Document:

Exhibit 10.33

 

 

 

September 30, 2003

 

 

Employment Agreement

Lars Lindell

interWAVE Communications

 

 

Dear Lars,

 

 

The following employment terms supercede and replace
all previous oral and/or written agreements between interWAVE Communications
International Ltd. (Company), its subsidiaries and all affiliated entities and
Lars Lindell.

 

With informed review and
consent of mutual parties, this agreement will be effective upon signatures of
the President and Chief Executive Officer and you.

 

	
  A. Title

  	
   

  	
  Vice President & General Manager of the iWAVE
  CDMA Division of interWAVE located in Walnut Creek, CA.

  
	
   

  	
   

  	
   

  
	
  B. Reporting

  	
   

  	
  President & Chief Executive Officer (CEO) of
  interWAVE

  
	
   

  	
   

  	
   

  
	
  C. Responsibilities

  	
   

  	
  General Manager of the iWAVE CDMA Division
  headquartered in Walnut Creek, CA. 
  Responsibilities include management of the Company’s resources focused
  on CDMA design, outsourced manufacturing, marketing, customer services and
  support of Sales Channels including interWAVE and potential partners.

  
	
   

  	
   

  	
   

  
	
  D. Employee Status

  	
   

  	
  Full time employee

  
	
   

  	
   

  	
   

  
	
  E. Compensation

  	
   

  	
  $190,000 USD annual salary paid biweekly, less
  applicable taxes.

  
	
   

  	
   

  	
   

  
	
  F. Cash Bonus

  	
   

  	
  $75,000 per annum cash bonus based on meeting and or
  exceeding mutually agreed to CDMA objectives associated with market penetration,
  revenues, new orders, expenses and new product introduction.

  
	
   

  	
   

  	
   

  
	
  G. Stock Option

  	
   

  	
  An incentive stock option of 40,000 shares vesting
  over a period of four years under the Company’s Employee Stock Option Plan.

  
	
   

  	
   

  	
   

  
	
  H. Automobile

  	
   

  	
  A taxable monthly allowance of $400 USD automobile
  allowance

  
	
   

  	
   

  	
   

  
	
  I. Relocation

  	
   

  	
  In lieu of
  relocation the Company will pay for all reasonable coach travel expenses
  (booked in accordance with the Company’s travel policy and booked through the
  Company’s travel agent) associated with returns trip once every other month
  for a period of one year to Amsterdam, Netherlands.  During each trip, you will continue to provide direction and be
  responsible for the operation in a Home Office environment.  At the end of one year the Company and you
  will come to an agreement on relocation of your family to the United
  States.  At a minimum the Company will
  provide air travel for you, your spouse and children and a reasonable amount
  of household effects.  In Addition, a
  per diem of $150 for a period of thirty days.

  

 

	
  Employment
  Agreement

  	
   

  	
  Initials     LL      /  
  9/30/03

  
	
  Lars Lindell

  	
   

  	
   

  

 

1

 

	
  J. Benefit
  Coverage

  	
   

  	
  Medical, Dental
  and Vision as a part of the standard benefit plan of the Corporation for you,
  your spouse and family.

  
	
   

  	
   

  	
   

  
	
  K. Vacation
  & Sick Leave

  	
   

  	
  Annual vacation
  and sick leave in accordance with the Corporations Human Resource Plan.

  
	
   

  	
   

  	
   

  
	
  L. Insurance

  	
   

  	
  Officers
  indemnification in accordance with the terms and conditions of the Directors
  & Officer Insurance. Policy and Indemnification Agreement.

  
	
   

  
	
  M. Severance

  	
   

  	
  In the event of
  termination without cause, the following compensation has been approved:

  
	
   

  	
   

  	
  (1)          Continuation
  of salary.  The equivalent of six (6)
  months of then current base salary to be divided into thirteen (13) payments
  paid in regular biweekly payroll periods over a period of six months beyond
  the last day of active employment up to the effective date of termination.

  
	
   

  	
   

  	
  (2)          Benefits
  coverage for you and your family (medical, dental and vision) at the level of
  coverage then in effect for a period of six (6) months beyond the last day of
  active employment up to the effective date of termination.

  
	
   

  	
   

  	
  (3)          Continued
  stock vesting for a period of one (1) year including the period of salary and
  benefit continuation cited in (1) and (2).

  
	
   

  	
   

  	
  (4)          the
  Company will continue to provide Officers indemnification, subject to the
  terms and conditions of the Company’s Directors and Officers Insurance Policy
  and Indemnification Agreement for the term of your employment and the period
  noted in (1).

  
	
   

  	
   

  	
  (5)          In
  addition, Company will apply any other exit policy and benefits as are then
  current and applicable to an employee of the Company.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  In the event of
  Change of Control and termination without cause, items (1), (2), (4) and (5)
  will apply.  All “unvested shares”
  shall become “fully vested” with a combination of Change of Control and
  termination without cause.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  In the event of
  termination for cause, the Company shall not have any obligations for
  payments, benefits, damages, awards or compensation to you other than as
  provided by then existing employee plans or policies at the time of
  termination.

  
	
   

  
	
  N. Assumtion by
  Successor.

  	
   

  	
  This Agreement
  shall be binding upon the successors and assigns of the parties hereto,
  including any acquirer of the capital stock of the Company whether by merger,
  consolidation, reorganization or other similar business combination
  transaction.  In the event of sale of
  all or substantially all of the assets of the Company, the Company shall use
  all commercially reasonable efforts to cause the acquirer to assume this
  Agreement and the obligations of the Company hereunder.

  
	
   

  	
   

  	
   

  
	
  O. At-Will
  Employment

  	
   

  	
  Notwithstanding
  termination and the terms of severance above, you should be aware that your
  employment with Company is for no specified period and constitutes “at-will”
  employment.  As a result, you are free
  to terminate your employment at anytime, for any reason or for no reason.  Similarly, the Company is free to
  terminate your employment or demote, promote, or change your compensation,
  benefits, duties or location of work at any time, for any reason or for no
  reason.  In the event of termination
  of your employment, you will not be entitles to any payments, benefits,
  damages, awards or compensation of the than as ,may otherwise be available in
  accordance with the Company’s established employee plans and policies at the
  time of termination.

  
	
   

  	
   

  	
   

  
	
  P.
  Confidentiality

  	
   

  	
  You shall
  continue to be governed by the terms of the employment & Proprietary
  Agreement, Non-Disclosure and Confidentiality Agreement and

  
							

 

2

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Indemnification
  Agreement between the Company and yourself during your employment with the
  Company and any subsequent period covered in these agreements.  You should advise the CEO in writing of
  any conflict or potential conflict or submit to the CEO for determination of
  any potential conflict of interest during your employment and covered
  subsequent period.

  

 

All
other terms and conditions of employment remain the same.  There shall be no amendment to these
employment terms and conditions unless by mutual written consent of the
parties.

 

I hop
that you will accept the terms and we can work to further the goals and ensure
the success of the Company.

 

Sincerely,

 

 

	
  /s/ ERWIN
  LEICHTLE

  	
  9/30/03

  	
   

  
	
  Erwin Leichtle

  	
  Date

  	
   

  
	
  President &
  Chief Executive Officer

  	
   

  	
   

  
				

 

 

ý  I have
received and reviewed the terms of this Employment Agreement.

 

 

ý  I accept
the terms of this Employment Agreement.

 

 

	
  /s/ LARS LINDELL

  	
  9/30/03

  	
   

  
	
  Lars Lindell

  	
  Date

  	
   

  
				

 

 

cc:  Human Resources / personnel file L. Lindell

 

3EXHIBIT
10.25

FOURTH AMENDMENT TO
AMENDED AND RESTATED

CREDIT AGREEMENT

This FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT
AGREEMENT (this “Amendment”), made and entered into as of January 6,
2004, is by and between MagStar Technologies, Inc. f/k/a Reuter Manufacturing,
Inc., a Minnesota corporation (the “Borrower”), and U.S. Bank National
Association, a national banking association (the “Lender”).

RECITALS

1.             The
Lender and the Borrower entered into a Amended and Restated Credit Agreement
dated as of October 10, 2000, as amended by that First Amendment to Amended and
Restated Credit Agreement dated as of November 30, 2001, as amended by that
Second Amendment to Amended and Restated Credit Agreement dated as of August 7,
2003 and as further amended by that Third Amendment to Amended and Restated
Credit Agreement dated as of September 30, 2003 (as amended the “Credit
Agreement”); and

2.             The
Borrower desires to amend certain provisions of the Credit Agreement, and the
Lender has agreed to make such amendments, subject to the terms and conditions
set forth in this Amendment.

AGREEMENT

NOW,
THEREFORE, for
good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto hereby covenant and agree to be bound as
follows:

Section
1. Capitalized Terms.  Capitalized
terms used herein and not otherwise defined herein shall have the meanings
assigned to them in the Credit Agreement, unless the context shall otherwise
require.

Section
2. Amendments.  The Credit Agreement is hereby amended as
follows:

2.1          The
Commitments. 
Section 2.1 of the Credit Agreement is amended to read in its entirety
as follows:

Section 2.1  The Commitments  On the terms and subject to the conditions
hereof, the Lender agrees to make the following lending facility available to
the Borrower:

2.1 (a)  Revolving
Credit.  A revolving loan (the
“Revolving Loan”) to the Borrower available as advances (“Advances”) at any
time and from time to time from the Closing Date to June 30, 2004 (the
“Revolving Maturity Date”), during which period the Borrower may borrow, repay
and reborrow in accordance with the provisions hereof, provided, that
the unpaid principal amount of 
revolving Advances shall not at any time 

 

exceed
One Million Three Hundred Fifty Thousand Dollars ($1,350,000) (the “Revolving
Commitment Amount”); and provided, further, that no revolving
Advance will be made if, after giving effect thereto, the unpaid principal
amount of the Advances would exceed the Borrowing Base.

Section
3. Effectiveness of Amendments.  The
amendments contained in this Amendment shall become effective upon delivery by
the Borrower of, and compliance by the Borrower with, the following:

3.1          This
Amendment duly executed by the Borrower.

3.2          A copy of
the resolutions of the Board of Directors of the Borrower authorizing the
execution, delivery and performance of this Amendment certified as true and
accurate by its Secretary or Assistant Secretary, along with a certification by
such Secretary or Assistant Secretary (i) certifying that there has been
no amendment to the Articles of Incorporation or Bylaws of the Borrower since
true and accurate copies of the same were delivered to the Lender with a
certificate of the Secretary of the Borrower dated October 10, 2000, and
(ii) identifying each officer of the Borrower authorized to execute this
Amendment and any other instrument or agreement executed by the Borrower in
connection with this Amendment 
(collectively, the “Amendment Documents”), and certifying as to
specimens of such officer’s signature and such 
officer’s incumbency in such offices as such officer holds.

3.3          The Borrower
shall have satisfied such other conditions as specified by the Lender,
including payment of all unpaid legal fees and expenses incurred by the Lender
through the date of this Amendment in connection with the Credit Agreement and
the Amendment Documents.

Section
4.  Representations, Warranties,
Authority, No Adverse Claim.

4.1          Reassertion
of Representations and Warranties, No Default.  The Borrower hereby represents that
on and as of the date hereof and after giving effect to this Amendment
(a) all of the representations and warranties contained in the Credit
Agreement are true, correct and complete in all respects as of the date hereof
as though made on and as of such date, except for changes permitted by the
terms of the Credit Agreement, and (b) there will exist no Default or Event of
Default under the Credit Agreement as amended by this Amendment on such date
which has not been waived by the Lender.

4.2          Authority,
No Conflict, No Consent Required. The Borrower
represents and warrants that the Borrower has the power and legal right and
authority to enter into the Amendment Documents and has duly authorized as
appropriate the execution and delivery of the Amendment Documents and other
agreements and documents executed and delivered by the Borrower in connection
herewith or therewith by proper corporate action, and none of the Amendment
Documents nor the agreements contained herein or 

 

2

 

therein contravenes or constitutes a
default under any agreement, instrument or indenture to which the Borrower is a
party or a signatory or a provision of the Borrower’s Articles of
Incorporation, Bylaws or any other agreement or requirement of law, or result
in the imposition of any Lien on any of its property under any agreement
binding on or applicable to the Borrower or any of its property except, if any,
in favor of the Lender.  The Borrower
represents and warrants that no consent, approval or authorization of or
registration or declaration with any Person, including but not limited to any
governmental authority, is required in connection with the execution and
delivery by the Borrower of the Amendment Documents or other agreements and
documents executed and delivered by the Borrower in connection therewith or the
performance of obligations of the Borrower therein described, except for those
which the Borrower has obtained or provided and as to which the Borrower has
delivered certified copies of documents evidencing each such action to the
Lender.

4.3          No
Adverse Claim. The Borrower warrants, acknowledges
and agrees that no events have been taken place and no circumstances exist at
the date hereof which would give the Borrower a basis to assert a defense,
offset or counterclaim to any claim of the Lender with respect to the
Obligations.

Section
5. Affirmation of Credit Agreement, Further References, Affirmation of
Security Interest.  The Lender and the Borrower
each acknowledge and affirm that the Credit Agreement, as hereby amended, is
hereby ratified and confirmed in all respects and all terms, conditions and
provisions of the Credit Agreement, except as amended by this Amendment, shall
remain unmodified and in full force and effect.  All references in any document or instrument to the Credit
Agreement are hereby amended and shall refer to the Credit Agreement as amended
by this Amendment.   The Borrower
confirms to the Lender that the Obligations are and continue to be secured by
the security interest granted by the Borrower in favor of the Lender under the
Security Agreement, and all of the terms, conditions, provisions, agreements,
requirements, promises, obligations, duties, covenants and representations of
the Borrower under such documents and any and all other documents and
agreements entered into with respect to the obligations under the Credit
Agreement are incorporated herein by reference and are hereby ratified and
affirmed in all respects by the Borrower.

Section
6. Merger and Integration, Superseding Effect. 
This Amendment, from and after the date hereof, embodies the entire
agreement and understanding between the parties hereto and supersedes and has
merged into this Amendment all prior oral and written agreements on the same
subjects by and between the parties hereto with the effect that this Amendment,
shall control with respect to the specific subjects hereof and thereof.

Section
7. Severability.  Whenever possible, each
provision of this Amendment and the other Amendment Documents and any other
statement, instrument or transaction contemplated hereby or thereby or relating
hereto or thereto shall be interpreted in such manner as to be effective, valid
and enforceable under the applicable law of any jurisdiction, but, if any
provision of this Amendment, the other Amendment Documents or any other
statement, instrument or 

 

3

 

transaction
contemplated hereby or thereby or relating hereto or thereto shall be held to
be prohibited, invalid or unenforceable under the applicable law, such
provision shall be ineffective in such jurisdiction only to the extent of such
prohibition, invalidity or unenforceability, without invalidating or rendering
unenforceable the remainder of such provision or the remaining provisions of
this Amendment, the other Amendment Documents or any other statement,
instrument or transaction contemplated hereby or thereby or relating hereto or
thereto in such jurisdiction, or affecting the effectiveness, validity or
enforceability of such provision in any other jurisdiction.

Section
8. Successors.  The Amendment Documents shall be binding
upon the Borrower and the Lender and their respective successors and assigns,
and shall inure to the benefit of the Borrower and the Lender and the
successors and assigns of the Lender.

Section
9. Legal Expenses.  As provided in Section 8.2 of
the Credit Agreement, the Borrower agrees to reimburse the Lender, upon
execution of this Amendment, for all reasonable out-of-pocket expenses
(including attorney’ fees and legal expenses of Dorsey & Whitney LLP,
counsel for the Lender) incurred in connection with the Credit Agreement,
including in connection with the negotiation, preparation and execution of the
Amendment Documents and all other documents negotiated, prepared and executed
in connection with the Amendment Documents, and in enforcing the obligations of
the Borrower under the Amendment Documents, and to pay and save the Lender
harmless from all liability for, any stamp or other taxes which may be payable
with respect to the execution or delivery of the Amendment Documents, which
obligations of the Borrower shall survive any termination of the Credit
Agreement.

Section
10. Headings.  The headings of various sections of this
Amendment have been inserted for reference only and shall not be deemed to be a
part of this Amendment.

Section
11. Counterparts.  The Amendment Documents may
be executed in several counterparts as deemed necessary or convenient, each of
which, when so executed, shall be deemed an original, provided that all such
counterparts shall be regarded as one and the same document, and either party
to the Amendment Documents may execute any such agreement by executing a
counterpart of such agreement.

Section
12. Governing Law.  THE AMENDMENT
DOCUMENTS SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF MINNESOTA,
WITHOUT GIVING EFFECT TO CONFLICT OF LAW PRINCIPLES THEREOF, BUT GIVING EFFECT
TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS, THEIR HOLDING COMPANIES AND THEIR
AFFILIATES.

 

4

 

IN
WITNESS WHEREOF, the
parties hereto have caused this Amendment to be executed as of the date and
year first above written.

BORROWER:

	
   

  	
  MAGSTAR TECHNOLOGIES,
  INC. F/K/A REUTER MANUFACTURING, INC.

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  By: 

  	
  /s/  James L. Reissner

  
	
   

  	
  Title:

  	
  President and
  CEO

  	 

						

 

LENDER:

	
   

  	
  U.S. BANK NATIONAL
  ASSOCIATION

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  By: 

  	
  /s/  Wm. Sweeney

  
	
   

  	
  Title:

  	
  Vice President

  	 

						

 

 

5

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