Document:

EX-10.4

Exhibit 10.4

GUARANTY

1. Guaranty of Payment. For value received and in consideration of any loan or other
financial accommodation heretofore or hereafter at any time made or granted to Compex Technologies,
Inc., a Minnesota corporation f/k/a Rehabilicare, Inc. (hereinafter called the “Borrower”)
by U.S. BANK NATIONAL ASSOCIATION, a national banking association (hereinafter, together with its
successors and assigns, called the “Lender”), U.S. Bank Place, 800 Nicollet Mall,
Minneapolis, Minnesota 55402, the undersigned hereby unconditionally guarantees the full and prompt
payment when due, whether by acceleration or otherwise, and at all times thereafter, of all
obligations of the Borrower to the Lender, howsoever created, arising or evidenced, whether direct
or indirect, absolute or contingent, or now or hereafter existing, or due or to become due,
including, without limitation, all obligations of the Borrower to the Lender pursuant to that
certain Amended and Restated Credit Agreement, dated as of June 2, 2004 (as amended to date, and as
it may be further amended, modified, supplemented, replaced or restated from time to time, the
“Loan Agreement;” capitalized terms not otherwise defined herein being used herein as
therein defined), between the Borrower and the Lender (all such obligations being hereinafter
collectively called the “Obligations”), and the undersigned further agrees to pay all
expenses, including fees of attorneys (who may be employees of the Lender or any affiliate) and
legal expenses, paid or incurred by the Lender in endeavoring to collect the Obligations, or any
part thereof, and in enforcing this Guaranty.

2. Acceleration of the Time of Payment of Amount Payable Under the Guaranty. The undersigned
agrees that, upon the occurrence of any Event of Default at a time when any of the Obligations may
not then be due and payable, the undersigned will pay to the Lender forthwith the full amount which
would be payable hereunder by the undersigned if all Obligations were then due and payable.

3. Security Interest in Deposits and Other Property. To secure all obligations of the
undersigned hereunder, the Lender shall have a lien upon and security interest in (and may, without
demand or notice of any kind, at any time and from time to time when any amount shall be due and
payable by the undersigned hereunder, appropriate and apply toward the payment of such amount, in
such order of application as the Lender may elect) any and all balances, credits, deposits (general
or special, time or demand, provisional or final), accounts or moneys of or in the name of the
undersigned now or hereafter with the Lender or any affiliate and any and all property of every
kind or description of or in the name of the undersigned now or hereafter with the Lender or any
affiliate and any and all property of every kind or description of or in the name of the
undersigned now or hereafter, for any reason or purpose whatsoever, in the possession or control
of, or in transit to, the Lender or any affiliate or any agent or bailee for the Lender or any
affiliate.

4. Continuing Guaranty. This Guaranty shall in all respects be a continuing, absolute and
unconditional Guaranty, and shall remain in full force and effect (notwithstanding, without
limitation, the dissolution of the undersigned or that at any time or from time to time all
Obligations may have been paid in full), subject to discontinuance only upon actual receipt by the
Lender of written notice from the undersigned, or any person duly authorized and acting on behalf
of the undersigned, of the discontinuance hereof, provided, however, that no such
notice of discontinuance shall affect or impair any of the agreements and obligations of the
undersigned hereunder with respect to any and all Obligations existing prior to the time of actual
receipt of such notice by the Lender, any and all Obligations created or acquired thereafter
pursuant to any previous commitments made by the Lender, any and all extensions or renewals of any
of the foregoing, any and all interest on any of the foregoing, and any and all expenses paid or
incurred by the Lender in endeavoring to collect any of the foregoing and in enforcing this
Guaranty against the undersigned; and all of the agreements and obligations of the undersigned
under this Guaranty shall, notwithstanding any such notice of discontinuance, remain fully in
effect until all such Obligations (including any extensions or renewals of any thereof) and all
such interest and expenses shall have been paid in full.

5. Recission or Return of Payment on Obligations. The undersigned further agrees that, if at
any time all or any part of any payment theretofore applied by the Lender to any of the Obligations
is or must be rescinded or returned by the Lender for any reason whatsoever (including, without
limitation, the insolvency, bankruptcy or reorganization of the Borrower), such Obligations shall,
for the purposes of this Guaranty, to the extent that such payment is or must be rescinded or
returned, be deemed to have continued in existence, notwithstanding such application by the Lender,
and this Guaranty shall continue to be effective or be reinstated, as the case may be, as to such
Obligations, all as though such application by the Lender had not been made.

6. Lender Permitted to Take Certain Actions. The Lender may, from time to time (but shall not
be obligated to), whether before or after any discontinuance of this Guaranty, at its sole
discretion and without notice to the undersigned, take any or all of the following actions: (a)
retain or obtain a security interest in any property to secure any of the Obligations or any
obligation hereunder; (b) retain or obtain the primary or secondary obligation of any obligor or
obligors, in addition to the undersigned, with respect to any of the Obligations; (c) extend or
renew for one or more periods (whether or not longer than the original period), alter or exchange
any of the Obligations, or release or compromise any obligation of the undersigned hereunder or any
obligation of any nature of any other obligor with respect to any of the Obligations; (d) release
its security interest in, or surrender, release or permit any substitution or exchange for, all or
any part of any property securing any of the Obligations or any obligation hereunder, or extend or
renew for one or more periods (whether or not longer than the original period) or release,
compromise, alter or exchange any obligations of any nature of any obligor with respect to any such
property; and (e) resort to the undersigned for payment of any of the Obligations, whether or not
the Lender (i) shall have resorted to any property securing any of the Obligations or any
obligation hereunder or (ii) shall have proceeded against any other obligor primarily or
secondarily obligated with respect to any of the Obligations (all of the actions referred to in
preceding clauses (i) and (ii) being hereby expressly waived by the undersigned).

7. Application of Payments. Any amounts received by the Lender from whatsoever source on
account of the Obligations may be applied by it toward the payment of such of the Obligations, and
in such order of application, as the Lender may from time to time elect.

8. Warranties. The undersigned warrants and represents to the Lender that each of the
representations and warranties contained in the Loan Agreement pertaining to the undersigned as a
Subsidiary of the Borrower or as a Loan Party are true and correct. The undersigned further
represents and warrants to the Lender that it is part of an integrated business operation with the
Borrower, it has a direct and substantial economic interest in the Borrower and it expects to
derive benefits from transactions resulting in the creation of the Obligations guaranteed hereby.
The Lender may rely conclusively on a continuing representation and warranty hereby made, that the
undersigned continues to benefit from the Lender’s extension of credit to the Borrower and the
Lender shall have no duty to inquire into or confirm the receipt of any such benefits, and this
Guaranty shall be effective and enforceable by the Lender without regard to the receipt, nature or
value of any such benefits.

9. Incorporation of Loan Agreement Covenants. The undersigned agrees to perform and observe
the affirmative and negative covenants respectively set forth in Articles VIII and IX of the Loan
Agreement that apply to the undersigned as a Subsidiary of the Borrower and that such covenants are
incorporated herein by reference as though fully set forth herein.

10. Waiver of Subrogation. The undersigned hereby waives any claim, right or remedy which
the undersigned may now have or hereafter acquire against the Borrower or any other Person that
arises hereunder and/or from the performance by the undersigned hereunder, including, without
limitation, any claim, remedy or right of subrogation, reimbursement, exoneration, contribution,
indemnification, or participation in any claim, right or remedy of the Lender against the Borrower
or any security which the Lender now has or hereafter acquires, whether or not such claim, right or
remedy arises in equity, under contract, by statute, under common law, or otherwise.

11. Waiver of Notice and Other Matters. The undersigned hereby expressly waive(s): (a)
notice of the acceptance by the Lender of this Guaranty; (b) notice of the existence or creation or
non-payment of all or any of the Obligations; (c) presentment, demand, notice of dishonor, protest,
and all other notices whatsoever; and (d) all diligence in collection or protection of or
realization upon the Obligations or any thereof, any obligation hereunder, or any security for or
guaranty of any of the foregoing.

12. Assignment of Obligations. The Lender may, from time to time, whether before or after any
discontinuance of this Guaranty, without notice to the undersigned, assign or transfer any or all
of the Obligations or any interest therein; and, notwithstanding any such assignment or transfer or
any subsequent assignment or transfer thereof, such Obligations shall be and remain Obligations
for the purposes of this Guaranty, and each and every immediate and successive assignee or
transferee of any of the Obligations or of any interest therein shall, to the extent of the
interest of such assignee or transferee in the Obligations, be entitled to the benefits of this
Guaranty to the same extent as if such assignee or transferee were the Lender; provided,
however, that, unless the Lender shall otherwise consent in writing, the Lender shall have
an unimpaired right, prior and superior to that of any such assignee or transferee, to enforce this
Guaranty, for the benefit of the Lender, as to those of the Obligations which the Lender has not
assigned or transferred.

13. Information Concerning Borrower. The undersigned hereby warrants to the Lender that the
undersigned now has and will continue to have independent means of obtaining information concerning
the affairs, financial condition and business of the Borrower. The Lender shall not have any duty
or responsibility to provide the undersigned with any credit or other information concerning the
affairs, financial condition or business of the Borrower which may come into the Lender’s
possession.

14. Waiver and Modifications. No delay on the part of the Lender in the exercise of any right
or remedy shall operate as a waiver thereof, and no single or partial exercise by the Lender of any
right or remedy shall preclude other or further exercise thereof or the exercise of any other right
or remedy; nor shall any modification or waiver of any of the provisions of this Guaranty be
binding upon the Lender except as expressly set forth in a writing duly signed and delivered on
behalf of the Lender.

15. Obligations Under Guaranty. No action of the Lender permitted hereunder shall in any way
affect or impair the rights of the Lender and the obligations of the undersigned under this
Guaranty. For the purposes of this Guaranty, Obligations shall include all obligations of the
Borrower to the Lender, notwithstanding any right or power of the Borrower or anyone else to assert
any claim or defense as to the invalidity or un enforceability of any such obligation, and no such
claim or defense shall affect or impair the obligations of the undersigned hereunder. The
obligations of the undersigned under this Guaranty shall be absolute and unconditional irrespective
of any circumstance whatsoever which might constitute a legal or equitable discharge or defense of
the undersigned. The undersigned hereby acknowledges that there are no conditions to the
effectiveness of this Guaranty.

16. Successors. This Guaranty shall be binding upon the undersigned, and upon the heirs,
legal representative, successors and assigns of the undersigned; and to the extent that the
Borrower or the undersigned is either a partnership or a corporation, all references herein to the
Borrower and to the undersigned, respectively, shall be deemed to include any successor or
successors, whether immediate or remote, to such partnership or corporation.

17. Joint and Several Obligation. If more than one party shall execute this Guaranty, the
term “undersigned,” as used herein, shall mean all parties executing this Guaranty and each of
them, and all such parties shall be jointly and severally obligated hereunder.

18. Law. THIS GUARANTY HAS BEEN DELIVERED IN MINNEAPOLIS, MINNESOTA, AND SHALL BE CONSTRUED
IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF MINNESOTA, WITHOUT GIVING EFFECT TO
CONFLICT OF LAWS PRINCIPLES THEREOF, BUT GIVING EFFECT TO FEDERAL LAWS OF THE UNITED STATES
APPLICABLE TO NATIONAL BANKS.

19. Severability. Wherever possible, each provision of this Guaranty shall be interpreted in
such manner as to be effective and valid under applicable law, but if any provision of this
Guaranty shall be prohibited by or invalid under such law, such provision shall be ineffective to
the extent of such prohibition or invalidity, without invalidating the remainder of such provision
or the remaining provisions of this Guaranty. In any action or proceeding involving any state law,
or any state or federal bankruptcy, insolvency, reorganization or other law affecting the rights of
creditors generally, if the obligations of the undersigned hereunder would otherwise be held or
determined to be void, invalid or unenforceable on account of the amount of the undersigned’s
liability under this Guaranty, then, notwithstanding any other provision of this Guaranty to the
contrary, the amount of such liability shall, without any further action by the undersigned, the
Lender or any other person, be automatically limited and reduced to the highest amount which is
valid and enforceable as determined in such action or proceeding

20. Captions. Section captions used in this Guaranty are for convenience only, and shall not
affect the construction of this Guaranty.

21. Waiver of Jury Trial. THE LENDER AND THE UNDERSIGNED HEREBY EXPRESSLY WAIVE ANY RIGHT TO
A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS (a) UNDER THIS GUARANTY
OR UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE
DELIVERED IN CONNECTION HEREWITH, OR (b) ARISING FROM ANY BANKING RELATIONSHIP EXISTING IN
CONNECTION WITH THIS GUARANTY, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE
A COURT AND NOT BEFORE A JURY.

22. Document Construction. The undersigned waives the rule of construction that any
ambiguities are to be resolved against the party drafting a document and agrees such rules will not
be employed in the interpretation of this Guaranty or any other Loan Document to which the
undersigned is a party.

23. Consent to Jurisdiction. AT THE OPTION OF THE LENDER, THIS GUARANTY AND THE OTHER LOAN
DOCUMENTS TO WHICH THE UNDERSIGNED IS A PARTY MAY BE ENFORCED IN ANY FEDERAL COURT OR MINNESOTA
STATE COURT SITTING IN MINNEAPOLIS OR ST. PAUL, MINNESOTA; AND THE UNDERSIGNED CONSENTS TO THE
JURISDICTION AND VENUE OF ANY SUCH COURT AND WAIVES ANY ARGUMENT THAT VENUE IN SUCH FORUMS IS NOT
CONVENIENT. IN THE EVENT THE UNDERSIGNED COMMENCES ANY ACTION IN ANOTHER JURISDICTION OR VENUE
UNDER ANY TORT OR CONTRACT THEORY ARISING DIRECTLY OR INDIRECTLY FROM THE RELATIONSHIP CREATED BY
THIS GUARANTY, THE LENDER, AT ITS OPTION, SHALL BE ENTITLED TO HAVE THE CASE TRANSFERRED TO ONE OF
THE JURISDICTIONS AND VENUES ABOVE-DESCRIBED, OR IF SUCH TRANSFER CANNOT BE ACCOMPLISHED UNDER
APPLICABLE LAW, TO HAVE SUCH CASE DISMISSED WITHOUT PREJUDICE.

[SIGNATURE PAGE FOLLOWS]

1

SIGNED AND DELIVERED THIS 23rd day of June, 2005.

SPECTRABRACE, LTD., a Kentucky corporation

By: /s/ Scott P. Youngstrom

	 	 	 	Scott P. Youngstrom

Vice President/Treasurer

2EX-10.1

July 1, 2005

Name

Address

Dear Name:

Pursuant to the terms and conditions of the Fulton Financial Corporation 2004 Stock Option and
Compensation Plan (the ‘Plan’), you have been granted an Incentive (or Non-Qualified) Stock Option
to purchase      shares (the ‘Option’) of stock as outlined below:

	 	 	 
	Granted To:

Grant Date:

Options Granted:

	 	Name

July 1, 2005

	Option Price Per Share

Expiration Date:

Total Cost to Exercise:

	 	

July 1, 2015

Vesting Schedule: On the third anniversary of the date of grant, July 1, 2008.

However, upon your retirement at the minimum age of 55 and with a least ten (10) years of
continuous employment as defined in section 7.04 of the Plan, the Option granted to you under this
agreement that has not previously become exercisable, shall become immediately exercisable on the
date of your retirement, to the same extent and in the same manner as if such Option had become
exercisable by passage of time.

Very truly yours,

Rufus A. Fulton, Jr.

Chairman and Chief Executive Officer

By my signature below, I hereby acknowledge receipt of this Option, which has been granted to me on
the date shown above, in accordance with the terms and conditions of the Plan. I further
acknowledge having received a copy of the Prospectus for the Plan and agree to conform to all the
terms and conditions of the Prospectus and the Plan.

Signature:      Date:     

Name

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