Document:

Exhibit 10.1

     

     

    EMPLOYMENT
      AGREEMENT

     

     

    made
      by
      and between

     

    Stendal
      Pulp Holding GmbH, Berlin / Arneburg,

     

    (hereinafter
      referred to as the "Company")

     

    and

    

    Mr.
      Wolfram Ridder, Am Eisenbuhl 7,

    95152
      Selbitz

     

    (hereinafter
      referred to as "Managing

    Director")

    

     

    

     

     

    §l

    Functions
      and Responsibilities

     

     

    

     

     

    
      	1.     	
              Mr.
                Ridder has shareholder's
                resolution of March 7, 2002 appointed managing director ("Geschäftsführer")
                of the Company. In such capacity he is responsible for the joint
                representation of the Company to third parties together with another
                managing director; Mr. Ridder is in charge of certain activities
                relating
                to the Company's investment in Zellstoff Stendal GmbH ("ZSG"), including
                project coordination/implementation, finance and subsidies. Mr. Ridder
                shall also review business opportunities, handle banking and government
                relations in Germany for the Company and certain of its affiliates
                and
                coordinate carbon credit, currency, interest rate and pulp hedging
                and
                trading for the Company and certain of its affiliates; the Company
                may
                assign the Managing Director to additional positions with affiliates
                of
                the Company which positions the Managing Director agrees to fill
                out
                without additional compensation.

            

    

     

    
      	2.    
              	
              The
                Managing Director shall report to the Company and its shareholder's
                meeting.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	3.     	
              The
                Managing Director's office locations are Berlin and
                Arneburg.

            

    

     

    §2.

    Term
      of
      Agreement

     

    
      	1.     	
              This
                agreement is effective from May 1, 2006 and replaces all earlier
                agreements between the parties and replaces the earlier agreement
                between
                the Managing Director and ZSG. For the purpose of German statutory
                law the
                Company acknowledges the Managing Director’s length of service period as a
                Managing Director of ZSG (Anrechnung von Vordienstzeiten) since September
                1, 2002.

            

    

     

    
      	2.     	
              This
                agreement is entered into for indefinite
                time.

            

    

     

    
      	3.     	
              This
                agreement may be terminated by the parties as of June 30 or December
                31 of
                any year by giving six (6) months' notice; in case of a direct or
                indirect
                change in majority ownership of the Company the notice period will
                increase to twelve months. Termination without prior notice due to
                serious
                breach of this contract or illegal actions remains unaffected. The
                termination notice for termination of this agreement has to be in
                writing.
                For the purposes of this subsection, "change in majority ownership"
                means
                the acquisition by a party of 50.1% or more of the voting shares
                of the
                applicable corporation.

            

    

     

    
      	4.     	
              If
                termination notice is given with respect to this agreement, no matter
                by
                which party, the Company is entitled to suspend the Managing Director's
                obligation to perform services for the Company until the actual
                termination date. The Company shall be no longer obligated to pay
                to the
                Managing Director compensation under this agreement to the extent
                that the
                Managing Director receives compensation from any new full time employment
                that he may enter into before such actual termination
                date.

            

    

     

    
      	5.     	
              This
                agreement shall terminate without expressed termination notice at
                the end
                of the month in which the Managing Director completes his 65th year
                of
                life.

            

    

     

    §3

    Compensation

     

    
      	1.     	
              The
                Managing Director shall as compensation for his services receive
                an annual
                gross salary of EUR 247,200. - (in words: two hundred forty-seven
                thousand
                two hundred Euro). The annual salary shall be paid in twelve equal
                instalments at the end of each calendar month under withholding of
                applicable tax and social security deductions (statutory pension
                plan,
                unemployment insurance). The Managing Director shall also be entitled
                to a
                one time equalization payment of EUR 600 (in words: six hundred
                Euro).

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	2.     	
              Additionally
                the Managing Director is entitled to a yearly bonus payment up to
                a
                maximum of 25% of the base salary under item 1 above, depending on
                targets
                mutually agreed between the Managing Director and Mercer International
                Inc.'s CEO Jimmy Lee for each business
                year.

            

    

     

    
      	3.     	
              The
                Company will entertain - directly or indirectly through its subsidiary
                ZSG
                - a deferred compensation scheme (Unterstützungskasse) which shall be
                served by the Managing Director transfer payments from amounts paid
                under
                §3.1 or §3.2 and in amounts at the Managing Director’s
                discretion.

            

    

     

    
      	4.     	
              The
                Company may choose to effect any whatsoever payments, compensations
                or
                other benefits indirectly through ZSG human resource department without
                any prejudice to its obligations towards the Managing Director under
                this
                agreement.

            

    

     

    
      	5.     	
              Other
                than as set out herein, all participation by the Managing Director
                in any
                deferred compensation scheme offered by ZSG pursuant to subsection
                3 above
                shall be provided at no cost to ZSG and all payments, compensations
                or
                benefits payable by ZSG to the Managing Director pursuant to subsection
                4
                above shall be made at no cost to ZSG, and in each such case the
                Company
                agrees to reimburse ZSG for such costs, payments, compensations or
                benefits, if any; provided that to the extent that the Managing Director
                provides services to ZSG for which ZSG has agreed to pay a fee,
                compensation or benefit to the Company or to the Managing Director,
                such
                amounts shall be to the account of ZSG and need not be reimbursed
                by the
                Company to ZSG.

            

    

     

    §4

    Compensation
      in Case of Incapacitation

     

    
      	1.     	
              In
                case of temporary incapacitation of the Managing Director caused
                by
                illness or another reason for which the Managing Director is not
                responsible, statutory law is applicable for the continuation of
                compensation payments. After expiry of such 6 weeks of statutory
                sick pay
                the company will pay the difference between a statutory sick pay
                and the
                net monthly payment to the managing director for a period of further
                20
                weeks.

            

    

     

    
      	2.     	
              Subject
                to Section 6, Subsection 6 below, the Company agrees to take or have
                the
                Managing Director take out for the Managing Director an insurance
                with a
                coverage of EUR 1,500,000. - in case of death and EUR 2,000,000.
                - in case
                of disability.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    §5

    Vacation

     

    The
      Managing Director is entitled to an annual vacation of thirty (30) working
      days
      (one week = five working days). The time during which such vacation is taken
      shall be decided after the consultation with the Company.

     

    §6

    Other
      Benefits

     

    
      	1.     	
              The
                Managing Director shall, for the performance of his function under
                this
                Agreement, be provided with a Company car with a maximum value of
                60,000.
                - € which he may also use for personal purposes. All necessary running
                costs shall be born by the company. The income tax on the
                monetary advantage
                of the private use shall be paid by the Managing
                Director.

            

    

     

    
      	2.     	
              Expenses
                which the Managing Director will incur in performing his responsibilities
                under this Agreement, including travel and other expenses, shall
                be
                reimbursed if supported by individual
                vouchers.

            

    

     

    
      	3.     	
              Subject
                to Subsection 6 below, the Managing Director is entitled to reimbursement
                his costs of private health insurance and disability insurance against
                invoice. 

            

    

     

    
      	4.     	
              The
                Company will provide the Managing Director with a mobile
                telephone.

            

    

     

    
      	5.     	
              The
                Company will, at its expenses, take out Director's and Officers liability
                insurance coverage for the managing director up to an amount of €
                5,000,000.- for each case.

            

    

     

    
      	6.     	
              The
                maximum cost to the Company of providing the insurance coverage described
                in Section 4, Subsection 2 above and for fulfilling the reimbursement
                obligations described in Section 6, Subsection 3 above (the "Insurance
                Benefits") shall be an aggregate of EUR 1,300. per month (the "Cap
                Amount"). In the event that the cost of providing the Insurance Benefits
                exceeds the Cap Amount, the insurance coverage provided by the Company
                will be reduced to such levels as the Company may elect, such that
                all
                costs in respect thereof fit within the Cap Amount and the Company
                may
                deny any claims for reimbursement that would cause Insurance Benefits
                costs to exceed the Cap Amount.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    §7

    Additional
      Employment, Non-

     

    Competition
      Clause

     

    
      	1.     	
              The
                Managing
                Director shall devote his full attention and time, as well as professional
                knowledge and experience, exclusively to the Company. The acceptance
                of
                any compensated or non-compensated additional employment as well
                as of the
                service on supervisory or advisory boards or similar positions is
                subject
                to the prior written consent of the shareholder's
                meeting.

            

    

     

    
      	2.     	
              During
                the time of his employment with the Company the Managing Director
                shall
                not engage, directly or indirectly, in any venture, business or enterprise
                which competes with the Company.

            

    

     

    §8

    Confidentiality

     

    The
      Managing Director agrees that he will keep all affairs of the Company absolutely
      confidential to third parties. This obligation shall survive the termination
      of
      the services for the Company.

     

    §9

    Records

    and
      other
      Company Property

     

    When
      leaving the service of the Company, or after being suspended from his obligation
      to render services pursuant to Section 2, Subsection 4, the Managing Director
      agrees to return to the Company any and all documents, correspondence, records,
      drafts and the like which concern Company matters and which are still in his
      possession, The Managing Director is not entitled to exercise a right of
      retention with respect to such records and objects.

     

    §10

    Final
      Provisions

     

    
      	1.     	
              Amendments
                and additions to this Agreement, including this provision, must be
                in
                writing. There are no oral side agreements to this Agreement. This
                Agreement supersedes all earlier
                agreements.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	2.     	
              Should
                any provision off this Agreement become wholly or in. part invalid,
                the
                remaining parts of this Agreement shall not be affected. The invalid
                provision shall be replaced in such case by such valid provision
                which
                comes as close as possible to the economic intent of the
                parties.

            

    

     

     

    Berlin,
      October 2, 2006      

    Place,
      date

     

     

    Stendal
      Pulp Holding GmbH, represented            /s/
      Wolfram Ridder           

    by
      its
      shareholders                                                                            
Wolfram
      Ridder

     

     

    Mercer
      International Inc.  

     

    Per         
      /s/
      Jimmy S. H. Lee         
         

     

          
      Chief Executive OfficerExhibit 10.1

    FOURTH AMENDMENT
      TO CREDIT AGREEMENT

    

    This FOURTH
      AMENDMENT TO CREDIT AGREEMENT (the “Fourth Amendment”) dated September 27,
      2006, is by and among ePlus inc., a Delaware corporation (“ePlus”), the
      Subsidiaries of ePlus signatory hereto (including ePlus, each individually
      a
“Borrower” and collectively, the “Borrowers”), the Banks signatory hereto (the
“Banks”), and National City Bank, as Administrative Agent for the Banks (the
“Administrative Agent”).

    

    BACKGROUND

    

    A.  Pursuant
      to that certain Credit Agreement dated
      September
      23,
      2005,
      by and
      among the Borrowers, the Banks, and the Administrative Agent, as amended by
      a
      First Amendment to Credit Agreement, dated July 11, 2006, a Second Amendment
      dated July 28, 2006, and a Third Amendment dated August 30, 2006 (as the same
      may be modified and amended from time to time, including by this Fourth
      Amendment, the "Credit Agreement"), the Banks agreed, inter
      alia,
      to
      extend to the Borrowers a revolving credit facility in the maximum aggregate
      principal amount of $35,000,000.

     

    
      B.  The
        Borrowers did not deliver their annual audited financial statements prior
        to May
        31, 2006, as required by Section 5.1(a) of the Credit Agreement, which event
        was
        waived through July 28, 2006, pursuant to the First Amendment, and did not
        deliver their “Projections” for 2007 prior to June 30, 2006, as required by
        Section 5.1(d) of the Credit Agreement (the “Waived Delivery Event”), which
        events were waived through September 30, 2006, pursuant to the Third Amendment,
        and have advised the Banks that they will be unable to deliver such items
        in the
        timeframe set forth in the Third Amendment.

      

      C.  The
        Borrowers did not deliver the following documents as required by Section
        5.1 of
        the Credit Agreement (collectively, the “Outstanding Delivery Event”): (a)
        Borrowing Base Report for the period ending August 31, 2006; (b) Compliance
        Certificate (Annual), for the period ending March 31, 2006; (c) Compliance
        Certificate (Quarterly), for the period ending June 30, 2006; (d) Financial
        Statements (Quarterly), for the period ending June 30, 2006; (e) Inventory
        Report (Annual), for the period ending March 31, 2006; (f) Inventory Report
        (Quarterly), for the period ending June 30, 2006; (g) Residual Realization
        Report (Annual), for the period ending March 31, 2006; and (h) Residual
        Realization Report (Quarterly), for the period ending June 30,
        2006.

      

      D.  The
        Borrowers have requested an extension of the delivery date requirements for
        the
        Waived Delivery Event, and a waiver and extension as to the delivery date
        requirements for the Outstanding Delivery Event, as each is described above,
        to
        which the Banks are willing to agree, on the terms and subject to the conditions
        set forth herein.

    

     

    NOW,
      THEREFORE, in consideration of the foregoing premises and for other good and
      valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, and intending to be legally bound hereby, the parties hereto
      agree
      as follows:

    

    1.  Definitions.
      

    

    (a)  General
      Rule.
      Except
      as expressly set forth herein, all capitalized terms used and not defined herein
      shall have the respective meanings ascribed thereto in the Credit Agreement.
      

    

    (b)  Additional
      Definition.
      The
      following additional definition shall be added to Article 1 of the Credit
      Agreement to read in its entirety as follows:

     

    
      
        
        

      

      
        
        

        
        

      

      
        
        

      

    

              “Fourth
      Amendment”
means
      the Fourth Amendment to this Agreement dated September 27,
      2006.

    

    2.  Representations
      and Warranties.
      Each
      Borrower hereby represents and warrants to the Administrative Agent and each
      Bank that, except as to the Waived Delivery Event and the Outstanding Delivery
      Event, as to such Borrower:

    

    (a)  Representations.
      each of
      the representations and warranties of such Borrower contained in the Credit
      Agreement and/or the other Loan Documents are true, accurate and correct in
      all
      material respects on and as of the date hereof as if made on and as of the
      date
      hereof, except to the extent such representation or warranty was made as of
      a
      specific date;

    

    (b)  Power
      and Authority.
      (i)
      such Borrower has the power and authority under the laws of its jurisdiction
      of
      organization and under its organizational documents to enter into and perform
      this Fourth Amendment and any other documents which the Banks require such
      Borrower to deliver hereunder (this Fourth Amendment and any such
      additional documents delivered in connection with the Fourth Amendment are
      herein referred to as the “Amendment Documents”); (ii) such Borrower is in good
      standing in its jurisdiction of organization and each additional jurisdiction
      in
      which it is required to be so qualified; and (iii) all actions, corporate or
      otherwise, necessary or appropriate for the due execution and full performance
      by the Borrower of the Fourth Amendment have been adopted and taken and,
      upon their execution, the Credit Agreement, as amended by this Fourth
      Amendment will constitute the valid and binding obligations of the Borrower
      enforceable in accordance with their respective terms;

    

    (c)  No
      Violations of Law or Agreements.
      the
      making and performance of the Fourth Amendment will not violate any
      provisions of any law or regulation, federal, state, local, or foreign, or
      the
      organizational documents of such Borrower, or result in any breach or violation
      of, or constitute a default or require the obtaining of any consent under,
      any
      agreement or instrument by which such Borrower or its property may be
      bound;

    

    (d)  No
      Default.
      no
      Default or Event of Default has occurred and is continuing; and

    

    (e)  No
      Material Adverse Effect.
      No
      Material Adverse Effect has occurred since September 23, 2005.

    

    3.  Conditions
      to Effectiveness of Amendment.
      This Fourth Amendment shall be effective upon the Administrative Agent’s
      receipt of the following, each in form and substance reasonably satisfactory
      to
      the Banks:

        

                                       
      (a)      
      Fourth
      Amendment.
      this Fourth Amendment, duly executed by the Borrowers and the Banks;

    

    (b)  Consent
      and Waivers.
      copies
      of any consents or waivers necessary in order for the Borrowers to comply with
      or perform any of its covenants, agreements or obligations contained in any
      agreement, which are required as a result of the Borrowers’ execution of
      this Fourth Amendment, if any; and

    

    (c)  Other
      Documents and Actions.
      such
      additional agreements, instruments, documents, writings and actions as the
      Banks
      may reasonably request.

    

      
        
          -2-

        

        
          
          

          
          

        

        
          
          

        

      

    

    
      4.  Limited
        Waiver and Consent; Ratification.
        Subject
        to the terms and conditions of this Fourth Amendment, the Banks and
        Administrative Agent hereby waive the Outstanding Delivery Event (provided
        that
        the deliveries described thein occur not later than November 15, 2006) and
        consent to the extension of the delivery date for Waived Delivery Event,
        to a
        date not later than November 15, 2006. Except
        as
        stated in the preceding sentence, the execution, delivery and performance
        of
        this Fourth Amendment shall not operate as a waiver of any right, power or
        remedy of the Administrative Agent or the Banks under the Credit Agreement
        or
        any Loan Document, or constitute a waiver of any provision thereof. Except
        as
        expressly modified hereby, all terms, conditions and provisions of the Credit
        Agreement and the other Loan Documents shall remain in full force and effect
        and
        are hereby ratified and confirmed by any Borrower. Nothing contained herein
        constitutes an agreement or obligation by the Administrative Agent or any
        Bank
        to grant any further amendments to any of the Loan
        Documents.

    

     

    5.  Acknowledgments.
      To
      induce the Banks to enter into this Fourth Amendment, each Borrower
      acknowledges, agrees, warrants, and represents that:

    

    (a)  Acknowledgment
      of Obligations; Collateral; Waiver of Claims.
      (i) the
      Loan Documents are valid and enforceable against, and all of the terms and
      conditions of the Loan Documents are binding on, the Borrowers; (ii) the liens
      and security interests granted to the Administrative Agent by the Borrowers
      pursuant to the Loan Documents are valid, legal and binding, properly recorded
      or filed and first priority perfected liens and security interests; and (iii)
      the Borrowers hereby waive any and all defenses, set-offs and counterclaims
      which they, whether jointly or severally, may have or claim to have against
      the
      Administrative Agent or any Bank as of the date hereof.

    

    (b)  No
      Waiver of Existing Defaults.
      Other
      than the Delivery Event, no Default or Event of Default exists immediately
      before or immediately after giving effect to this Fourth Amendment. Nothing
      in this Fourth Amendment nor any communication between the Administrative
      Agent, any Bank, any Borrower or any of their respective officers, agents,
      employees or representatives shall be deemed to constitute a waiver of (i)
      any
      Default or Event of Default arising as a result of the foregoing representation
      proving to be false or incorrect in any material respect; or (ii) any rights
      or
      remedies which the Administrative Agent or any Bank has against any Borrower
      under the Credit Agreement or any other Loan Document and/or applicable law,
      with respect to any such Default or Event of Default arising as a result of
      the
      foregoing representation proving to be false or incorrect in any material
      respect.

    

    6.  Binding
      Effect.
      This Fourth Amendment shall be binding upon and inure to the benefit of the
      parties hereto and their respective successors and assigns.

    

    7.  Governing
      Law.
      This Fourth Amendment and all rights and obligations of the parties
      hereunder shall be governed by and be construed and enforced in accordance
      with
      the laws of the Commonwealth of Pennsylvania without regard to Pennsylvania
      or
      federal principles of conflict of laws.

    

    8.  Headings.
      The
      headings of the sections of this Fourth Amendment are inserted for
      convenience only and shall not be deemed to constitute a part of
      this Fourth Amendment.

    

    9.  Counterparts.
      This Fourth Amendment may be executed in any number of counterparts with
      the same affect as if all of the signatures on such counterparts appeared on
      one
      document and each counterpart shall be deemed an original.

    
      
        -3-

      

      
        
        

        
        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment to
      Credit Agreement to be executed under seal by their duly authorized officers,
      all as of the day and year first written above.

     

    ePLUS
      inc.

     

    By:
      /s/
      Kleyton L. Parkhurst

    Name:
      Kleyton
      L. Parkhurst

    Title:
      Senior
      Vice President

     

    ePLUS
      Group, inc.

     

    By:
      /s/
      Kleyton L. Parkhurst

    Name:
      Kleyton
      L. Parkhurst

    Title:
      Senior
      Vice President

     

    ePLUS
      Government, inc.

     

    By:
      /s/
      Kleyton L. Parkhurst

    Name:
      Kleyton
      L. Parkhurst

    Title:
      Senior
      Vice President

     

    ePLUS
      Capital, inc.

     

    By:
      /s/
      Kleyton L. Parkhurst

    Name:
      Kleyton
      L. Parkhurst

    Title:
      President

     

    
      
        -4-

      

      
        
        

        
        

      

      
        
        

      

    

    NATIONAL
      CITY BANK

     

    By:
/s/
      Michael J. Labrum

    Name:
      Michael
      J. Labrum

    Title:
      Senior
      Vice President

    

     

    BRANCH
      BANKING AND TRUST COMPANY OF 

    VIRGINIA

     

    By:
      /s/
      Ronald P. Gudbrandsen

    Name:
      Ronald
      P. Gudbrandsen

    Title:
      Senior
Vice
      President

     

     

    
      
        -5-

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