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Prepared by MERRILL CORPORATION

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Exhibit 10.44  

 
 

FULL RECOURSE
  UNSECURED
  PROMISSORY NOTE    
  

	$100,000.00	 	October 22, 2001
	 	 	Walnut Creek, California

        FOR
VALUE RECEIVED, the sufficiency of which is acknowledged hereby, Harry Wiggins ("Maker"), an individual, promises to pay Tier
Technologies, Inc., a California corporation ("Holder"), or order, at 1350 Treat Boulevard, Suite 250, Walnut Creek, California or such other place as
Holder may from time to time designate, in lawful money of the United States, the principal sum of one hundred thousand dollars ($100,000.00), as set forth below. 

	1.
	Interest. Interest on the principal sum of this Note shall accrue at the rate of 3.55% per annum, compounded semi-annually, based on a
365-day year and the actual number of days elapsed.

	2.
	Payment/Forgiveness. Forgiveness of principal and interest will occur ratably over thirty-six (36) months from the date of issuance of
the Note. The amount forgiven will be included as income in the Holder's paycheck and subject to all applicable withholding taxes. 

	 	 	Maker and Holder agree that if Maker's employment with Holder terminates for any reason before this Note is completely repaid or forgiven, Maker personally guarantees the remaining outstanding principal and any accrued
interest ("the unforgiven balance") and shall repay the unforgiven balance immediately. Maker hereby consents to a right of offset by the Holder for all amounts that the Maker has outstanding under this Note against any compensation due Maker in the
event of termination, and Maker agrees to execute any written documentation to effect such payment.

	3.
	Prepayment. This Note may be prepaid in whole or in part, at any time, without penalty or premium.

	4.
	Application of Payments. All payments received by Holder shall be applied first to accrued interest, then to any other charges due with
respect to this Note, and then to the then-unpaid principal balance.

	5.
	Default and Remedies.

	a.
	Default. Maker will be in default under this Note if (i) Maker fails to repay principal and/or interest in full in accordance
with the terms set forth in Section 2, or (ii) Maker breaches any other covenant or agreement under this Note.

	b.
	Remedies. Upon Maker's default, Holder may (i) upon fifteen (15) days' written notice to Maker, declare the entire principal sum
and all accrued and unpaid interest hereunder immediately due and payable and (ii) exercise any and all remedies provided under applicable law. Maker accepts and agrees that this Note is a full
recourse Note and that Holder may exercise any and all remedies available to it under law. 

	6.
	Waivers. Maker, and any endorsers or guarantors hereof, severally waive diligence, presentment, protest and demand and also notice of
dishonor of this Note, and expressly agrees that this Note, or any payment hereunder, may be extended from time to time without 

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notice, all without in any way affecting the liability of Maker or any endorsers or guarantors hereof. No extension of time for the payment of this Note, or any installment hereof, agreed to by
Holder with any person now or hereafter liable for the payment of this Note, shall affect the original liability of Maker under this Note, even if Maker is not a party to such agreement. Holder may
waive its right to require performance of or compliance with any term, covenant or condition of this Note only by express written waiver. 

	7.
	Miscellaneous.

	a.
	Maker
shall pay all costs, including, without limitation, reasonable attorneys' fees and costs incurred by Holder in collecting the sums due hereunder, whether or not any legal action
is actually filed, litigated or prosecuted to judgment or award. In the event of any action or legal proceeding concerning this Note or the enforcement of any rights hereunder, Holder shall be
entitled to, in addition to any other relief to which Holder may be entitled, all legal and court costs and expenses, including reasonable attorneys' fees, incurred by Holder in connection with such
action.

	b.
	This
Note may be modified only by a written agreement executed by Maker and Holder.

	c.
	This
Note shall be governed by California law.

	d.
	The
terms of this Note shall inure to the benefit of and bind Maker and Holder and their respective heirs, legal representatives and successors and assigns.

	e.
	Time
is of the essence with respect to all matters set forth in this Note.

	f.
	If
this Note is destroyed, lost or stolen, Maker will deliver a new Note to Holder on the same terms and conditions as this Note, with a notation of the unpaid principal and accrued
and unpaid interest in substitution of the prior Note. Holder shall furnish to Maker reasonable evidence that the Note was destroyed, lost or stolen and any security or indemnity that may be
reasonably required by Maker in connection with the replacement of this Note. 

        IN
WITNESS WHEREOF, Maker has executed this Note as of the date and year first above written. 

	 	 	Maker:	 	/s/  HARRY WIGGINS      
 Harry Wiggins
	

APPROVED:	
 	

Holder:	
 	

/s/  LAURA B. DEPOLE      
Tier Technologies, Inc.
	

 	
 	

By:	
 	

/s/  LAURA B. DEPOLE      
CFO & Secretary

cc: Human Resources

      Accounting 

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FULL RECOURSE UNSECURED PROMISSORY NOTEPrepared by MERRILL CORPORATION

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Exhibit 10.45  

 
 

THIRD MODIFICATION TO CREDIT AGREEMENT    
  

This
Third Modification to Credit Agreement (this "Modification") is entered into by and between TIER TECHNOLOGIES, INC. ("Borrower") and COMERICA
BANK-CALIFORNIA, as successor by merger to Imperial Bank ("Bank") as of this 28th day of November, 2001, at San Jose, California. 

 
 

RECITALS

        This
Modification is entered into upon the basis of the following facts and understandings of the parties, which facts and understandings are acknowledged by the parties to be true and
accurate: 

        Bank
and Borrower previously entered into a Credit Agreement dated August 25, 2000, which was subsequently amended pursuant to those certain modification agreements dated June 18, 2001
and September 19, 2001. The Credit Agreement and each modification shall collectively be referred to herein as the "Agreement." 

        NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as set forth below. 

 
 

AGREEMENT

        1.    Incorporation by Reference. The Recitals and the documents referred to therein are incorporated herein by this reference.
Except as otherwise noted, the terms not defined herein shall have the meaning set forth in the Agreement. 

        2.    Modification to the Agreement. Subject to the satisfaction of the conditions precedent as set forth in Section 3 hereof,
the Agreement is hereby modified as set forth below. 

                A.    Each
reference contained in the Agreement, and in each document, instrument or agreement entered into by Borrower with or in favor of Bank in connection
with the Agreement, to "Imperial Bank" hereby is deleted and replaced in its entirety with "Comerica Bank-California," respectively. 

                B.    The
defined term "Prime Rate" and the related definition contained in the Agreement hereby is deleted in its entirety and replaced with the defined term
"Base Rate," which shall mean the variable rate of interest announced by Bank at its headquarters office in San Jose, California as its "Base Rate" from time to time and which serves as the basis upon
which effective rates of interest are calculated for those loans making reference thereto. Accordingly, each reference to the term 'Prime Rate' contained elsewhere in the Agreement hereby is deleted
and replaced in its entirety with the term "Base Rate." 

                C.    Subsection
1.01A(b) of the Agreement is hereby deleted in its entirety and replaced with the following: 

"(b)    Letter of Credit Usage and Sublimit. Subject to availability under the Revolving Line of Credit, at any time and from time to time
from the date hereof through the banking day immediately prior to the Revolving Line of Credit Maturity Date, Bank shall issue for the account of Borrower such standby and commercial letters of credit
("Letters of Credit") as Borrower may request, which requests shall be made by delivering to Bank a duly executed letter of credit application on Bank's standard form; provided, however, that the
outstanding and undrawn amounts under all such Letters of Credit (i) shall not at any time exceed Fifteen Million Dollars ($15,000,000) (the "Letter of Credit Sublimit") and (ii) shall be deemed to
constitute Revolving Loans for the purpose of calculating availability under the Revolving Line of Credit. Unless agreed to in writing by Bank, no Letter of Credit shall have an expiration 

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date
that is later than the Revolving Line of Credit Maturity Date. All Letters of Credit shall be in form and substance acceptable to Bank in its sole discretion and shall be subject to the terms and
conditions of Bank's form application and letter of credit agreement and other agreements required by Bank. Borrower will pay all usual issuance and other fees that Bank notifies Borrower it will be
charged for issuing and processing Letters of Credit for Borrower" 

        3.    Legal Effect. The effectiveness of this Modification is conditioned upon receipt by Bank of this Modification, and any
other documents which Bank may require to carry out the terms hereof. Except as specifically set forth in this Modification, all of the terms and conditions of the Agreement remain in full force and
effect. 

        4.    Integration. This is an integrated Modification and supersedes all prior negotiations and agreements regarding the subject
matter hereof. All amendments hereto must be in writing and signed by the parties. 

        IN
WITNESS WHEREOF, the parties have agreed as of the date first set forth above. 

	
TIER TECHNOLOGIES, INC.	
 	

COMERICA BANK-CALIFORNIA
	

 	

 	
 	

 	

 
	By:	/s/ Laura B. DePole
	 	By:	/s/ Michael Hazlewood

	 	 	 	 	Michael Hazlewood
	Title:	CFO
	 	 	Senior Vice President
	

 	

 	
 	

 	

 
	

By:	

	
 	

 	

 
	

Title:	

	
 	

 	

 

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THIRD MODIFICATION TO CREDIT AGREEMENT

RECITALS

AGREEMENT

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