Document:

exv10w2

 

Exhibit 10.2

Restricted Stock Agreement

Cash Systems, Inc.

2005 Equity Incentive Plan

     THIS AGREEMENT, made effective as of this ___day of
                    , 2007, by and between Cash Systems,
Inc., a Delaware corporation (the “Company”), and
                                        
, (“Participant”).

WITNESSETH:

     WHEREAS, the Participant on the date hereof is a consultant or advisor to, or a key employee,
officer, or director of the Company or one of its Subsidiaries; and

     WHEREAS, the Company wishes to grant a restricted stock award to Participant for shares of the
Company’s Common Stock pursuant to the Company’s 2005 Equity Incentive Plan (the “Plan”); and

     WHEREAS, the Administrator of the Plan has authorized the grant of a restricted stock award to
the Participant;

     NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein contained,
the parties hereto agree as follows:

	1.	 	Grant of Restricted Stock Award. The Company hereby grants to Participant on the
date set forth above a restricted stock award (the “Award”) for                      (___) shares of
Common Stock on the terms and conditions set forth herein, and subject to adjustment pursuant
to Section 13 of the Plan. The Company shall cause to be issued a stock certificate
representing such shares of Common Stock in the Participant’s name, and shall deliver such
certificate to the Participant; provided, however, that the Company shall place a legend on
such certificate describing the risks of forfeiture and other transfer restrictions set forth
in this Agreement and providing for the cancellation and return of such certificate if such
shares of Common Stock are forfeited as provided in Paragraph 2 below. Until such risks of
forfeiture have lapsed or the shares subject to this Award have been forfeited pursuant to
Paragraph 2 below, the Participant shall be entitled to vote the shares represented by such
stock certificates and shall received all dividends attributable to such shares, but the
Participant shall not have any other rights as a shareholder with respect to such shares.
	 
	2.	 	Vesting of Restricted Stock

	 	a)	 	The shares of Stock subject to this Award shall remain forfeitable until the
risks of forfeiture lapse according to the following vesting schedule:

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	 	Cumulative Percentage
	Vesting Date
	 	of Shares Vested

If the Participant’s employment or other relationship with the Company or any Subsidiary ceases at
any time prior to a Vesting Date due to the Participant’s voluntary resignation or retirement or
termination for cause by the Company, the Participant shall immediately forfeit all shares of Stock
subject to this Award which have not yet vested and for which the risks of forfeiture have not
lapsed.

Notwithstanding the foregoing, the interest of the Participant in the Stock shall vest as to:

	 	a)	 	100% of the then unvested Stock upon the Participant’s termination of
employment due to death, a “Disability Termination” (as defined in the Employment
Agreement), or involuntary termination by the Company other than for “Cause” (as
defined in the Employment Agreement).
	 
	 	b)	 	100% of the then unvested Stock upon a “Change of Control.”

For purposes of this Agreement, a “Change of Control” means the occurrence of any of the following
events:

	 	a)	 	Any “person” (as such term is used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”)) becomes the
“beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or
indirectly, of securities of the Company representing fifty percent (50%) or more of
the total voting power represented by the Company’s then outstanding voting securities;
	 
	 	b)	 	The consummation of the sale or disposition by the Company of all or
substantially all of the Company’s assets;
	 
	 	c)	 	The consummation of a liquidation or dissolution of the Company; or
	 
	 	d)	 	The consummation of a merger or consolidation of the Company with any other
corporation, other than a merger or consolidation which would result in the voting
securities of the Company outstanding immediately prior thereto continuing to represent
(either by remaining outstanding or by being converted into voting securities of the
surviving entity or its parent) at least fifty percent (50%) of the total voting power
represented by the voting securities of the Company or such surviving entity or its
parent outstanding immediately after such merger or consolidation.

	3.	 	Miscellaneous

	 	a)	 	Employment-At-Will This Agreement shall not confer on Participant any
right with respect to continuance of employment by or other relationship with the
Company or any of its Subsidiaries, nor will it interfere in any way with the right of
the Company or any of its Subsidiaries to terminate such employment or other
relationship. Participant’s employment or other relationship with the Company

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	 	 	 	and its Subsidiaries shall be employment-at-will, and nothing in this Agreement
shall be construed as creating an employment contract for any specified term between
Participant and the Company or any of its Subsidiaries.
	 
	 	b)	 	Securities Law Compliance. Participant shall not transfer or otherwise
dispose of the shares of Stock received pursuant to this Agreement until such time as
counsel to the Company shall have determined that such transfer or other disposition
will not violate any state or federal securities laws. The Participant may be required
by the Company, as a condition of the effectiveness of this restricted stock award, to
agree in writing that all Stock subject to this Agreement shall be held, until such
time that such Stock is registered and freely tradable under applicable state and
federal securities laws, for Participant’s own account without a view to any further
distribution thereof, that the certificates for such shares shall bear an appropriate
legend to that effect and that such shares will not be transferred or disposed of
except in compliance with applicable state and federal securities laws.
	 
	 	c)	 	Mergers, Recapitalizations, Stock Splits, Etc. Pursuant and subject to
Section 13 of the Plan, certain changes in the number or character of the Common Stock
of the Company (through sale, merger, consolidation, exchange, reorganization,
divestiture (including a spin-off), liquidation, recapitalization, stock split, stock
dividend, or otherwise) shall result in an adjustment, reduction or enlargement, as
appropriate, in Participant’s rights with respect to any shares of Common Stock for
which the risks of forfeiture have not lapsed (i.e. Participant shall have such
“anti-dilution” rights under the Award with respect to such events, but shall not have
“preemptive” rights).
	 
	 	d)	 	Shares Reserved. The Company shall at all times during the term of
this Agreement reserve and keep available such number of shares as will be sufficient
to satisfy the requirements of this Agreement.
	 
	 	e)	 	Withholding Taxes. In order to permit the Company to comply with all
applicable federal or state income tax laws or regulations, the Company may take such
action as it deems appropriate to insure that, if necessary, all applicable federal or
state payroll, income, or other taxes are withheld from any amounts payable by the
Company to the Participant. If the Company is unable to withhold such federal and
state taxes, for whatever reason, the Participant hereby agrees to pay to the Company
an amount equal to the amount the Company would otherwise be required to withhold under
federal or state law.
	 
	 	f)	 	2005 Equity Incentive Plan. The Award evidenced by this Agreement is
granted pursuant to the Plan, a copy of which Plan has been made available to
Participant and is hereby incorporated into this Agreement. This Agreement is subject
to and in all respects limited and conditioned as provided in the Plan. All defined
terms of the Plan shall have the same meaning when used in this Agreement. The Plan
governs this Agreement, and in the event of any questions as to the construction

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	 	 	 	of this Agreement or in the event of a conflict between the Plan and this Agreement,
the Plan shall govern, except as the Plan otherwise provides.
	 
	 	g)	 	Lockup Period Limitation. Participant agrees that in the event the
Company advises Participant that it plans an underwritten public offering of its Common
Stock in compliance with the Securities Act of 1933, as amended, and that the
underwriter(s) seek to impose restrictions under which certain shareholders may not
sell or contract to sell or grant any option to buy or otherwise dispose of part of all
of their stock purchase rights of the underlying Common Stock, Participant hereby
agrees that for a period not to exceed 180 days from the prospectus, Participant will
not sell or contract to sell or grant an option to buy or otherwise dispose of this
Agreement or any of the underlying shares of Common Stock without the prior written
consent of the underwriter(s) or its representative(s).
	 
	 	h)	 	Blue Sky Limitation. Notwithstanding anything in this Agreement to the
contrary, in the event the Company makes any public offering of its securities and
determines, in its sole discretion, that it is necessary to reduce the number of issued
but unexercised stock purchase rights so as to comply with any state securities or Blue
Sky law limitations with respect thereto, the Board of Directors of the Company shall
accelerate the vesting of this restricted stock award, provided that the Company gives
Participant 15 days’ prior written notice of such acceleration. Notice shall be deemed
given when delivered personally or when deposited in the United States mail, first
class postage prepaid and addressed to Participant at the address of Participant on
file with the Company.
	 
	 	i)	 	Accounting Compliance. Participant agrees that, if a merger,
reorganization, liquidation, or other “transaction” as defined in Section 13 of the
Plan occurs, and Participant is an “affiliate” of the Company or any Subsidiary (as
defined in applicable legal and accounting principles) at the time of such transaction,
Participant will comply with all requirements of Rule 145 of the Securities Act of
1933, as amended, and the requirements of such other legal or accounting principles,
and will execute any documents necessary to ensure such compliance.
	 
	 	j)	 	Stock Legend. The Administrator may require that the certificates for
any shares of Common Stock granted to Participant (or, in the case of death,
Participant’s successors) shall bear an appropriate legend to reflect the restrictions
of Paragraph 3(b) and Paragraphs 3(g) through 4(i) of this Agreement.
	 
	 	k)	 	Scope of Agreement. This Agreement shall bind and inure to the benefit
of the Company, its Subsidiaries and its successors and assigns the Participant and any
successor or successors of Participant permitted by this Agreement.
	 
	 	l)	 	Arbitration. Any dispute arising out of or relating to this Agreement
or the alleged breach of it, or the making of this Agreement, including claims of fraud
in the inducement, shall be discussed between the disputing parties in a good faith
effort to arrive at a mutual settlement of any such controversy. If,

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	 	 	 	notwithstanding, such dispute cannot be resolved, such dispute shall be settled by
binding arbitration. Judgment upon the award rendered by the arbitrator may be
entered in any court having jurisdiction thereof. The arbitrator shall be a retired
state or federal judge or an attorney who has practiced securities or business
litigation for at least ten (10) years. If the parties cannot agree on an
arbitrator within twenty (20) days, any party may request that the chief judge of
the District Court of Clark County, Nevada, select an arbitrator. Arbitration will
be conducted pursuant to the provisions of this Agreement, and the commercial
arbitration rules of the American Arbitration Association, unless such rules are
inconsistent with the provisions of this Agreement. Limited civil discovery shall
be permitted for the production of documents and taking of depositions. Unresolved
discovery disputes may be brought to the attention of the arbitrator who may dispose
of such dispute. The arbitrator shall have the authority to award any remedy or
relief that a court of this state could order or grant; provided, however, that
punitive or exemplary damages shall not be awarded. The arbitrator may award to the
prevailing party, if any, as determined by the arbitrator, all of its costs and
fees, including the arbitrator’s fees. Unless otherwise agreed by the parties, the
place of any arbitration proceedings shall be Clark County, Nevada.

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the day
and year first above written.

	 	 	 	 	 
	 	 	CASH SYSTEMS, INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Its:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	 	 	Participant

5exv10w1

 

Exhibit 10.1

TENTH LOAN MODIFICATION AGREEMENT

     This Tenth Loan Modification Agreement (this “Loan Modification Agreement”) is entered into
as of May 9, 2007, by and between SILICON VALLEY BANK, a California corporation, with its principal
place of business at 3003 Tasman Drive, Santa Clara, California 95054 and with a loan production
office located at 230 West Monroe Street, Suite 720, Chicago, Illinois 60606 (“Bank”) and
DOUBLE-TAKE SOFTWARE, INC., f/k/a NSI SOFTWARE, INC., successor by merger with NETWORK SPECIALISTS,
INCORPORATED, a Delaware corporation with offices at Two Hudson Place, Suite 700, Hoboken, New
Jersey 07030 (“Borrower”).

1. DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and
obligations which may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant to a loan
arrangement dated as of October 16, 2003, evidenced by, among other documents, a certain Loan and
Security Agreement dated as of October 16, 2003 between Borrower and Bank, as amended (as amended,
the “Loan Agreement”). Capitalized terms used but not otherwise defined herein shall have the same
meaning as in the Loan Agreement.

2. DESCRIPTION OF COLLATERAL. Repayment of the Obligations is secured by the Collateral as
described in the Loan Agreement (together with any other collateral security granted to Bank, the
“Security Documents”).

Hereinafter, the Security Documents, together with all other documents evidencing or securing the
Obligations shall be referred to as the “Existing Loan Documents”.

3. DESCRIPTION OF CHANGE IN TERMS.

	 	 	 	Modifications to Loan Agreement.

	 	A.	 	Section 5.4 to the Loan Agreement is hereby amended by deleting the following text
appearing therein:
	 
	 	 	 	“5.4 Access to Collateral, Books and Records. At reasonable times, and on one
Business Day’s notice, Silicon, or its agents, shall have the right to inspect
the Collateral, and the right to audit and copy Borrower’s books and records.
Silicon shall take reasonable steps to keep confidential all information
obtained in any such inspection or audit, but Silicon shall have the right to
disclose any such information to its auditors, regulatory agencies, and
attorneys, and pursuant to any subpoena or other legal process. The foregoing
inspections and audits shall be at Borrower’s expense, which inspections and
audits shall not exceed four (4) per calendar year prior to the occurrence of
an Event of Default, and the charge therefor shall be $750 per person per day
(or such higher amount as shall represent Silicon’s then current standard
charge for the same), plus reasonable out-of-pocket expenses. In the event
Borrower and Silicon schedule an audit more than 10 days in advance, and
Borrower seeks to reschedule the audit with less than 10 days written notice to
Silicon, then (without limiting any of Silicon’s rights or remedies), Borrower
shall pay Silicon a cancellation fee of $1,000 plus any out-of-pocket expenses
incurred by Silicon, to compensate Silicon for the anticipated costs and
expenses of the cancellation.”
	 
	 	 	 	and inserting in lieu thereof the following:
	 
	 	 	 	“5.4 Access to Collateral, Books and Records. At reasonable times, and on one
Business Day’s notice, Silicon, or its agents, shall have the right to inspect
the Collateral, and the right to audit and copy Borrower’s books and records.
Silicon shall take reasonable steps to keep confidential all information
obtained in any such inspection or audit, but Silicon shall have the right to
disclose any such information to its auditors, regulatory agencies, and
attorneys, and pursuant to any subpoena or other legal process.”
	 
	 	B.	 	Section 8 of the Loan Agreement is hereby amended by deleting the
definitions of “Adjusted Quick Ratio”, “Current Liabilities”, “Deferred Revenue”, “Deferred Revenue Offsets”,
“EBITDA”, “Eligible Receivables”,

“Quick Assets”, and “Total Liabilities” set forth therein.
	 

 

 

	 	C.	 	Section 1 of the Schedule to the Loan Agreement is hereby amended
by deleting the following text appearing therein:
	 
	 	 	 	“1. Credit Limit
	 
	 	 	 	(Section 1.1): An amount not to exceed the lesser of (A) or (B), below:

	 	(A) 	 	
	 
	 	 	 	(i) $4,750,00.00 at any one time outstanding (the “Maximum Credit Limit”); minus
	 
	 	 	 	(ii) the aggregate amounts then undrawn on all outstanding letters of
credit, foreign exchange contracts, or any other accommodations issued or
incurred, or caused to be issued or incurred by Silicon for the account
and/or benefit of the Borrower.
	 
	 	(B) 	 	
	 
	 	 	 	(i) 80% of the amount of the Borrower’s Eligible Receivables,
exclusive of Deferred Revenue Offsets and rebate accruals; provided,
however, in the event that Borrower has an Adjusted Quick Ratio (to be
tested on a monthly basis, as of the end of each month) of at least 1.25 to
1.0, then Silicon will not exclude such Deferred Revenue Offsets or rebate
accruals; minus
	 
	 	 	 	(ii) the aggregate amounts then undrawn on all outstanding letters of
credit, foreign exchange contracts, or any other accommodations issued or
incurred, or caused to be issued or incurred by Silicon for the account
and/or benefit of the Borrower.”

	 	 	 	and inserting in lieu thereof the following
	 
	 	 	 	“1. Credit Limit
	 
	 	 	 	(Section 1.1): An amount not to exceed:

	 	 	 	(i) $2,000,00.00 at any one time outstanding (the “Maximum Credit Limit”); minus
	 
	 	 	 	(ii) the aggregate amounts then undrawn on all outstanding letters of
credit, foreign exchange contracts, or any other accommodations issued or
incurred, or caused to be issued or incurred by Silicon for the account
and/or benefit of the Borrower.”

	 	D.	 	Section 1 of the Schedule to the Loan Agreement is hereby amended by
deleting the following text appearing therein:
	 
	 	 	 	“Letter of Credit/ Cash Management Services Sublimit

(Section 1.5, 1.6):           $2,500,000.00 (less foreign exchange contract exposure)
	 
	 	 	 	Foreign Exchange Contract Sublimit

(Section 1.6)           $500,000.00”
	 
	 	 	 	and inserting in lieu thereof the following:
	 
	 	 	 	“Letter of Credit/ Cash Management Services Sublimit

(Section 1.5, 1.6):           $1,500,000.00 (less foreign exchange contract exposure)
	 
	 	 	 	Foreign Exchange Contract Sublimit

(Section 1.6)           $500,000.00”

 

 

	 	E.	 	Section 3 of the Schedule to the Loan Agreement is hereby amended by
deleting the following text appearing therein:
	 
	 	 	 	“Early Termination Fee: If the Obligations are voluntarily or involuntarily
prepaid or if this Agreement is otherwise terminated prior to its maturity, the
Borrower shall pay to Silicon a termination fee in the amount equal to one (1%)
percent of the greater of $4,750,000 or the then Maximum Credit Limit, provided
that no such termination fee shall be charged if the credit facility hereunder
is replaced or transferred to another division of Silicon. The termination fee
shall be due and payable upon prepayment by the Borrower in the case of
voluntary prepayments or upon demand by Silicon in the event of involuntary
prepayment, and if not paid immediately shall bear interest at a rate equal to
the highest rate applicable to any of the Obligations.”
	 
	 	 	 	and substituting the following text therefor
	 
	 	 	 	“Early Termination Fee: (intentionally omitted).”
	 
	 	F.	 	Section 3 of the Schedule to the Loan Agreement is hereby amended by
deleting the following text appearing therein:
	 
	 	 	 	“Unused Line Fee: In the event, in any calendar month (or portion thereof at
the beginning and end of the term hereof), the average daily principal balance
of the Loans outstanding during the month (including outstanding Letters of
Credit) is less than the amount of the Maximum Credit Limit, Borrower shall pay
Silicon an unused line fee in an amount equal to 0.50% per annum on the
difference between the amount of the Maximum Credit Limit and the average daily
principal balance of the Loans outstanding during the month, which unused line
fee shall be computed and paid monthly, in arrears, on the last day of each
month.”
	 
	 	 	 	and substituting the following text therefor:
	 
	 	 	 	“Unused Line Fee: (Intentionally omitted).”
	 
	 	G.	 	Section 4 of the Schedule to the Loan Agreement is hereby amended by
deleting same in its entirety and substituting the following text therefor:
	 
	 	 	 	“4. Maturity Date
	 
	 	 	 	     (Section 6.1) April 29, 2008.”
	 
	 	H.	 	Section 5 of the Schedule to the Loan Agreement is hereby amended by
deleting the following text appearing therein:
	 
	 	 	 	“5. FINANCIAL COVENANTS
	 
	 	 	 	(Section 5.1): Borrower shall comply with each of the following covenants.
Compliance shall be determined as of the end of each month, except as otherwise
specifically provided below:
	 
	 	 		a.  Adjusted Quick Ratio. Borrower shall maintain a ratio of Quick Assets to
Current Liabilities minus Deferred Revenue of at least 1.50 to 1.00.
	 
	 	 	 	b.  EBITDA. Borrower and its Subsidiaries, on a consolidated basis, shall
maintain, measured as of the end of each fiscal quarter, EBITDA minus capital
expenditures of at least $1.00.
	 
	 	 	 	and substituting the following text therefor:

 

 

	 	 	 	“5. INTENTIONALLY DELETED.”
	 
	 	I.	 	Section 6 of the Schedule to the Loan Agreement is hereby amended by
deleting the following text appearing therein:
	 
	 	 	 	“Borrower shall provide Silicon with the following:
	 
	 	 	 	1. Monthly, borrowing base certificates and transaction reports, within fifteen
days after the end of each month.
	 
	 	 	 	2. Monthly accounts payable agings, aged by invoice date, and outstanding or
held check registers, if any, within thirty days after the end of each month.
	 
	 	 	 	3. Monthly Receivable agings, aged by invoice date, and receivable
reconciliations, within thirty days after the end of each month.
	 
	 	 	 	4. Monthly consolidated and consolidating unaudited financial statements, as
soon as available, and in any event within thirty days after the end of each
month.
	 
	 	 	 	5. Monthly Compliance Certificates, within thirty days after the end of each
month, in such form as Silicon shall reasonably specify, signed by the Chief
Financial Officer of Borrower, certifying that as of the end of such month
Borrower was in full compliance with all of the terms and conditions of this
Agreement, and setting forth calculations showing compliance with the financial
covenants set forth in this Agreement and such other information as Silicon
shall reasonably request, including, without limitation, a statement that at
the end of such month there were no held checks.
	 
	 	 	 	6. Annual operating budgets (including income statements, balance sheets and
cash flow statements, by month) for the upcoming fiscal year of Borrower within
thirty days prior to the end of each fiscal year of Borrower.
	 
	 	 	 	7. Annual consolidated and consolidating audited financial statements, as soon
as available, and in any event within 120 days following the end of Borrower’s
fiscal year, prepared under GAAP, consistently applied, together with an
unqualified opinion on the financial statements from an independent certified
public accounting firm reasonably acceptable to Silicon, provided, however,
Borrower may deliver its year end December 31, 2005 annual audited financial
statements to Silicon on or before June 30, 2006.
	 
	 	 	 	8. Such additional reports and information as Silicon may from time to time
specify.”
	 
	 	 	 	and substituting the following text therefor:
	 
	 	 	 	“Borrower shall provide Silicon with the following:
	 
	 	 	 	1. Within five (5) days of filing, all reports on Form 10-K, 10-Q and 8-K filed
with the Securities and Exchange Commission or a link thereto on Borrower’s or
another website on the Internet.
	 
	 	 	 	2. Such additional reports and information as Silicon may from time to time
specify.”

4. FEES. Borrower shall reimburse Bank for all legal fees and expenses incurred in
connection with this amendment to the Existing Loan Documents.

5. RATIFICATION OF PERFECTION CERTIFICATE. Borrower hereby ratifies, confirms, and
reaffirms, all and singular, the terms and disclosures contained in a certain Perfection
Certificate delivered to the Bank on or about October 16, 2003, and acknowledges, confirms and
agrees the disclosures and information provided therein has not changed, as of the date hereof.

 

 

6. CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever necessary
to reflect the changes described above.

7. RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and reaffirms all
terms and conditions of all security or other collateral granted to the Bank, and confirms that the
indebtedness secured thereby includes, without limitation, the Obligations.

8. NO DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that Borrower has no
offsets, defenses, claims, or counterclaims against the Bank with respect to the Obligations, or
otherwise, and that if Borrower now has, or ever did have, any offsets, defenses, claims, or
counterclaims against the Bank, whether known or unknown, at law or in equity, all of tem are
hereby expressly WAIVED and Borrower hereby RELEASES the Bank from any liability thereunder.

9. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the existing
Obligations, Bank is relying upon Borrower’s representations, warranties, and agreements, as set
forth in the Existing Loan Documents. Except as expressly modified pursuant to this Loan
Modification Agreement, the terms of the Existing Loan Documents remain unchanged and in full force
and effect. Bank’s agreement to modifications to the existing Obligations pursuant to this Loan
Modification Agreement in no way shall obligate Bank to make any future modifications to the
Obligations. Nothing in this Loan Modification Agreement shall constitute a satisfaction of the
Obligations. It is the intention of Bank and Borrower to retain as liable parties all makers of
Existing Loan Documents, unless the party is expressly released by Bank in writing. No maker will
be released by virtue of this Loan Modification Agreement.

10. COUNTERSIGNATURE. This Loan Modification Agreement shall become effective only when it
shall have been executed by Borrower and Bank.

[Remainder of page intentionally left blank]

 

 

     This Loan Modification Agreement is executed as a sealed instrument under the laws of the
Commonwealth of Massachusetts as of the date first written above.

BORROWER:

DOUBLE-TAKE SOFTWARE, f/k/a NSI SOFTWARE, INC. ,

successor by merger with

NETWORK SPECIALISTS, INCORPORATED

	 	 	 	 	 
	By:

	 	/s/ S. Craig Huke
	 	 
	 

	 	 	 	 
	Name:

	 	S. Craig Huke	 	 
	Title:

	 	Chief Financial Officer	 	 
	 
	 	 	 	 
	BANK:	 	 
	 
	 	 	 	 
	SILICON VALLEY BANK	 	 
	 
	 	 	 	 
	By:

	 	/s/ John Kinzer	 	 
	 

	 	 	 	 
	Name:

	 	John Kinzer	 	 
	Title:

	 	Deal Team Leader

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