Document:

Consulting Agreement between Registrant and Eric S. Yeaman

 Exhibit 10.20 
  
 TURNSTONE SYSTEMS, INC. 
  
 Consulting Agreement 
  
 This Consulting Agreement (the “Agreement”) is made as of July 1, 2004 by and between Turnstone Systems, Inc., a Delaware corporation having its
principal place of business at 7650 Marathon Drive, Suite A, Livermore, CA 94550 (the “Company”), and Eric Yeaman (the “Consultant”). 
  
 Recitals 
  
 1. The Company desires to retain the Consultant as an independent contractor to perform consulting services for the Company. 
  
 2. The Consultant is willing to perform such services for the Company on the
terms and subject to the conditions set forth in this Agreement. 
  
 NOW, THEREFORE, in consideration of the mutual promises set forth herein, the Company and the Consultant hereby agree as follows: 
  
 1. Function. The Consultant will assist, consult, and advise the Company in respect of such tasks, projects, and responsibilities as shall
be requested by the Company’s Board of Directors and/or its officers, as set forth on Exhibit A attached hereto. 
  
 2. Compensation. As consideration for such assistance, consultation, and advice, the Company will pay the Consultant the compensation set
forth on Exhibit A attached hereto. In addition, the Company will reimburse the Consultant for reasonable out-of-pocket expenses incurred by Consultant in the execution of Consultant’s duties as set forth in Section 1 above, as set forth
on Exhibit A attached hereto, provided that the Consultant shall provide the Company documentation for such expenses in accordance with the Company’s established policies for expense reimbursement, and the Consultant shall have otherwise
complied with all such policies. 
  
 3. Term. Either
Consultant or Company may terminate this Agreement at any time for any reason or no reason, with or without cause, by written notice. Termination shall not relieve the Consultant of Consultant’s continuing obligations under this Agreement,
including, without limitation, the requirements of Sections 4, 5, 6, or 7. 
  
 4. Confidentiality. 
  
 (a) “Confidential Information” means any Company proprietary information, technical data, trade secrets or know-how, including, but not limited
to, research, product plans, products, services, suppliers, supplier lists, customers, customer lists, markets, software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration information,
marketing, finances, or other business information disclosed by the Company, either directly or indirectly, in writing, orally, or by drawings or inspection of parts or equipment. Confidential Information shall not include information which (i) is
known to the Consultant at the time of disclosure to the Consultant by the Company as evidenced by the written records of the Consultant, (ii) has become publicly known and made generally available through no wrongful act of the Consultant, or (iii)
has been rightfully received by the Consultant from a third party who is authorized to make such disclosure. 

 (b) The Consultant will not, during the term of this Agreement and thereafter, use the Company’s
Confidential Information for any purpose whatsoever other than the performance of services on behalf of the Company pursuant to Section 1 and will not disclose the Company’s Confidential Information to any third party, and it is understood that
said Confidential Information shall remain the sole property of the Company. Consultant further agrees to take all necessary precautions to prevent any unauthorized disclosure of Confidential Information including, but not limited to, having each
employee of Consultant, if any, with access to any Confidential Information, execute an agreement containing terms relating to Confidential Information and ownership of intellectual property substantially similar to those set forth in this
Agreement. 
  
 (c) The Consultant agrees that Consultant will not,
during the term of this Agreement, improperly use or disclose any proprietary information or trade secrets of any third party with which has an agreement or duty to keep in confidence information acquired by Consultant in confidence, and that
Consultant will not bring onto the premises of the Company any unpublished document or proprietary information belonging to such third party unless consented to in writing by such third party. The Consultant will indemnify the Company and hold it
harmless from and against all claims, liabilities, damages and expenses, including reasonable attorneys’ fees and costs of suit, arising out of or in connection with any violation or claimed violation of a third party’s rights resulting in
whole or in part from the Company’s use of the work product of the Consultant under this Agreement. 
  
 (d) The Consultant recognizes that the Company has received and in the future will receive from third parties their confidential or proprietary
information subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. The Consultant agrees that Consultant owes the Company and such third parties, during the
term of this Agreement and thereafter, a duty to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person, firm or corporation or to use it except as necessary in carrying out services
for the Company pursuant to Section 1 in a manner consistent with the Company’s agreement with such third party. 
  
 (e) Upon the termination of this Agreement, or at any time upon the Company’s request, the Consultant will promptly deliver to the Company all of the
Company’s property or Confidential Information in tangible form that Consultant may have in Consultant’s possession or control. 
  
 5. Ownership. 
  
 (a) The Consultant agrees that all copyrightable material, notes, records, drawings, designs, inventions, improvements, developments, discoveries, and
trade secrets (collectively, “Inventions”) conceived, made, or discovered by the Consultant, solely or in collaboration with others, during the term of this Agreement which relate in any manner to the business of the Company that
Consultant may be directed to undertake, investigate, or experiment with, in connection with the services to be performed by Consultant hereunder, are the sole property of the Company. Consultant further agrees to assign (or cause to be assigned)
and does hereby assign fully to the Company all such Inventions and any copyrightable patents, mask work rights, moral rights or other intellectual property rights relating thereto. This Agreement does not apply to inventions covered by Section 2870
of the California Labor Code, a copy of which is attached hereto as Exhibit B, or to inventions which were made prior to the date of this Agreement. 
  
 (b) The Consultant agrees to assist the Company, or its designee, at the Company’s expense, in every proper way to secure the Company’s rights
in the Inventions and any copyrights, patents, mask work 

 rights, or other intellectual property rights relating thereto in any and all countries, including the disclosure to the
Company of all pertinent information and data with respect thereto, the execution of all applications, specifications, oaths, assignments, and all other instruments which the Company shall deem necessary or appropriate in order to apply for and
obtain such rights and in order to assign and convey to the Company, its successors, assigns, and nominees the sole and exclusive rights, title, and interest in and to such Inventions, and any copyrights, patents, mask work rights, or other
intellectual property rights relating thereto. The Consultant further agrees that Consultant’s obligation to execute or cause to be executed, when it is in Consultant’s power to do so, any such instrument or papers shall continue after the
termination of this Agreement. 
  
 6. Conflicting
Obligations.  
  
 (a) The Consultant certifies that
Consultant has no outstanding agreement or obligation that is in conflict with any of the provisions of this Agreement or that would preclude the Consultant from complying with the provisions hereof and further certifies that Consultant will not
enter into any such conflicting agreement during the time in which Consultant is acting as an independent contractor of the Company or thereafter. 
  
 (b) In view of the Consultant’s access to the Company’s trade secrets and proprietary know-how, Consultant further agrees that Consultant will
not, without the Company’s prior written consent, design identical or substantially similar designs as those developed for the Company or for any third party during the time in which Consultant is acting as an independent contractor of the
Company and for a period of twelve (12) months thereafter. 
  
 7.
Covenant Not to Compete; Non-Solicitation. During the term of this Agreement, the Consultant will not, directly or indirectly, participate as an officer, director, employee, partner, principal, consultant or otherwise with, any person,
business or enterprise which is engaged in actual or potential competition with the Company or its affiliates, without the express prior written consent of the Company. The Consultant covenants and agrees with the Company that Consultant will not,
during the term of this Agreement and for a period of one year thereafter, whether directly or indirectly, solicit any of the Company’s then-current employees to terminate their employment with the Company or to become employed by any other
firm, company, or business. 
  
 8. Independent
Contractor. The Consultant is an independent contractor and will not act as an agent nor shall Consultant be deemed an employee of the Company for the purposes of any employee benefit program, income tax withholding, FICA taxes, unemployment
benefits or otherwise. The Consultant may not enter into any agreement or incur any obligations on the Company’s behalf, or commit the Company in any manner, without the Company’s express prior written consent. 
  
 9. Notices. Any notice required or permitted by this Agreement
shall be deemed to have been given if delivered personally or sent by registered or certified mail, postage and charges prepaid, addressed to the party at the party’s address set forth on the signature page hereof. 
  
 10. Governing Law. This Agreement and the application or
interpretation thereof shall be governed, construed, and enforced in accordance with the laws of the State of California as applied to agreements between California residents entered and to be performed entirely within California. 

 11. Miscellaneous. 
  
 (a) This Agreement, including the exhibits attached hereto and made a part hereof, constitutes and expresses the entire
agreement and understanding between the Company and the Consultant relating to the subject matter herein. All previous discussions, promises, representations, and understandings between the parties relative to this Agreement, if any, have been
merged into this document. No modification of or amendment to this Agreement, nor any waiver of rights under this Agreement, will be effective unless expressed in a writing signed by the party to be charged. 
  
 (b) The Consultant may not subcontract all or any part of the services to be
provided hereunder without the express prior written consent of the Company. 
  
 (c) This Agreement shall be binding upon and shall inure to the benefit of the Company’s successors, transferees, and assigns. 
  
 (d) The Consultant agrees that a breach of any of the representations, warranties, or covenants contained in this Agreement
will result in irreparable and continuing damage to the Company for which there will be no adequate remedy at law and that, consequently, the Company will be entitled to injunctive relief and/or a decree for specific performance and such other
relief as may be proper (including monetary damages, if appropriate). 
  
 (e) The waiver by the Company of a breach of any provision of this Agreement will not operate or be construed as a waiver of any other or subsequent breach. 
  
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written. 
  

					
	 “COMPANY”
	 	 TURNSTONE SYSTEMS, INC.
 a Delaware corporation

	 	 	 By:
	 	  
 /s/ Albert Liu

	 	 	 Name:
	 	 Albert Liu

	 	 	 Title:
	 	 General Counsel & Director of HR

	 “CONSULTANT”
	 	  
 /s/ Eric
Yeaman

	 	 	 (signature)
  

	 	 	 Name:
	 	 Eric Yeaman

	 	 	 Title:
	 	 Consultant

	 	 	 Address:

	 	 	 Tax ID #:

 Exhibit A 
  

CONSULTANT COMPENSATION 
  
 Description of Services: Management of the dissolution of the Company. 
  
 Consultant shall report to: Albert Liu, General Counsel & Director of HR 
  
 Fees: US$125.00 per hour 
  
 Expenses authorized for reimbursement by Company: Reasonable expenses associated with the provisioning of services hereunder to be mutually agreed upon between the Company and Consultant. 

 Exhibit B 
  

Section 2870, California Labor Code 
  
 (a) Any provision in an employment agreement which provides that an employee shall assign, or offer to assign, any of his or her rights in an invention to his or her
employer shall not apply to an invention that the employee developed entirely on his or her own time without using the employer’s equipment, supplies, facilities, or trade secret information except for those inventions that either: 

 
 (1) Relate at the time of conception or reduction to practice of the
invention to the employer’s business, or actual or demonstrably anticipated research or development of the employer. 
  
 (2) Result from any work performed by the employee for the employer. 
  
 (b) To the extent a provision in an employment agreement purports to require an employee to assign an invention otherwise excluded from
being required to be assigned under subdivision (a), the provision is against the public policy of this state and is unenforceable.Amendment No. 2 to the Credit Agreement

 Exhibit 10.4 
  
 AMENDMENT NO. 2 
  
 to 
  
 CREDIT AGREEMENT 
  
 THIS AMENDMENT NO. 2 TO THE CREDIT AGREEMENT (the “Amendment”) is made as of March 31, 2004 by and among NATIONAL WINE & SPIRITS, INC. (the “Borrower”), the financial institutions listed on the
signature pages hereof and LASALLE BANK NATIONAL ASSOCIATION, in its capacity as contractual representative (the “Agent”) under that certain Credit Agreement dated as of March 31, 2003 by and among the Borrower, the financial institutions
party from time to time parties thereto (the “Banks”) and the Agent (as amended on June 30, 2003, and as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).
Defined terms used herein and not otherwise defined herein shall have the meaning given to them in the Credit Agreement. 
  
 WITNESSETH 
  
 WHEREAS, the Borrower, the Banks and the Agent are parties to the Credit Agreement; and 
  
 WHEREAS, the Borrower, the Agent and the requisite number of Banks under Section 8.1 of the Credit Agreement have
agreed to amend the Credit Agreement on the terms and conditions set forth herein; 
  
 NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto have agreed to the following amendment to the Credit Agreement: 
  
 1. Amendment to the Credit Agreement. Effective as of March 31, 2004 (the “Effective Date”) and subject to the satisfaction of the conditions precedent set forth in Section 3 below, the Credit
Agreement is hereby amended as follows: 
  

	 	1.1.	Section 1.1 of the Credit Agreement is hereby amended effective as of the Effective Date hereof by replacing the defined term “Applicable Margin” with
the following: 

  
 “Applicable
Margin” shall mean for any date with respect to any Adjusted Base Rate Loan, Eurodollar Rate Loan, or commitment fee, as the case may be, the applicable percentage set forth in the applicable column of the table below for, in the case
of Loans, the Borrowing Base level in effect on such date, based upon the Interest Coverage Ratio as determined as of the end of each fiscal quarter, commencing with the March 31, 2003 fiscal quarter, for the period of the four fiscal quarters then
ending, as adjusted on the tenth Business Day following receipt by the Agent of the Company’s financial statements for such fiscal quarter, or fiscal year, as the case may be, and remaining in effect until the next change to be effected
pursuant to this definition, provided that if any Event of Default has occurred and is continuing, the Interest Coverage Ratio as of the end of the most recently ended fiscal quarter shall, for the purposes of this definition, be deemed to be less
than 1.50:1.00; provided, further that during the period from the Effective Date through and including the tenth Business Day 

 following receipt by the Agent of the Company’s financial statements for the fiscal quarter ending on March 31,
2003, the Applicable Margin shall be determined from Tier II. In the table below, the abbreviation “bps” means “basis points”. Each basis point is equal to 0.01% per annum. 
  

																	
	 Applicable Margin (in bps)

	 Tier

	  	 Interest Coverage Ratio

	  	80% A/R + 60% Inv.

	  	75% A/R + 55% Inv.

	  	70% A/R + 50% Inv.

	  	 Commitment
 Fee

	  	  	ABR

	  	Eurodollar

	  	ABR

	  	Eurodollar

	  	ABR

	  	Eurodollar

	  
	 I
	  	>2.50:1.00	  	50	  	225	  	25	  	200	  	0	  	175	  	40
	 II
	  	>2.00£2.50: 1.00	  	75	  	250	  	50	  	225	  	25	  	200	  	45
	 III
	  	>1.50£2.00:1.00	  	100	  	275	  	75	  	250	  	50	  	225	  	50
	 IV
	  	£1.50:1.00	  	125	  	300	  	100	  	275	  	75	  	250	  	50

  

	 	1.2.	Section 5.2(A) of the Credit Agreement is hereby amended by deleting the text thereof in its entirety and replacing it with the following: 

  
 Interest Coverage Ratio. Permit or suffer the Interest Coverage Ratio
for the 12-month period ending on the last day of (i) any fiscal quarter for the period commencing with the fiscal quarter ending on March 31, 2003 through the fiscal quarter ending December 31, 2003, to be less than 1.75 to 1.00, (ii) the fiscal
quarter ending on March 31, 2004 to be less than 1.10 to 1.00, (iii) the fiscal quarter ending on June 30, 2004 to be less than 1.00 to 1.00, (iv) the fiscal quarter ending on September 30, 2004 to be less than 1.15 to 1.00, (v) any fiscal quarter
for the period commencing with the fiscal quarter ending on December 31, 2004 thorough the fiscal quarter ending on March 31, 2005 to be less than 1.50 to 1.00, and (vi) each fiscal quarter thereafter to be less than 1.75 to 1.00. 
  

	 	1.3.	Section 5.2(B) of the Credit Agreement is hereby amended by deleting the text thereof in its entirety and replacing it with the following: 

  
 Funded Debt Coverage Ratio. Permit or suffer the Funded Debt Coverage
Ratio to be greater than (i) 8.50 to 1.00 as of the end of the fiscal quarter for the 12-month periods ending on March 31, 2004 and June 30, 2004, (ii) 7.50 to 1.00 as of the end of the fiscal quarter for the 12-month period ending on September 30,
2004, (iii) 6.00 to 1.00 as of the end of the fiscal quarter for the 12-month period ending on December 31, 2004 and (iv) 5.50 to 1.00 as of the end of any fiscal quarter for any 12-month period thereafter. 

	 	1.4.	Section 5.2(C) of the Credit Agreement is hereby amended by deleting the amount “$10,000,000” now appearing therein and substituting the amount
“$5,000,000” therefor. 

  
 2. Further
Amendment to the Credit Agreement. Effective as of April 1, 2004 (the “Bond Effective Date”) and subject to the satisfaction of the conditions precedent set forth in Section 3 below, the Credit Agreement is hereby amended as
follows: 
  

	 	2.1.	Section 5.2(O) of the Credit Agreement is hereby amended by deleting the text thereof in its entirety and replacing it with the following: 

  
 Payments and Modification of Senior Unsecured Debt. Make any optional
payment, prepayment or any optional or mandatory redemption of, or purchase, any Senior Unsecured Debt, nor amend or modify, or consent or agree to any amendment or modification, which would shorten any maturity or increase the amount of any payment
of principal or increase the rate (or require earlier payment) of interest on any such Senior Unsecured Debt, nor enter into any agreement or arrangement providing for the defeasance of any Senior Unsecured Debt; provided, that the Company may (A)
make redemptions of Senior Unsecured Debt that are (1) permitted or required by the terms of the indenture governing the Senior Unsecured Debt from the cash proceeds of a sale of common stock of the Company or (2) required by the terms of the
indenture governing the Senior Unsecured Debt from the cash proceeds of a sale of assets of the Company or any of its Restricted Subsidiaries (other than assets subject to a Lien in favor of the Agent) to the extent such cash proceeds are not
reinvested in the Company’s and its Restricted Subsidiaries’ assets and (B) purchase in one or more transactions from and after April 1, 2004 up to $10,000,000 in aggregate principal amount of Senior Unsecured Debt at par or less than par,
if (i) immediately before and after such purchase or redemption, no Default or Event of Default shall exist or shall have occurred and be continuing, (ii) except as may be set forth in any periodic report filed by the Company with the Securities and
Exchange Commission, the representations and warranties contained in Article IV shall be true and correct on and as of the date thereof (both before and after such purchase or redemption is consummated) as if made on the date such purchase or
redemption is consummated, (iii) the Company shall have provided to the Agent before such purchase or redemption (x) pro forma financial statements reflecting the occurrence of such purchase or redemption demonstrating compliance with the covenants
contained in this Agreement, certified by a duly authorized officer of the Company and (y) a certificate of a duly authorized officer certifying that immediately before and after such purchase or redemption, (a) the Interest Coverage Ration is
greater than or equal to 1.75 to 1.00 and (b) the Funded Debt Coverage Ratio is less than or equal to 5.50 to 1.00 (which certificate shall set forth the calculations of the ratios in each of clause (a) and (b)), and (iv) after giving effect to such
purchase or redemption, Availability shall be greater than or equal to $15,000,000. For purposes of this Section 5.2(O), “Availability” shall mean an amount equal to (a) the lesser of the Aggregate Commitment and the Borrowing Base
then in effect, minus (b) the aggregate outstanding principal amount of all Advances. 
  
 3. Conditions of Effectiveness. The effectiveness of this Amendment is subject to the conditions precedent that the Agent shall have received the following: 

	 	(a)	duly executed originals of this Amendment from each of the Borrower, the requisite number of Banks under Section 8.1 of the Credit Agreement and the Agent;

  

	 	(b)	duly executed originals of a Reaffirmation in the form of Exhibit A attached hereto; and 

  

	 	(c)	an amendment fee for the account of each Bank in an aggregate amount equal to $60,000, payable ratably to the Banks based on each Bank’s Commitment. 

 
 4. Representations and Warranties of the Borrower. The Borrower
hereby represents and warrants as follows: 
  

	 	4.1	This Amendment and the Credit Agreement as previously executed and as amended hereby, constitute legal, valid and binding obligations of the Borrower and are enforceable against the
Borrower in accordance with their terms. 

  

	 	4.2	Upon the effectiveness of this Amendment and after giving effect hereto, (i) the Borrower hereby reaffirms all covenants, representations and warranties made in the Credit Agreement
as amended hereby, and agrees that all such covenants, representations and warranties shall be deemed to have been remade as of the effective date of this Amendment (unless the applicable representation and warranty is specifically made as of an
earlier date pursuant to the terms of the Credit Agreement) and (ii) no Default or Event of Default has occurred and is continuing. 

  
 5. Reference to the Effect on the Credit Agreement. 
  

	 	5.1	Upon the effectiveness of Section 1 hereof, on and after the date hereof, each reference in the Credit Agreement or in any other Loan Document (including any reference
therein to “this Credit Agreement,” “hereunder,” “hereof,” “herein” or words of like import referring thereto) shall mean and be a reference to the Credit Agreement as amended by Section 1.

  

	 	5.2	Upon the effectiveness of Section 2 hereof, on and after the date hereof, each reference in the Credit Agreement or in any other Loan Document (including any reference
therein to “this Credit Agreement,” “hereunder,” “hereof,” “herein” or words of like import referring thereto) shall mean and be a reference to the Credit Agreement as further amended by Section 2.

  

	 	5.3	Except as specifically amended above, the Credit Agreement and all other documents, instruments and agreements executed and/or delivered in connection therewith, shall remain in
full force and effect, and are hereby ratified and confirmed. 

  

	 	5.4	The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Agent or the Banks, nor constitute a waiver of any
provision of the Credit Agreement or any other documents, instruments and agreements executed and/or delivered in connection therewith. 

 6. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
INTERNAL LAWS (INCLUDING 735 ILCS 105/5-1 ET SEQ., BUT OTHERWISE WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS) OF THE STATE OF ILLINOIS. 
  
 7. Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this
Amendment for any other purpose. 
  
 8. Counterparts. This
Amendment may be executed by one or more of the parties to the Amendment on any number of separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 
  
 [REMAINDER OF PAGE INTENTIONALLY BLANK] 

 IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above written.

  

			
	NATIONAL WINE & SPIRITS, INC., as Borrower
		
	 By:
	 	 /s/ Patrick A. Trefun

	 Name: Patrick A. Trefun

	 Title: Corporate Controller

	
	LASALLE BANK NATIONAL ASSOCIATION, as Agent and as a Bank
		
	 By:
	 	 /s/ Sarah Gin

	 Name: Sarah Gin

	 Title: Assistant Vice President

	
	NATIONAL CITY BANK OF INDIANA, as a Bank
		
	 By:
	 	 /s/ John W. Lichtle

	 Name: John W. Lichtle

	 Title: Vice President

 EXHIBIT A 
  

REAFFIRMATION 
  
 Each of the undersigned hereby acknowledges receipt of a copy of the foregoing Amendment No. 2 to the Credit Agreement dated as of March 31, 2003 by and
among National Wine & Spirits, Inc. (the “Borrower”), the financial institutions from time to time party thereto (the “Banks”) and LaSalle Bank National Association, in its individual capacity as a Bank and in its capacity as
contractual representative (the “Agent”) (as amended on June 30, 2003, and as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), which Amendment No. 2 is
dated as of March 31, 2004 (the “Amendment”). Capitalized terms used in this Reaffirmation and not defined herein shall have the meanings given to them in the Credit Agreement. Without in any way establishing a course of dealing by the
Agent or any Bank, each of the undersigned reaffirms the terms and conditions of the Guaranty, the Pledge Agreement, Security Agreement and any other Loan Document executed by it and acknowledges and agrees that such agreement and each and every
such Loan Document executed by the undersigned in connection with the Credit Agreement remains in full force and effect and is hereby reaffirmed, ratified and confirmed. All references to the Credit Agreement contained in the above-referenced
documents shall be a reference to the Credit Agreement as so modified by the Amendment and as the same may from time to time hereafter be amended, modified or restated. 
  
 Dated as of March 31, 2004 
  
  

			
	 NATIONAL WINE & SPIRITS CORPORATION

	 NWS, INC.

	 NWS-ILLINOIS, LLC

	 NWS MICHIGAN, INC.

	 UNITED STATES BEVERAGE, L.L.C.

	 NATIONAL WINE & SPIRITS, LLC

	 R. M. GILLIGAN, INC.

		
	 By:
	 	  

	 Its:
	 	  

 REAFFIRMATION 
  
 Each of the undersigned hereby acknowledges receipt of a copy of the foregoing Amendment No. 2 to the Credit Agreement dated as of March 31, 2003 by and
among National Wine & Spirits, Inc. (the “Borrower”), the financial institutions from time to time party thereto (the “Banks”) and LaSalle Bank National Association, in its individual capacity as a Bank and in its capacity as
contractual representative (the “Agent”) (as amended on June 30, 2003, and as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), which Amendment No. 2 is
dated as of March 31, 2004 (the “Amendment”). Capitalized terms used in this Reaffirmation and not defined herein shall have the meanings given to them in the Credit Agreement. Without in any way establishing a course of dealing by the
Agent or any Bank, each of the undersigned reaffirms the terms and conditions of the Guaranty, the Pledge Agreement, Security Agreement and any other Loan Document executed by it and acknowledges and agrees that such agreement and each and every
such Loan Document executed by the undersigned in connection with the Credit Agreement remains in full force and effect and is hereby reaffirmed, ratified and confirmed. All references to the Credit Agreement contained in the above-referenced
documents shall be a reference to the Credit Agreement as so modified by the Amendment and as the same may from time to time hereafter be amended, modified or restated. 
  
 Dated as of March 31, 2004 
  

			
	 NATIONAL WINE & SPIRITS CORPORATION

	 NWS, INC.

	 NWS-ILLINOIS, LLC

	 NWS MICHIGAN, INC.

	 UNITED STATES BEVERAGE, L.L.C.

	 NATIONAL WINE & SPIRITS, LLC

	 R. M. GILLIGAN, INC.

		
	 By:
	 	 /s/ John J. Baker

	 Its:
	 	 Secretary

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