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                                                                    EXHIBIT 10.3

NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE
HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE ISSUER TO SUCH
EFFECT

                          COMMON STOCK PURCHASE WARRANT

                 To Purchase 1,625,000 Shares of Common Stock of

                             VENDINGDATA CORPORATION

Warrant No.: W-1
Number of Shares of Common Stock: 1,625,000
Date of Issuance: March 28, 2007 ("Issuance Date")

          THIS COMMON STOCK PURCHASE WARRANT (the "Warrant") certifies that, for
value received, GLG NORTH AMERICAN OPPORTUNITY FUND (the "Holder"), is entitled,
upon the terms and subject to the limitations on exercise and the conditions
hereinafter set forth, at any time on or after the date hereof (the "Initial
Exercise Date") and on or prior to the close of business on the fifth
anniversary of the Initial Exercise Date (the "Termination Date") but not
thereafter, to subscribe for and purchase from VendingData Corporation, a Nevada
corporation (the "Company"), up to One Million, Six Hundred and Twenty Five
Thousand (1,625,000) shares (the "Warrant Shares") of Common Stock, par value
$0.001 per share, of the Company (the "Common Stock"), subject to adjustment as
set forth herein. The purchase price of one share of Common Stock under this
Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

          This Warrant is one of a series of similar warrants issued pursuant to
that certain Securities Purchase Agreement, dated as of March 27, 2007, by and
among the Company and the Purchasers identified therein (the "Purchase
Agreement"). All such warrants are referred to herein, collectively, as the
"Warrants."

     Section 1. Definitions. In addition to the terms defined elsewhere in this
Warrant, capitalized terms that are not otherwise defined herein have the
meanings given to such terms in the Purchase Agreement.

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               (a) "Approved Stock Plan" means any employee benefit plan which
has been approved by the Board of Directors of the Company, pursuant to which
the Company's securities may be issued to any employee, officer or director for
services provided to the Company.

               (b) "Bloomberg" means Bloomberg Financial Markets.

               (c) "Common Stock Deemed Outstanding" means, at any given time,
the number of shares of Common Stock actually outstanding at such time, plus the
number of shares of Common Stock deemed to be outstanding pursuant to Sections
3(b)(i) and 3(b)(ii) hereof regardless of whether the Options or Convertible
Securities are actually exercisable at such time, but excluding any shares of
Common Stock owned or held by or for the account of the Company or issuable upon
exercise of the Warrants.

               (d) "Convertible Securities" means any stock or securities (other
than Options) directly or indirectly convertible into or exercisable or
exchangeable for shares of Common Stock.

               (e) "Eligible Market" means The American Stock Exchange, The New
York Stock Exchange, Inc., The NASDAQ Global Select Market, The NASDAQ Capital
Market, or the American Stock Exchange.

               (f) "Excluded Securities" means (i) any Common Stock or Options
issued or issuable in connection with any Approved Stock Plan; (ii) any Common
Stock issuable upon the exercise of the Warrants; (iii) any Common Stock
issuable upon conversion, exercise or exchange of any Options or Convertible
Securities which are outstanding on the day immediately preceding the date
hereof, provided that the terms of any such Options or Convertible Securities
are not amended, modified or changed on or after the date hereof; or (iv) any
Common Stock or Common Stock Equivalents issued (whether in exchange for Options
or Convertible Securities or otherwise) in any Change of Control Transaction (as
defined in the Purchase Agreement).

               (g) "Fundamental Transaction" means that the (A) Company shall,
directly or indirectly, in one or more related transactions, (i) consolidate or
merge with or into (whether or not the Company is the surviving corporation)
another Person or Persons, or (ii) sell, assign, transfer, convey or otherwise
dispose of all or substantially all of the properties or assets of the Company
to another Person, or (iii) allow another Person to make a purchase, tender or
exchange offer that is accepted by the holders of more than 50% of the
outstanding shares of Common Stock (not including any shares of Common Stock
held by the Person or Persons making or party to, or associated or affiliated
with the Persons making or party to, such purchase, tender or exchange offer),
(iv) consummate a stock purchase agreement or other business combination
(including, without limitation, a reorganization, recapitalization, spin-off or
scheme of arrangement) with another Person whereby such other Person acquires
more than the 50% of the outstanding shares of Common Stock (not including any
shares of Common Stock held by the other Person or other Persons making or party
to, or associated or affiliated with the other Persons making or party to, such
stock purchase agreement or other business combination), or (v) reorganize,
recapitalize or reclassify its Common Stock, or (B) any "person" or "group" (as
these terms are used for purposes of Sections 13(d) and 14(d) of the Exchange
Act) is or shall become the "beneficial owner" (as defined in Rule 13d-3 under
the Exchange Act), directly or indirectly, of 50% of the aggregate Common Stock
of the Company.

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               (h) "Options" means any rights, warrants or options to subscribe
for or purchase shares of Common Stock or Convertible Securities.

               (i) "Parent Entity" of a Person means an entity that, directly or
indirectly, controls the applicable Person and whose common stock or equivalent
equity security is quoted or listed on an Eligible Market, or, if there is more
than one such Person or Parent Entity, the Person or Parent Entity with the
largest public market capitalization as of the date of consummation of the
Fundamental Transaction.

               (j) "Person" means an individual, a limited liability company, a
partnership, a joint venture, a corporation, a trust, an unincorporated
organization, any other entity and a government or any department or agency
thereof.

               (k) "Required Holders" means the holders of the Warrants
representing at least a majority of shares of Common Stock underlying the
Warrants then outstanding.

               (l) "Successor Entity" means the Person (or, if so elected by the
Required Holders, the Parent Entity) formed by, resulting from or surviving any
Fundamental Transaction or the Person (or, if so elected by the Required
Holders, the Parent Entity) with which such Fundamental Transaction shall have
been entered into.

     Section 2. Exercise.

          a) Exercise of Warrant. Exercise of the purchase rights represented by
     this Warrant may be made, in whole or in part, at any time or times on or
     after the Initial Exercise Date and on or before the Termination Date by
     delivery to the Company of (i) a duly executed facsimile copy of the Notice
     of Exercise Form annexed hereto (or such other office or agency of the
     Company as it may designate by notice in writing to the registered Holder
     at the address of such Holder appearing on the books of the Company), and
     (ii) payment of the aggregate Exercise Price of the shares thereby
     purchased by wire transfer or cashier's check drawn on a United States
     bank. Notwithstanding anything herein to the contrary, the Holder shall not
     be required to physically surrender this Warrant to the Company until the
     Holder has purchased all of the Warrant Shares available hereunder and the
     Warrant has been exercised in full, in which case, the Holder shall
     surrender this Warrant to the Company for cancellation within 3 Trading
     Days of the date the final Notice of Exercise is delivered to the Company.
     Partial exercises of this Warrant resulting in purchases of a portion of
     the total number of Warrant Shares available hereunder, and reductions
     pursuant to Section 3, shall have the effect of lowering the outstanding
     number of Warrant Shares purchasable hereunder in an amount equal to the
     applicable number of Warrant Shares purchased or reduced, as the case may
     be. The Holder and the Company shall maintain records showing the number of
     Warrant Shares purchased or reduced and the date of such purchases or
     reductions. The Holder and any assignee, by acceptance of this Warrant,
     acknowledge and agree that, by reason of the provisions of this paragraph,
     following the purchase or reduction of a portion of the Warrant Shares
     hereunder, the number of Warrant Shares available for purchase hereunder at
     any given time may be less than the amount stated on the face hereof.

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          b) Exercise Price. The exercise price per share of the Common Stock
     under this Warrant shall be $2.65, subject to adjustment herein (the
     "Exercise Price").

          c) Mechanics of Exercise.

               i. Authorization of Warrant Shares. The Company covenants that
          all Warrant Shares which may be issued upon the exercise of the
          purchase rights represented by this Warrant will, upon exercise of the
          purchase rights represented by this Warrant, be duly authorized,
          validly issued, fully paid and nonassessable and free from all taxes,
          liens and charges created by the Company in respect of the issue
          thereof (other than taxes in respect of any transfer occurring
          contemporaneously with such issue).

               ii. Delivery of Certificates Upon Exercise. Certificates for
          Warrant Shares purchased hereunder shall be transmitted by the
          transfer agent of the Company to the Holder by physical delivery to
          the address specified by the Holder in the Notice of Exercise within 3
          Trading Days from the delivery to the Company of the Notice of
          Exercise Form, surrender of this Warrant (if required) and payment of
          the aggregate Exercise Price as set forth above ("Warrant Share
          Delivery Date").

               iii. Delivery of New Warrants Upon Exercise. If this Warrant
          shall have been exercised in part, the Company shall, at the request
          of a Holder and upon surrender of this Warrant certificate, at the
          time of delivery of the certificate or certificates representing
          Warrant Shares, deliver to Holder a new Warrant evidencing the rights
          of Holder to purchase the unpurchased Warrant Shares called for by
          this Warrant, which new Warrant shall in all other respects be
          identical with this Warrant.

               iv. No Fractional Shares or Scrip. No fractional shares or scrip
          representing fractional shares shall be issued upon the exercise of
          this Warrant. As to any fraction of a share which Holder would
          otherwise be entitled to purchase upon such exercise, the Company
          shall at its election, either pay a cash adjustment in respect of such
          final fraction in an amount equal to such fraction multiplied by the
          Exercise Price or round up to the next whole share.

               v. Charges, Taxes and Expenses. Issuance of certificates for
          Warrant Shares shall be made without charge to the Holder for any
          issue or transfer tax or other incidental expense in respect of the
          issuance of such certificate, all of which taxes and expenses shall be
          paid by the Company, and such certificates shall be issued in the name
          of the Holder

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          or in such name or names as may be directed by the Holder; provided,
          however, that in the event certificates for Warrant Shares are to be
          issued in a name other than the name of the Holder, this Warrant when
          surrendered for exercise shall be accompanied by the Assignment Form
          attached hereto duly executed by the Holder; and the Company may
          require, as a condition thereto, the payment of a sum sufficient to
          reimburse it for any transfer tax incidental thereto.

               vi. Closing of Books. The Company will not close its stockholder
          books or records in any manner which prevents the timely exercise of
          this Warrant, pursuant to the terms hereof.

          d) Cashless Exercise. Notwithstanding anything contained herein to the
     contrary, if a Registration Statement (as defined in the Registration
     Rights Agreement, dated as of March 28, 2007, among the Company and
     purchaser identified on the signature pages) covering the Warrant Shares
     that are the subject of a Notice of Exercise (the "Unavailable Warrant
     Shares") is not available for the resale of such Unavailable Warrant
     Shares, the Holder may, in its sole discretion, exercise this Warrant in
     whole or in part and, in lieu of making the cash payment otherwise
     contemplated to be made to the Company upon such exercise in payment of the
     aggregate Exercise Price, elect instead to receive upon such exercise the
     "Net Number" of shares of Common Stock determined according to the
     following formula (a "Cashless Exercise"):

               Net Number = (A x B) - (A x C)
                            -----------------
                                    B

               For purposes of the foregoing formula:

          A = the total number of shares with respect to which this Warrant is
              then being exercised.

          B = the arithmetic average of the Weighted Average Prices of the
              shares of Common Stock (as reported by Bloomberg) for the five
              (5) consecutive Trading Days ending on the date immediately
              preceding the date of the Exercise Notice.

          C = the Exercise Price then in effect for the applicable Warrant
              Shares at the time of such exercise.

          e) Beneficial Ownership. The Company shall not effect the exercise of
     this Warrant, and the Holder shall not have the right to exercise this
     Warrant, to the extent that after giving effect to such exercise, such
     Person (together with such Person's affiliates) would beneficially own in
     excess of 4.99% (the "Maximum Percentage") of the shares of Common Stock
     outstanding immediately after giving effect to such exercise. For purposes
     of the foregoing sentence, the aggregate number of shares of Common Stock
     beneficially owned by such Person and its affiliates shall include the
     number of shares of Common Stock issuable upon exercise of this Warrant
     with respect to which the

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     determination of such sentence is being made, but shall exclude shares of
     Common Stock which would be issuable upon (i) exercise of the remaining,
     unexercised portion of this Warrant beneficially owned by such Person and
     its affiliates and (ii) exercise or conversion of the unexercised or
     unconverted portion of any other securities of the Company beneficially
     owned by such Person and its affiliates (including, without limitation, any
     convertible notes or convertible preferred stock or warrants) subject to a
     limitation on conversion or exercise analogous to the limitation contained
     herein. Except as set forth in the preceding sentence, for purposes of this
     paragraph and the Company's reports, registration statements and other
     filings with the Commission and other government agencies, beneficial
     ownership shall be calculated in accordance with Section 13(d) of the
     Exchange Act. For purposes of this Warrant, in determining the number of
     outstanding shares of Common Stock, the Holder may rely on the number of
     outstanding shares of Common Stock as reflected in (1) the Company's most
     recent Form 10-K, Form 10-KSB, Form 10-Q, Form 10-QSB, Current Report on
     Form 8-K or other public filing with the Securities and Exchange
     Commission, as the case may be, (2) a more recent public announcement by
     the Company or (3) any other notice by the Company or its transfer agent
     setting forth the number of shares of Common Stock outstanding. For any
     reason at any time, upon the written or oral request of the Holder, the
     Company shall within one Business Day confirm orally and in writing to the
     Holder the number of shares of Common Stock then outstanding. In any case,
     the number of outstanding shares of Common Stock shall be determined after
     giving effect to the conversion or exercise of securities of the Company,
     by the Holder and its affiliates since the date as of which such number of
     outstanding shares of Common Stock was reported. By written notice to the
     Company, the Holder may increase or decrease the Maximum Percentage to any
     other percentage not in excess of 9.99% specified in such notice; provided
     that (i) any such increase will not be effective until the sixty-first
     (61st) day after such notice is delivered to the Company, and (ii) any such
     increase or decrease will apply only to the Holder and not to any other
     holder of other Warrants.

          f) Principal Market Regulation. The Company shall not be obligated to
     issue any shares of Common Stock upon exercise of this Warrant and no
     Purchaser shall be entitled to receive any shares of Common Stock if the
     issuance of such shares of Common Stock would exceed that number of shares
     of Common Stock which the Company may issue upon exercise of the Warrants
     or otherwise without breaching the Company's obligations under any
     applicable rules or regulations of any applicable Trading Market (the
     "Exchange Cap"), except that such limitation shall not apply in the event
     that the Company (A) obtains the approval of its stockholders as required
     by the applicable rules of the Trading Market for issuances of shares of
     Common Stock in excess of such amount or (B) obtains a written opinion from
     outside counsel to the Company that such approval is not required, which
     opinion shall be reasonably satisfactory to the holders of the Warrants
     representing at least a majority of shares of Common Stock underlying the
     Warrants then outstanding. Until such approval or written opinion is
     obtained, no Purchaser shall be issued in the aggregate, upon exercise of
     any Warrants, shares of Common Stock in an amount greater than the product
     of the Exchange Cap multiplied by a fraction, the numerator of which is the
     total number of shares of Common Stock underlying the Warrants issued to
     such Purchaser pursuant to the Purchase Agreement on the Issuance Date and
     the denominator of which is the

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     aggregate number of shares of Common Stock underlying the Warrants issued
     to the Purchasers pursuant to the Purchase Agreement on the Issuance Date
     (with respect to each Purchaser, the "Exchange Cap Allocation"). In the
     event that any Purchaser shall sell or otherwise transfer any of such
     Purchaser's Warrants, the transferee shall be allocated a pro rata portion
     of such Purchaser's Exchange Cap Allocation, and the restrictions of the
     prior sentence shall apply to such transferee with respect to the portion
     of the Exchange Cap Allocation allocated to such transferee. In the event
     that any holder of Warrants shall exercise all of such holder's Warrants
     into a number of shares of Common Stock which, in the aggregate, is less
     than such holder's Exchange Cap Allocation, then the difference between
     such holder's Exchange Cap Allocation and the number of shares of Common
     Stock actually issued to such holder shall be allocated to the respective
     Exchange Cap Allocations of the remaining holders of Warrants on a pro rata
     basis in proportion to the shares of Common Stock underlying the Warrants
     then held by each such holder. In the event that the Company is prohibited
     from issuing any Warrant Shares for which an Exercise Notice has been
     received as a result of the operation of this Section 2(f), the Company
     shall pay cash in exchange for cancellation of such Warrant Shares, at a
     price per Warrant Share equal to the difference between the dollar
     volume-weighted average price for such security on the applicable Trading
     Market and the Exercise Price as of the date of the attempted exercise.

     Section 3. Certain Adjustments.

          a) Stock Dividends and Splits. If the Company, at any time while this
     Warrant is outstanding: (A) pays a stock dividend or otherwise make a
     distribution or distributions on shares of its Common Stock or any other
     equity or equity equivalent securities payable in shares of Common Stock
     (which, for avoidance of doubt, shall not include any shares of Common
     Stock issued by the Company upon exercise of this Warrant), (B) subdivides
     outstanding shares of Common Stock into a larger number of shares, (C)
     combines (including by way of reverse stock split) outstanding shares of
     Common Stock into a smaller number of shares, or (D) issues by
     reclassification of shares of the Common Stock any shares of capital stock
     of the Company, then in each case the Exercise Price shall be multiplied by
     a fraction of which the numerator shall be the number of shares of Common
     Stock (excluding treasury shares, if any) outstanding immediately before
     such event and of which the denominator shall be the number of shares of
     Common Stock outstanding immediately after such event and the number of
     shares issuable upon exercise of this Warrant shall be proportionately
     adjusted. Any adjustment made pursuant to this Section 3(a) shall become
     effective immediately after the record date for the determination of
     stockholders entitled to receive such dividend or distribution and shall
     become effective immediately after the effective date in the case of a
     subdivision, combination or re-classification.

          b) Adjustment upon Issuance of shares of Common Stock. If and whenever
     on or after the date of the Purchase Agreement the Company issues or sells,
     or in accordance with this Section 3(b) is deemed to have issued or sold,
     any shares of Common Stock (including the issuance or sale of shares of
     Common Stock owned or held by or for the account of the Company, but
     excluding shares of Common Stock deemed to have been issued by the Company
     in connection with any Excluded Securities for a

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     consideration per share less than a price equal to the Exercise Price in
     effect immediately prior to such issue or sale or deemed issuance or sale
     (the "Applicable Price" and the foregoing a "Dilutive Issuance"), then
     immediately after such Dilutive Issuance the Exercise Price then in effect
     shall be reduced to an amount equal to the product of (A) the Exercise
     Price in effect immediately prior to such Dilutive Issuance and (B) the
     quotient determined by dividing (1) the sum of (I) the product derived by
     multiplying the Exercise Price in effect immediately prior to such Dilutive
     Issuance and the number of shares of Common Stock Deemed Outstanding
     immediately prior to such Dilutive Issuance plus (II) the consideration, if
     any, received by the Company upon such Dilutive Issuance, by (2) the
     product derived by multiplying (I) the Exercise Price in effect immediately
     prior to such Dilutive Issuance by (II) the number of shares of Common
     Stock Deemed Outstanding immediately after such Dilutive Issuance. This
     Section 3(b) shall terminate upon the consummation of any Change of Control
     Transaction. For purposes of determining the adjusted Exercise Price under
     this Section 3(b), the following shall be applicable:

               (i) Issuance of Options. If the Company in any manner grants any
               Options and the lowest price per share for which one share of
               Common Stock is issuable upon the exercise of any such Option or
               upon conversion, exercise or exchange of any Convertible
               Securities issuable upon exercise of any such Option is less than
               the Applicable Price, then such share of Common Stock shall be
               deemed to be outstanding and to have been issued and sold by the
               Company at the time of the granting or sale of such Option for
               such price per share. For purposes of this Section 3(b)(i), the
               "lowest price per share for which one share of Common Stock is
               issuable upon exercise of any such Options or upon conversion,
               exercise or exchange of any such Convertible Securities issuable
               upon exercise of such Options" shall be equal to the sum of the
               lowest amounts of consideration (if any) received or receivable
               by the Company with respect to any one share of Common Stock upon
               the granting or sale of the Option, upon exercise of the Option
               and upon conversion, exercise or exchange of any Convertible
               Security issuable upon exercise of such Option. No further
               adjustment of the Exercise Price or number of Warrant Shares
               shall be made upon the actual issuance of such shares of Common
               Stock or of such Convertible Securities upon the exercise of such
               Options or upon the actual issuance of such shares of Common
               Stock upon conversion, exercise or exchange of such Convertible
               Securities.

               (ii) Issuance of Convertible Securities. If the Company in any
               manner issues or sells any Convertible Securities and the lowest
               price per share for which one share of Common Stock is issuable
               upon the conversion, exercise or exchange thereof is less than
               the Applicable Price, then such share of Common Stock shall be
               deemed to be outstanding and to have been issued and sold by the
               Company at the time of the issuance or sale of such Convertible
               Securities for such price per share. For the purposes of this
               Section 3(b)(ii), the "lowest price per share for which one share
               of

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               Common Stock is issuable upon the conversion, exercise or
               exchange" shall be equal to the sum of the lowest amounts of
               consideration (if any) received or receivable by the Company with
               respect to one share of Common Stock upon the issuance or sale of
               the Convertible Security and upon conversion, exercise or
               exchange of such Convertible Security. No further adjustment of
               the Exercise Price or number of Warrant Shares shall be made upon
               the actual issuance of such shares of Common Stock upon
               conversion, exercise or exchange of such Convertible Securities,
               and if any such issue or sale of such Convertible Securities is
               made upon exercise of any Options for which adjustment of this
               Warrant has been or is to be made pursuant to other provisions of
               this Section 3(b), no further adjustment of the Exercise Price or
               number of Warrant Shares shall be made by reason of such issue or
               sale.

               (iii) Change in Option Price or Rate of Conversion. If the
               purchase price provided for in any Options, the additional
               consideration, if any, payable upon the issue, conversion,
               exercise or exchange of any Convertible Securities, or the rate
               at which any Convertible Securities are convertible into or
               exercisable or exchangeable for shares of Common Stock increases
               or decreases at any time, the Exercise Price and the number of
               Warrant Shares in effect at the time of such increase or decrease
               shall be adjusted to the Exercise Price and the number of Warrant
               Shares which would have been in effect at such time had such
               Options or Convertible Securities provided for such increased or
               decreased purchase price, additional consideration or increased
               or decreased conversion rate, as the case may be, at the time
               initially granted, issued or sold. For purposes of this Section
               3(b)(iii), if the terms of any Option or Convertible Security
               that was outstanding as of the date of issuance of this Warrant
               are increased or decreased in the manner described in the
               immediately preceding sentence, then such Option or Convertible
               Security and the shares of Common Stock deemed issuable upon
               exercise, conversion or exchange thereof shall be deemed to have
               been issued as of the date of such increase or decrease. No
               adjustment pursuant to this Section 3(b) shall be made if such
               adjustment would result in an increase of the Exercise Price then
               in effect or a decrease in the number of Warrant Shares.

               (iv) Calculation of Consideration Received. In case any Option is
               issued in connection with the issue or sale of other securities
               of the Company, together comprising one integrated transaction in
               which no specific consideration is allocated to such Options by
               the parties thereto, the Options will be deemed to have been
               issued for a consideration of $0.01. If any shares of Common
               Stock, Options or Convertible Securities are issued or sold or
               deemed to have been issued or sold for cash, the consideration
               received therefor will be deemed to be the gross amount received
               by the Company therefor. If any shares of Common Stock, Options
               or Convertible Securities are issued or sold for a consideration

                                       -9-

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               other than cash, the amount of such consideration received by the
               Company will be the fair value of such consideration, except
               where such consideration consists of securities listed on an
               Eligible Market, in which case the amount of consideration
               received by the Company will be the Closing Sale Price of such
               security on the date of receipt. If any shares of Common Stock,
               Options or Convertible Securities are issued to the owners of the
               non-surviving entity in connection with any merger in which the
               Company is the surviving entity or in consideration of securities
               not listed for trading on an Eligible Market, the amount of
               consideration therefor will be deemed to be the fair value of
               such portion of the net assets and business of the non-surviving
               entity as is attributable to such shares of Common Stock, Options
               or Convertible Securities, as the case may be. The fair value of
               any consideration other than cash or securities will be
               determined jointly by the Company and the Required Holders. If
               such parties are unable to reach agreement within ten (10) days
               after the occurrence of an event requiring valuation (the
               "Valuation Event"), the fair value of such consideration will be
               determined within five (5) Business Days after the tenth day
               following the Valuation Event by an independent, reputable
               appraiser jointly selected by the Company and the Required
               Holders. The determination of such appraiser shall be final and
               binding upon all parties absent manifest error and the fees and
               expenses of such appraiser shall be borne by the Company.

               (v) Record Date. If the Company takes a record of the holders of
               shares of Common Stock for the purpose of entitling them (A) to
               receive a dividend or other distribution payable in shares of
               Common Stock, Options or in Convertible Securities or (B) to
               subscribe for or purchase shares of Common Stock, Options or
               Convertible Securities, then such record date will be deemed to
               be the date of the issue or sale of the shares of Common Stock
               deemed to have been issued or sold upon the declaration of such
               dividend or the making of such other distribution or the date of
               the granting of such right of subscription or purchase, as the
               case may be.

          c) Calculations. All calculations under this Section 3 shall be made
     to the nearest cent or the nearest 1/100th of a share, as the case may be.
     For purposes of this Section 3, the number of shares of Common Stock deemed
     to be issued and outstanding as of a given date shall be the sum of the
     number of shares of Common Stock (excluding treasury shares, if any) issued
     and outstanding.

          d) Voluntary Adjustment By Company. The Company may at any time during
     the term of this Warrant reduce the then current Exercise Price to any
     amount and for any period of time deemed appropriate by the Board of
     Directors of the Company.

          e) Notice to Holders; Adjustment to Exercise Price. Whenever the
     Exercise Price is adjusted pursuant to any provision of this Section 3, the
     Company shall promptly mail to each Holder a notice setting forth the
     Exercise Price after such adjustment and setting forth a brief statement of
     the facts requiring such adjustment.

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     Section 4. Purchase Rights. In addition to any adjustments pursuant to
Section 3 above, if at any time the Company grants, issues or sells any options,
convertible securities or rights to purchase stock, warrants, securities or
other property pro rata to the record holders of any class of shares of Common
Stock (the "Purchase Rights"), then the Holder will be entitled to acquire, upon
the terms applicable to such Purchase Rights, the aggregate Purchase Rights
which the Holder could have acquired if the Holder had held the number of shares
of Common Stock acquirable upon complete exercise of this Warrant (without
regard to any limitations on the exercise of this Warrant) immediately before
the date on which a record is taken for the grant, issuance or sale of such
Purchase Rights, or, if no such record is taken, the date as of which the record
holders of shares of Common Stock are to be determined for the grant, issue or
sale of such Purchase Rights. This Section 4 shall terminate upon the
consummation of any Change of Control Transaction.

     Section 5. Fundamental Transactions. If the Company enters into or is a
party to a Fundamental Transaction (i) the Successor Entity shall assume in
writing all of the obligations of the Company under this Warrant and the other
Transaction Documents in accordance with the provisions of this Section 5, and
upon request of a holder of this Warrant deliver to such holder in exchange for
this Warrant a security of the Successor Entity evidenced by a written
instrument substantially identical in form and substance to this Warrant,
including, without limitation, an adjusted exercise price equal to the value for
the shares of Common Stock reflected by the terms of such Fundamental
Transaction, and exercisable for a corresponding number of shares of capital
stock equivalent to the shares of Common Stock acquirable and receivable upon
exercise of this Warrant (without regard to any limitations on the exercise of
this Warrant) prior to such Fundamental Transaction. Upon the occurrence of any
Fundamental Transaction, the Successor Entity shall succeed to, and be
substituted for (so that from and after the date of such Fundamental
Transaction, the provisions of this Warrant referring to the "Company" shall
refer instead to the Successor Entity), and may exercise every right and power
of the Company and shall assume all of the obligations of the Company under this
Warrant with the same effect as if such Successor Entity had been named as the
Company herein. Upon consummation of the Fundamental Transaction, the Successor
Entity shall deliver to the Holder confirmation that there shall be issued upon
exercise of this Warrant at any time after the consummation of the Fundamental
Transaction, in lieu of the shares of the Common Stock (or other securities,
cash, assets or other property) purchasable upon the exercise of the Warrant
prior to such Fundamental Transaction, such shares of stock, securities, cash,
assets or any other property whatsoever (including warrants or other purchase or
subscription rights) which the Holder would have been entitled to receive upon
the happening of such Fundamental Transaction had this Warrant been converted
immediately prior to such Fundamental Transaction, as adjusted in accordance
with the provisions of this Warrant. In addition to and not in substitution for
any other rights hereunder, prior to the consummation of any Fundamental
Transaction pursuant to which holders of shares of Common Stock are entitled to
receive securities or other assets with respect to or in exchange for shares of
Common Stock (a "Corporate Event"), the Company shall make appropriate provision
to insure that the Holder will thereafter have the right to receive upon an
exercise of this Warrant at any time after the consummation of the Fundamental
Transaction but prior to the Expiration Date, in lieu of the shares of the
Common Stock (or other securities, cash,

                                      -11-

<PAGE>

assets or other property) purchasable upon the exercise of the Warrant prior to
such Fundamental Transaction, such shares of stock, securities, cash, assets or
any other property whatsoever (including warrants or other purchase or
subscription rights) which the Holder would have been entitled to receive upon
the happening of such Fundamental Transaction had the Warrant been exercised
immediately prior to such Fundamental Transaction. Provision made pursuant to
the preceding sentence shall be in a form and substance reasonably satisfactory
to the Required Holders. The provisions of this Section shall apply similarly
and equally to successive Fundamental Transactions and Corporate Events and
shall be applied without regard to any limitations on the exercise of this
Warrant.

     Section 6. Transfer of Warrant.

          a) Transferability. Subject to compliance with any applicable
     securities laws and the conditions set forth in Section 6(d) hereof, this
     Warrant and all rights hereunder (including, without limitation, any
     registration rights) are transferable, in whole or in part, upon surrender
     of this Warrant at the principal office of the Company or its designated
     agent, together with a written assignment of this Warrant substantially in
     the form attached hereto duly executed by the Holder or its agent or
     attorney and funds sufficient to pay any transfer taxes payable upon the
     making of such transfer. Upon such surrender and, if required, such
     payment, the Company shall execute and deliver a new Warrant or Warrants in
     the name of the assignee or assignees and in the denomination or
     denominations specified in such instrument of assignment, and shall issue
     to the assignor a new Warrant evidencing the portion of this Warrant not so
     assigned, and this Warrant shall promptly be cancelled. A Warrant, if
     properly assigned, may be exercised by a new holder for the purchase of
     Warrant Shares without having a new Warrant issued.

          b) New Warrants. This Warrant may be divided or combined with other
     Warrants upon presentation hereof at the aforesaid office of the Company,
     together with a written notice specifying the names and denominations in
     which new Warrants are to be issued, signed by the Holder or its agent or
     attorney. Subject to compliance with Section 6(a), as to any transfer which
     may be involved in such division or combination, the Company shall execute
     and deliver a new Warrant or Warrants in exchange for the Warrant or
     Warrants to be divided or combined in accordance with such notice.

          c) Warrant Register. The Company shall register this Warrant, upon
     records to be maintained by the Company for that purpose (the "Warrant
     Register"), in the name of the record Holder hereof from time to time. The
     Company may deem and treat the registered Holder of this Warrant as the
     absolute owner hereof for the purpose of any exercise hereof or any
     distribution to the Holder, and for all other purposes, absent actual
     notice to the contrary.

          d) Transfer Restrictions. The Company may require, as a condition of
     allowing the transfer of this Warrant (i) the opinion of counsel to the
     Company that such transfer may be made without registration under the
     Securities Act and under applicable state securities or blue sky laws, and
     (ii) that the holder or transferee execute and deliver to the Company an
     investment letter in form and substance acceptable to the Company and (iii)
     that the transferee be an "accredited investor" as defined in Rule
     501(a)(1), (a)(2), (a)(3), (a)(7), or (a)(8) promulgated under the
     Securities Act or a "qualified institutional buyer" as defined in Rule
     144A(a) under the Securities Act.

                                      -12-

<PAGE>

     Section 7. Miscellaneous.

          a) No Rights as Shareholder Until Exercise. This Warrant does not
     entitle the Holder to any voting rights or other rights as a shareholder of
     the Company prior to the exercise hereof as set forth herein.

          b) Loss, Theft, Destruction or Mutilation of Warrant. The Company
     covenants that upon receipt by the Company of evidence reasonably
     satisfactory to it of the loss, theft, destruction or mutilation of this
     Warrant or any stock certificate relating to the Warrant Shares, and in
     case of loss, theft or destruction, of indemnity or security reasonably
     satisfactory to it (which, in the case of the Warrant, shall not include
     the posting of any bond), and upon surrender and cancellation of such
     Warrant or stock certificate, if mutilated, the Company will make and
     deliver a new Warrant or stock certificate of like tenor and dated as of
     such cancellation, in lieu of such Warrant or stock certificate.

          c) Saturdays, Sundays, Holidays, etc. If the last or appointed day for
     the taking of any action or the expiration of any right required or granted
     herein shall not be a Business Day, then such action may be taken or such
     right may be exercised on the next succeeding Business Day.

          d) Jurisdiction. All questions concerning the construction, validity,
     enforcement and interpretation of this Warrant shall be determined in
     accordance with the provisions of the Purchase Agreement.

          e) Restrictions. The Holder acknowledges that the Warrant Shares
     acquired upon the exercise of this Warrant will have restrictions upon
     resale imposed by state and federal securities laws.

          f) Nonwaiver and Expenses. No course of dealing or any delay or
     failure to exercise any right hereunder on the part of Holder shall operate
     as a waiver of such right or otherwise prejudice Holder's rights, powers or
     remedies, notwithstanding the fact that all rights hereunder terminate on
     the Termination Date.

          g) Notices. Any notice, request or other document required or
     permitted to be given or delivered to the Holder by the Company shall be
     delivered in accordance with the notice provisions of the Purchase
     Agreement.

          h) Limitation of Liability. No provision hereof, in the absence of any
     affirmative action by Holder to exercise this Warrant to purchase Warrant
     Shares, and no enumeration herein of the rights or privileges of Holder,
     shall give rise to any liability of Holder for the purchase price of any
     Common Stock or as a stockholder of the Company, whether such liability is
     asserted by the Company or by creditors of the Company.

                                      -13-

<PAGE>

          i) Remedies. Holder, in addition to being entitled to exercise all
     rights granted by law, including recovery of damages, will be entitled to
     specific performance of its rights under this Warrant. The Company agrees
     that monetary damages would not be adequate compensation for any loss
     incurred by reason of a breach by it of the provisions of this Warrant and
     hereby agrees to waive and not to assert the defense in any action for
     specific performance that a remedy at law would be adequate.

          j) Successors and Assigns. Subject to applicable securities laws, this
     Warrant and the rights and obligations evidenced hereby shall inure to the
     benefit of and be binding upon the successors of the Company and the
     successors and permitted assigns of Holder. The provisions of this Warrant
     are intended to be for the benefit of all Holders from time to time of this
     Warrant and shall be enforceable by any such Holder or holder of Warrant
     Shares.

          k) Amendment. This Warrant may be modified or amended or the
     provisions hereof waived with the written consent of the Company and the
     Holder.

          l) Severability. Wherever possible, each provision of this Warrant
     shall be interpreted in such manner as to be effective and valid under
     applicable law, but if any provision of this Warrant shall be prohibited by
     or invalid under applicable law, such provision shall be ineffective to the
     extent of such prohibition or invalidity, without invalidating the
     remainder of such provisions or the remaining provisions of this Warrant.

          m) Headings. The headings used in this Warrant are for the convenience
     of reference only and shall not, for any purpose, be deemed a part of this
     Warrant.

                              ********************

                                      -14-

<PAGE>

          IN WITNESS WHEREOF, the Company has caused this Warrant to be executed
by its officer thereunto duly authorized.

Dated: March 28, 2007

                                       VENDINGDATA CORPORATION

                                       By: /s/ Mark R. Newburg
                                           ----------------------------------
                                           Mark R. Newburg,
                                           President and Chief Executive Officer

                                      -15-

<PAGE>

                               NOTICE OF EXERCISE

TO:  VENDINGDATA CORPORATION

          (1) The undersigned hereby elects to purchase ________ Warrant Shares
of the Company pursuant to the terms of the attached Warrant (only if exercised
in full), and tenders herewith payment of the exercise price in full, together
with all applicable transfer taxes, if any.

          (2) Please issue a certificate or certificates representing said
Warrant Shares in the name of the undersigned or in such other name as is
specified below:

                     _______________________________________

The Warrant Shares shall be delivered by physical delivery of a certificate to:

                     _______________________________________

                     _______________________________________

                     _______________________________________

          (3) Accredited Investor. The undersigned is an "accredited investor"
as defined in Regulation D promulgated under the Securities Act of 1933, as
amended.

          (4) Representation. By its delivery of this Notice of Exercise, the
undersigned represents and warrants to the Company that in giving effect to the
exercise evidenced hereby the Holder will not beneficially own in excess of the
number of shares of Common Stock (determined in accordance with Section 13(d) of
the Securities Exchange Act of 1934) permitted to be owned under Section 2(e) of
this Warrant.

[SIGNATURE OF HOLDER]

Name of Investing Entity: ______________________________________________________
Signature of Authorized Signatory of Investing Entity: _________________________
Name of Authorized Signatory: __________________________________________________
Title of Authorized Signatory: _________________________________________________
Date: _______________________________

<PAGE>

                                 ASSIGNMENT FORM

                    (To assign the foregoing Warrant, execute
                   this form and supply required information.
                 Do not use this form to exercise the Warrant.)

          FOR VALUE RECEIVED, [____] all of or [_______] shares of the foregoing
Warrant and all rights evidenced thereby are hereby assigned to

_______________________________________________ whose address is

_______________________________________________________________________________.

________________________________________________________________________________

                                                 Dated: ______________, ________

                                        Holder's Signature: ____________________

                                        Holder's Address: ______________________

                                                          ______________________

Signature Guaranteed: _______________

NOTE: The signature to this Assignment Form must correspond with the name as it
appears on the face of the Warrant, without alteration or enlargement or any
change whatsoever, and must be guaranteed by a bank or trust company. Officers
of corporations and those acting in a fiduciary or other representative capacity
should file proper evidence of authority to assign the foregoing Warrant.exv10wxby

 

EXHIBIT 10(b)

RAVEN INDUSTRIES, INC.

EMPLOYMENT AGREEMENT FOR

SENIOR MANAGEMENT

     AGREEMENT dated as of February 1, 2004, between RAVEN INDUSTRIES, INC., a South Dakota
corporation (the “Company”), and David R. Bair, (the “Executive”).

WITNESSETH:

     WHEREAS, the Board of Directors of the Company (the “Board”) recognizes that Executive’s
contribution to the growth and success of the Company and its subsidiaries has been substantial;
and

     WHEREAS, the Board has determined that it is appropriate to memorialize in writing the terms
and conditions of Executive’s employment and Executive’s entitlement to certain benefits upon his
retirement;

     NOW THEREFORE, in consideration of the mutual covenants and conditions herein contained and in
further consideration of services performed and to be performed by Executive for the Company, the
parties agree as follows:

          1. Employment. Executive shall continue in the employ of the Company in an executive
capacity, with such duties, powers and authority as are assigned to Executive from time to time by
the Board.

          2. Term. This Agreement shall commence on the date first above written and, except as
otherwise provided in paragraph 7, shall continue in effect until terminated by either the Company
or Executive on 30 days’ advance written notice, either with or without any reason. Except for
such 30-day notice requirement, nothing contained in this Agreement shall affect the Company’s
ability to terminate Executive’s employment with or without any reason notwithstanding the
preceding. Termination of this Agreement shall not terminate Executive’s benefits or the
Executive’s right to benefits under paragraph 4 or 5 if, at the date of termination, Executive has
either (i) attained age 65 or (ii) the sum of Executive’s age (as of his nearest birthday) and
years of service with the company (to the nearest whole year) equal 80 or more.

          3. Compensation. As full compensation for his services under this Agreement,
Executive shall receive such Compensation as determined by the Board, and Executive shall be
eligible for such fringe benefits as are provided generally to all Senior Managers of the Company.
The fringe benefits provided at the date of this Agreement are listed on Schedule A, attached
hereto and made a part hereof. The Company may change or terminate any fringe benefit from time to
time while Executive is employed, so long as the change affects all Senior Managers.

          4. Benefits on Termination in Certain Cases. If at the date Executive terminates
employment with the Company, Executive has either (i) attained age 65 or (ii) the sum of
Executive’s age (as of his nearest birthday) and years of service with the Company (to the nearest
whole year) equal 80 or more, Executive shall be entitled, at the Company’s expense, to the
following benefits in addition to any retirement benefits to which Executive may be entitled under
any qualified or non-qualified retirement plan maintained by the Company:

               (a) Until the later to die of Executive or his spouse, continuation of coverage under the
Company’s group hospital, medical and dental plans (“Medical Plan”) for himself, his spouse and
eligible dependents (“Covered Group”); provided that if Executive and his spouse are divorced, the
benefits for such spouse shall be discontinued; and further provided that if such spouse remarries
after the death of Executive, such coverage shall continue for such spouse after the date of
remarriage only if the spouse pays to the Company the group premium for such coverage. Prior to a
member of the Covered Group becoming eligible for Medicare, the benefits to which that member of
the Covered Group is entitled shall be at least equal to the benefits to which that member of the
Covered Group would have been entitled under the Medical Plan as if Executive’s had not separated
from service. Upon eligibility of a member of the Covered Group for Medicare, coverage provided by
Medicare shall be primary and the Medical Plan shall provide additional benefits such that the
total benefits (i.e., Medicare and the Medical Plan) are at least equal to the benefits that
members of the Covered Group would have been entitled under the Medical Plan at Executive’s
separation from service.

               (b) Until the death of the last to die of Executive or his spouse, payment of uninsured
medical expenses (including, but not limited to any deductibles and coinsurance) for Executive, his
spouse and his eligible dependents up to an annual limit of 3.5% of Executive’s highest annual
compensation (salary and bonus) during any one of his last five calendar years of employment;
provided that if Executive and his spouse are divorced, or if such spouse remarries after the death
of Executive, such coverage shall be discontinued for such spouse. The medical

 

 

expenses to be
covered and the timing of payment of such medical expenses shall be based on the terms of the Raven
Industries, Inc. Executive Supplemental Medical Plan as in effect at the date of Executive’s
separation from service. If such plan is not in effect at the date of Executive’s separation from
service and has not been replaced by a similar plan, medical expenses reimbursed shall be those
expenses that would be deductible under Section 213 of the Internal Revenue Code of 1986 as in
effect at the date of this Agreement (without regard to any provisions making such expenses
deductible only to the extent they exceed a percentage of adjusted gross income), and all such
expenses shall be paid or reimbursed within 15 days after presentation of invoices.

               5. Limitation on Amendment or Termination. If for any reason after the date of
Executive’s retirement, Executive is not permitted to participate in any of the plans or programs
referred to in paragraph 4, or if any such plans or programs are amended to provide lesser benefits
or are terminated, the Company, at its sole expense, shall arrange to provide Executive with
benefits substantially similar to those to which Executive would otherwise have been entitled but
for such amendment or termination.

               6. Termination For Cause. Notwithstanding paragraphs 2, 4 and 5, if the Company
discharges Executive “For Cause”(as defined below) the Company shall not be required to provide 30
days’ advance written notice of termination and the Company may elect, in its discretion, not to
pay the benefits provided under paragraphs 4 and 5. A discharge shall be considered “For Cause” if
Executive is terminated from employment for willful misconduct that materially injures or causes a
material loss to the Company and a material benefit to Executive or third parties, as for example,
by embezzlement, appropriation of corporate opportunity, conversion of tangible or intangible
corporate property or the making of agreements with third parties in which Executive or anyone
related to or associated with him has a direct or indirect interest. The term “For Cause” does not
include a termination occasioned by ill-advised good faith judgment or negligence in connection
with the Company’s business.

               7. Confidentiality. So long as Executive is employed and thereafter so long as
Executive is entitled to and is receiving the benefits to which he is entitled under paragraphs 4
and 5, he may not either directly or indirectly, except in the course of carrying out the business
of the Company or as authorized in writing on behalf of the Company, disclose or communicate to any
person, individual, firm or corporation, any information of any kind concerning any matters
affecting or relating to the business of the Company or any of its subsidiaries, including without
limitation, any of the customers, prices, sales, manner of operation, plans, trade secrets,
processes, financial or other data of the Company or any of its subsidiaries, without regard to
whether any or all of such information would otherwise be deemed confidential or material.

               8. Non-Competition. So long as Executive is employed and thereafter so long as
Executive is entitled to and is receiving the benefits to which he is entitled under paragraphs 4
and 5, he may not engage or participate directly or indirectly, either as principal, agent,
employee, employer, consultant, stockholder, director, co-partner, or any other individual or
representative capacity, in the conduct or management of, or own any stock or other proprietary
interest in, any business that competes with the business of the Company or any subsidiary of the
Company unless he has obtained prior written consent of the Board, except that Executive shall be
free without such consent to make investments in any publicly-owned company so long as he does not
become a controlling party in such company.

               9. Consequences
of Violation of Confidentiality of Non-Compete Provision. If the
Company, in good faith, determines that Executive has violated paragraph 7 or 8 of this Agreement,
then in addition to any remedy the Company may be entitled at law or in equity, it may discontinue
payments under paragraphs 4 and 5 upon written notice to Executive of the violation of paragraph 7
or 8.

               10. No Affect on Other Contractual Rights. The provisions of this Agreement, and any
payment provided for hereunder, shall not reduce any amounts otherwise payable, or in any way
diminish Executive’s existing rights, or rights that would accrue solely as a result of the passage
of time, under any benefit plan, change in control agreement or other contract, plan or
arrangement.

               11. Successors to the Corporation. The Company will require any successor or assign
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company, by agreement in form and substance
satisfactory to Executive, expressly, absolutely and unconditionally to assume and agree to perform
this Agreement in the same manner and to the same extent that the Company would be required to
perform it if no such succession or assignment had taken place. As used in this Agreement,
“Company” means Raven Industries, Inc. and any subsidiary or successor or assign to its business or
assets that otherwise becomes bound by the terms and provisions of this Agreement by operation of
law. In such event, the Company shall pay or shall cause such employer to pay any amounts owed to
Executive pursuant to this Agreement.

2

 

               12. Agreement Binding. This Agreement shall inure to the benefit of and be
enforceable by Executive’s spouse, personal and legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees. If Executive dies while any amounts are still payable to him hereunder, all such amounts, unless
otherwise provided herein, shall be paid in accordance with the terms of this Agreement to
Executive’s spouse, devisee, legatee, or other designee or, if there is no such designee, to
Executive’s estate.

               13. Notice. For purposes of this Agreement, notices and all other communications
provided for in the Agreement shall be in writing and shall be deemed to have been duly given when
delivered or when mailed by United States registered mail, return receipt requested, postage
prepaid, as follows:

	 	 	 	 	 
	 

	 	If to the Company:
	 	Raven Industries, Inc.
	 

	 	 	 	P.O. Box 5107
	 

	 	 	 	Sioux Falls, SD 57117-5107
	 

	 	 	 	Attention: Ronald M. Moquist, President and CEO
	 
	 	 	 	 
	 

	 	If to Executive:
	 	David R. Bair
	 
	 	 	 	  

	 
	 	 	 	  

or such other address as either party may have furnished to the other in writing in accordance
herewith, except that notices of change of address shall be effective only upon receipt.

               14. Miscellaneous. No provisions of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in a writing signed by
Executive and such officer of the Company as may be specifically designated by the Board. No
waiver by either party hereto at any time of any breach by the other party of, or compliance with,
any condition or provision of this Agreement to be performed by such other party shall be deemed a
waiver of similar or dissimilar provision or conditions at the same or at any prior or subsequent
time. No agreements or representations, oral or otherwise, express or implied, with respect to the
subject matter of this Agreement have been made by either party that are not set forth expressly in
this Agreement. This Agreement shall be governed by and construed in accordance with the laws of
the state of South Dakota.

               15. Validity. The invalidity or unenforceability of any provisions of this Agreement
shall not affect the validity or enforceability of any other provision of this Agreement, which
shall remain in full force and effect.

               16. Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original but all of which together will constitute one and the same
instrument.

               17. Fees and Expenses. The Company shall pay all fees and expenses (including
reasonable attorney’s fees and costs) that Executive may incur as a result of the Company’s
contesting the validity, enforceability or Executive’s interpretation of, or determinations under,
this Agreement, regardless of whether the Company is successful in such contest.

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date and year first
above written.

	 	 	 	 	 
	 	RAVEN INDUSTRIES, INC.

 	 
	 	By:  	
/s/ Ronald M. Moquist
 	 
	 	 	President and Chief Executive Officer 	 

	 	 	 	 	 
	 	EXECUTIVE:

 	 
	 	/s/ David R. Bair
 	 
	 	 	 
	 	 	 
	 

3

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