in
any jurisdiction, such invalidity, illegality or unenforceability will not
affect any other provision or the effectiveness or validity of any provision in
any other jurisdiction, and this Agreement will be reformed, construed and
enforced in such jurisdiction as if such invalid, illegal or unenforceable
provision had never been herein contained.

 

f.                                                                 Wage
Claims.  The parties intend that all
obligations to pay compensation to Employee be obligations solely of the
Company.  Therefore, intending to be
bound by this provision, Employee hereby waives any right to claim payment of
amounts owed to her, now or in the future, from directors or officers of the
Company in the event of the Company’s insolvency.

 

g.                                                              Successors
and Assigns.  This Agreement is
binding on the Company’s successors and assigns.

 

h.                                                              Section Headings.  The section headings in this Agreement
are for convenience only; they form no part of this Agreement and will not
affect its interpretation.

 

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

 

7

 

7.                                                               Definitions.  Capitalized terms used herein will have the
meanings below defined:

 

a.                                                               “Business”
means electronic transcription services and other health information management
solutions services businesses in which the Company or its subsidiaries are
engaged anywhere within the United States.

 

b.                                                              “Cause”
means the occurrence of any of the following: 
(1) Employee’s refusal, willful failure or inability to perform
(other than due to illness or disability) her employment duties or to follow
the lawful directives of her superiors; (2) misconduct or gross negligence
by Employee in the course of employment; (3) conduct of Employee involving
any type of disloyalty to the Company or its subsidiaries, including, without
limitation: fraud, embezzlement, theft or dishonesty in the course of
employment; (4) a conviction of or the entry of a plea of guilty or nolo contendere to a crime involving moral turpitude or
that otherwise could reasonably be expected to have an adverse effect on the
operations, condition or reputation of the Company, (5) a material breach
by Employee of any agreement with or fiduciary duty owed to the Company; or (6) alcohol
abuse or use of controlled drugs other than in accordance with a physician’s
prescription.

 

c.                                                               “Covenants”
means the covenants set forth in Section 4 of this Agreement.

 

To acknowledge your
agreement to and acceptance of the terms and conditions of this Agreement,
please sign below in the space provided within five (5) days of the date
of this Agreement and return a signed copy to my attention.  If the Agreement is not signed and returned within
(5) days, the terms and conditions of this Agreement will be deemed
withdrawn.

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
  MEDQUIST INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Frank W. Lavelle

  
	
   

  	
   

  	
  President

  
	
   

  
	
  Accepted and Agreed:

  
	
   

  
	
   

  
	
   

  	
   

  
	
  Mark Ivie

  
					

 

8

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