Document:

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                                                                   EXHIBIT 10.18

March 24, 2005

Grant Burton

Dear Grant:

We are pleased to offer you the position of Vice President Chief Accounting
Officer, reporting to Dean Luvisa, acting Chief Financial Officer. The terms of
the offer are as follows:

      1.    Employment to begin on the later of April, 25, 2005 or two business
            days after the Company files its Annual Report on Form 10-K for the
            fiscal year ended December 31, 2004.

      2.    A starting bi-weekly salary of $7,307.69; if annualized, $190,000.
            In consideration of the importance of this position, you will also
            be paid a sign-on bonus of $15,000 (less tax), payable within 30
            days of assuming the responsibilities of your position. Please note:
            If you terminate your employment within one year of your date of
            hire, you will be required to reimburse the Company 100% of your
            sign-on bonus.

      3.    Eligibility to participate in our Bonus Plan. You will have an
            opportunity to earn a target bonus up to 30% of your base
            compensation. The bonus payout will be based on company and
            individual performance.

      4.    A competitive comprehensive benefits package for you and your
            eligible dependents. Your Paid Time Off (PTO) will be 4 weeks per
            year and accrued on a per pay period bases. Attached you will find a
            detailed copy of our benefits package for your information.

      5.    You will be eligible to participate in the company's long term
            incentive plan. The specifics of the incentive plan will be provided
            to you in the form of a restricted stock/stock option agreement. You
            will be granted restricted stock valued at $169,600.00 and stock
            options valued at $513,600.00. The exact number of shares of
            restricted stock and stock options and the price will be based on
            the closing price of the stock on the day prior to your grant date.

      6.    A special termination agreement effective for 12 consecutive months
            following your date of hire will be provided. If Cricket
            Communications is acquired or dissolved during this period and we
            are unable to provide you a comparable position at the same salary
            level, Cricket is prepared to provide you six (6) months base pay
            and six (6) months Cobra.

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In connection with your employment by the Company, you will be required to take
and pass a drug and alcohol test, the results of a background investigation must
be acceptable to the Company, and you will be required to sign the Company's
Invention Disclosure, Confidentiality & Proprietary Rights Agreement. The Leap
Human Resources department will initiate the background investigation. Included
with this letter is a clinic passport that contains the name, address, and
telephone number of the medical center that you will go to in order to complete
your drug and alcohol test specimen collection. PLEASE TAKE THIS PASSPORT WITH
YOU WHEN YOU GO FOR YOUR TEST.

After your receipt of this offer letter, you must appear promptly at LABCORP
PSC: 5601 Oberlin Drive, #100, San Diego, Ca. 92121, 858-455-1221 (M-F 8-4:30 pm
& closed 12-1:00 pm), for your drug and alcohol test. We suggest that you call
first before going to confirm business hours. Please be sure to have a photo ID
with you when you check in for the screening.

Please return a signed copy of this offer letter along with the attached Terms
of Employment and Invention Disclosure, Confidentiality & Proprietary Rights
Agreement.

Please note that this offer is valid for five days from the date of this letter.
If you have any questions, please do not hesitate to call me at (858) 882-6015.
Congratulations and welcome!

Sincerely,

/s/ Leonard C. Stephens
------------------------
Leonard C. Stephens
Sr Vice President, Human Resources

I accept the offer of employment made to me by Cricket Communications, Inc. and
agree to the terms set forth above.

Offer accepted:   Grant Burton                 /s/ Grant Burton
                 ----------------             -------------------
                  Printed Name                 SignatureEX-10.1 AMENDMENT NO. 2 TO CREDIT AGREEMENT

 

EXHIBIT 10.1

AMENDMENT NO. 2 TO CREDIT AGREEMENT 

     This AMENDMENT NO. 2 TO CREDIT AGREEMENT (this “Amendment”) is entered into as of
March 14, 2005 by and among INSTEEL WIRE PRODUCTS COMPANY, a North Carolina corporation
(“Borrower”), the other Credit Parties signatory hereto, GENERAL ELECTRIC CAPITAL
CORPORATION, a Delaware corporation (in its individual capacity, “GE Capital”), for itself,
as Lender, and as Agent for Lenders, and the other Lenders signatory hereto. Unless otherwise
specified herein, capitalized terms used in this Amendment shall have the meanings ascribed to them
in Annex A to the Credit Agreement (as hereinafter defined).

R E C I T A L S:

     WHEREAS, Borrower, the other Credit Parties, the Agent and the Lenders entered into that
certain Credit Agreement dated as of June 2, 2004 (as amended, supplemented, restated or otherwise
modified from time to time prior to the date hereof, the “Credit Agreement”); and

     WHEREAS, Borrower has requested that the Agent and the Lenders amend certain provisions of the
Credit Agreement.

     NOW, THEREFORE, in consideration of the premises contained herein, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:

     1      Amendment. Clause (A) of Section 6.13(e) of the Credit Agreement
is hereby amended and restated to read in its entirety as follows:

	 	 	 	“(A) such Dividends do not exceed (x) $750,000 in the aggregate in
any Fiscal Year prior to Fiscal Year 2005, (y) $875,000 in the
aggregate in Fiscal Year 2005 and (z) $3,500,000 in the aggregate in
any Fiscal Year after Fiscal Year 2005,”

     2      Conditions to Effectiveness. This Amendment shall be effective on the date on which
this Amendment shall have been duly executed and delivered by the Borrowers, each other Credit
Party, the Agent and the Lenders.

     3      Representations and Warranties. In order to induce the Agent and the Lenders to
enter into this Amendment, the Borrowers and each other Credit Party represents and warrants to the
Agent and each Lender (which representations and warranties shall survive the execution and
delivery of this Amendment), that:

     (a)      the execution, delivery and performance by each Credit Party of this Amendment has
been duly authorized by all necessary corporate action and this Amendment is a legal, valid
and binding obligation of such Credit Party enforceable against such Credit Party in
accordance with its terms, except as the enforcement thereof may be subject to (i) the
effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law
affecting creditors’ rights generally and (ii) general principles of equity (regardless of
whether such enforcement is sought in a proceeding in equity or at law);

 

 

     (b)      upon the effectiveness of this Amendment, all of the representations and warranties
contained in the Credit Agreement and in the other Loan Documents (other than those which
speak expressly only as of an earlier date) are true and correct in all material respects on
and as of the date of the effectiveness of this Amendment after giving effect to this
Amendment and the transactions contemplated hereby; and

     (c)      no Default or Event of Default exists or will result after giving effect to this
Amendment and the transactions contemplated hereby.

     4      Miscellaneous.

          4.1      Effect; Ratification.

     (a)      Except as specifically set forth above, the Credit Agreement and the other Loan
Documents shall remain in full force and effect and are hereby ratified and confirmed.

     (b)      The execution, delivery and effectiveness of this Amendment shall not operate as a
waiver of any right, power or remedy of the Agent or any Lender under the Credit Agreement
or any other Loan Document, nor constitute amendment of any provision of the Credit
Agreement or any other Loan Document, except as specifically set forth herein. Upon the
effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”,
“hereunder”, “hereof”, “herein” or words of similar import shall mean and be a reference to
the Credit Agreement as amended hereby.

     (c)      Each Credit Party acknowledges and agrees that the amendments set forth herein are
effective solely for the purposes set forth herein and that the execution and delivery by
the Agent and the Requisite Lenders of this Amendment shall not be deemed (i) except as
expressly provided in this Amendment, to be a consent to any amendment, waiver or
modification of any term or condition of the Credit Agreement or of any other Loan Document,
(ii) to create a course of dealing or otherwise obligate the Agent or the Lenders to
forbear, waive, consent or execute similar amendments under the same or similar
circumstances in the future, or (iii) to amend, prejudice, relinquish or impair any right of
the Agent or the Lenders to receive any indemnity or similar payment from any Person or
entity as a result of any matter arising from or relating to this Amendment.

     4.2      Counterparts and Signatures by Fax. This Amendment may be executed in any
number of counterparts, each such counterpart constituting an original but all together one
and the same instrument. Any party delivering an executed counterpart of this Amendment by
fax shall also deliver an original executed counterpart, but the failure to do so shall not
affect the validity, enforceability or binding effect of this Amendment.

     4.3      Severability. In case any provision in or obligation under this Amendment
shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and
enforceability of the remaining provisions or obligations, or of such provision or
obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

2

 

     4.4      Costs and Expenses. Borrowers agree to reimburse the Agent for all fees,
costs and expenses, including the reasonable fees, costs and expenses of counsel or other
advisors for advice, assistance, or other representation in connection with this Amendment.

     4.5      Loan Document. This Amendment shall be deemed to be a Loan Document.

     4.6      Reaffirmation. Each of the Credit Parties signatory hereto as Guarantor
hereby acknowledges and reaffirms all of its obligations and undertakings under each of the
Loan Documents to which it is a party and acknowledges and agrees that subsequent to, and
after taking account of the provisions of this Amendment, each such Loan Document is and
shall remain in full force and effect in accordance with the terms thereof.

     4.7      GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE
STATE OF NEW YORK.

<Signature Pages Follow>

3

 

     IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above
written.

	 	 	 	 	 
	 

	 	BORROWER:
	 
	 	 	 	 
	

	 	INSTEEL WIRE PRODUCTS COMPANY, a

North Carolina corporation
	 
	 	 	 	 
	

	 	By:
	 	/s/ Michael C. Gazmarian
	

	 	 	 	 
	

	 	Name:
	 	Michael C. Gazmarian
	

	 	 	 	 
	

	 	Title:
	 	CFO and Treasurer
	

	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	

	 	AGENT AND LENDERS:
	 
	 	 	 	 
	

	 	GENERAL ELECTRIC CAPITAL

CORPORATION, as Agent and Lender
	 
	 	 	 	 
	

	 	By:
	 	/s/ Brian Deck
	

	 	 	 	 
	

	 	 	 	Duly Authorized Signatory

[Signature Page to Amendment No. 2

to Credit Agreement]

 

 

     The following Persons are signatories to this Amendment in their capacity as Credit Parties
and not as Borrowers.

	 	 	 	 	 
	 

	 	INSTEEL INDUSTRIES, INC., a

North Carolina corporation
	 
	 	 	 	 
	

	 	By:
	 	/s/ Michael C. Gazmarian
	

	 	 	 	 
	

	 	Name:
	 	Michael C. Gazmarian
	

	 	 	 	 
	

	 	Title:
	 	CFO and Treasurer
	

	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	

	 	INTERCONTINENTAL METALS CORPORATION, a

North Carolina corporation
	 
	 	 	 	 
	

	 	By:
	 	/s/ Michael C. Gazmarian
	

	 	 	 	 
	

	 	Name:
	 	Michael C. Gazmarian
	

	 	 	 	 
	

	 	Title:
	 	CFO and Treasurer
	

	 	 	 	 

[Signature Page to Amendment No. 2

to Credit Agreement]

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