Document:

puredepth_ex1021.htm

     

    Exhibit
      10.21

     

     

    

    
       

      

       

      July
        23,
        2007

       

      

      Tom
        Credelle

      407
        Scotts Bluff Place

      Morgan
        Hill, CA  95037

       

      Re:           Employment
        with PureDepth, Inc.

       

      Dear
        Tom:

       

      PureDepth,
        Inc. is pleased to confirm the terms of your employment as provided in the
        offer
        letter of May 7, 2007.  Please confirm your acceptance by execution of
        a counterpart copy of this letter agreement where indicated below.

       

      1.           Employment.  Company
        hereby affirms Employee’s employment, and Employee hereby affirms his acceptance
        of employment, upon the terms and conditions set forth herein.

       

      2.           Duties.

       

      2.1           Position.  Employee
        is employed as of Senior Vice President of World Wide Engineering and shall
        report to and have the duties and responsibilities assigned by Company’s Chief
        Executive Officer both upon initial hire and as may be reasonably assigned
        from
        time to time.  Employee shall perform faithfully and diligently all
        duties assigned to Employee.

       

      2.2           Best
        Efforts/Full-time.  Employee will expend Employee’s best efforts
        on behalf of Company, and will abide by all policies and decisions made by
        Company, as well as all applicable federal, state and local laws, regulations
        or
        ordinances.  Employee will act in the best interest of Company at all
        times.  Employee shall devote Employee’s full business time and
        efforts to the performance of Employee’s assigned duties for
        Company.

       

       

      
        255
          Shoreline Drive Suite 610 Redwood City, CA 94065 Phone (650) 632-0800 Fax
          (650)
          632-0818

        www.puredepth.com

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      3.           Term.

       

      3.1           Term.  The
        employment relationship pursuant to this Agreement shall be on an at-will
        basis
        and may be terminated by the Company or the Employee at any time, for any
        reason
        subject to the provisions regarding termination as set forth in section 6
        below.

       

      3.2           Start
        Date.  Employee’s employment with the Company began as of June 11,
        2007.

       

      4.           Compensation.

       

      4.1           Base
        Salary.  As compensation for Employee’s performance of Employee’s
        duties hereunder, Company shall pay to Employee a base salary of $185,000.00
        per
        year, payable in accordance with the normal payroll practices of Company,
        less
        required deductions for state and federal withholding tax, social security
        and
        all other employment taxes.  In the event Employee’s employment under
        this Agreement is terminated by either party, for any reason, Employee will
        earn
        the Base Salary pro rated to the date of termination.  Employee’s Base
        Salary shall be subject to review by the CEO/Board on an annual
        basis.

       

      4.2           Equity  Subject
        to approval by the Board, Employee will be granted a stock option to purchase
        500,000 shares of Company common stock.  The exercise price of the
        Option will be equal to the fair market value of the Company’s common stock on
        your Option grant date.  The Option will also be subject to the terms
        and conditions of the Company’s 2006 Stock Plan and form of stock option
        agreement, which you will be required to sign as a condition of receiving
        the
        Option.  Subject to Employee’s continued employment, the Option shall
        vest as follows:  a three (3) year vesting period with the Option
        vesting in equal quarterly installments with an initial cliff vesting period
        of
        six (6) months.  To the extent that adequate shares are not available
        under the Plan for part or all of your stock option grant, the stock Option
        grant for such shares will be remain subject to the approval by the Company’s
        stockholders of any increase in the number of shares available under the
        Plan
        (and such approval date shall be the Option grant date for purposes of the
        determining the fair market value exercise price).

       

      4.3           Bonus.  Employee
        shall be eligible for an annual bonus pursuant to the terms and requirements
        of
        the Company’s senior management bonus plan or other plan determined by the CEO
        or Board of Director’s Compensation Committee.  The annual bonus shall
        be in an amount up to and shall not exceed fifty percent (50%) of Employee’s
        then current annul base salary (and shall be pro-rated for the first year),
        and
        twenty-five percent (25%) of which, if earned, will be eligible for payment
        after 120 days of employment (in the first year, but not subsequent
        years).

       

       

      
        255
          Shoreline Drive Suite 610 Redwood City, CA 94065 Phone (650) 632-0800 Fax
          (650)
          632-0818

        www.puredepth.com

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

        

         

      

      4.4           Customary
        Fringe Benefits, Vacation.  Employee will be eligible for all
        customary and usual fringe benefits generally available to employees of Company
        subject to the terms and conditions of Company’s current benefit plans as
        operated for all U.S. resident staff by Administaff.  Company reserves
        the right to change or eliminate the fringe benefits on a prospective basis,
        at
        any time. Employee will be entitled to four (4) weeks of paid vacation per
        year.

       

      5.           Business
        Expenses.  Employee will be reimbursed for all reasonable,
        out-of-pocket business expenses incurred in the performance of Employee’s duties
        on behalf of Company.  To obtain reimbursement, expenses must be
        submitted promptly with appropriate supporting documentation, all in accordance
        with Company’s policies.

       

      6.           Termination
        of Employee’s Employment.

       

      6.1           Termination
        for Cause by Company.  Although Company anticipates a mutually
        rewarding employment relationship with Employee, Company may terminate
        Employee’s employment immediately at any time for Cause if the CEO/Company finds
        that good grounds exist for a "for cause" termination.  For purposes
        of this Agreement, Cause shall mean  (1) the Employee’s theft,
        dishonesty, willful misconduct, breach of fiduciary duty for personal profit,
        or
        falsification of any Company documents or records; (2)  the Employee’s
        unauthorized use, misappropriation, destruction or diversion of any material
        asset or corporate opportunity of the Company (including, without limitation,
        the Employee’s improper use or disclosure of the Company’s confidential or
        proprietary information or his failure to abide by Company policies relating
        to
        confidentiality or reasonable workplace conduct); (3) any intentional act
        by the Employee which has a material detrimental effect on the Company’s
        reputation or business, (4) any material breach by the Employee of this
        Agreement and any other agreement between the Company and Employee, including
        without limitation, the Company’s Employee Proprietary Rights
        Agreement/Non-Disclosure Agreement, which breach is not cured within 15 days
        after Employee receives written notice from the CEO specifying said breach;
        or
        (5) the Employee’s conviction (including any plea of guilty or nolo
        contendere) of any criminal act involving fraud, dishonesty, misappropriation
        or
        moral turpitude, or which impairs the Employee’s ability to perform his duties
        with the Company.  In the event Employee’s employment is terminated in
        accordance with this subsection 6.1, Employee shall be entitled to receive
        only the Base Salary then in effect, pro rated to the date of
        termination.  Employee will also be permitted to retain all rights to
        fringe benefits and/or equity that had vested as of the date of his
        termination.  All other Company obligations to Employee pursuant to
        this Agreement will become automatically terminated and completely
        extinguished.  Employee will not be entitled to receive the Severance
        described in subsection 6.2 below.

       

       

      
        255
          Shoreline Drive Suite 610 Redwood City, CA 94065 Phone (650) 632-0800 Fax
          (650)
          632-0818

        www.puredepth.com

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

        

         

      

      6.2           Termination
        Without Cause by Company/Severance. Company may terminate Employee’s
        employment under this Agreement without Cause at any time.  In the
        event of such termination, Employee willreceive (i) the Base Salary then in
        effect, pro rated to the date of termination, and (ii) a ”Severance
        Payment” equal to four (4) months of Employee’s Base Salary then in effect on
        the date of termination, less applicable withholding, payable in accordance
        with
        the Company’s standard payroll procedures following the effective date of the
        release of claims described in (b) herein.  The Severance Payment
        (hereafter, referred to as “Severance”) shall be provided to Employee subject to
        the following:  (a) Employee complies with all surviving
        provisions of this Agreement as specified in subsection 11.8 below; and
        (b) Employee executes a full general release in a form satisfactory to the
        Company, releasing all claims, known or unknown, that Employee may have against
        Company arising out of or any way related to Employee’s employment or
        termination of employment with Company.  

       

      6.3           Voluntary
        Resignation by Employee.  Employee may voluntarily resign
        Employee’s position with Company, at any time on thirty (30) days’ advance
        written notice (which notice may be waived in writing by the
        Company).  In the event of Employee’s resignation, Employee will not
        be entitled to receive the Severance described in subsection 62 above.

       

      7.           No
        Conflict of Interest.  During the term of Employee’s employment
        with Company, Employee must not engage in any work, paid or unpaid, that
        creates
        an actual conflict of interest with Company, or which otherwise materially
        impairs Employee’s ability to perform the services contemplated
        hereunder.  Such work shall include, but is not limited to, directly
        or indirectly competing with Company in any way, or acting as an officer,
        director, employee, consultant, over 5% stockholder, volunteer, lender, or
        agent
        of any business enterprise of which is in competition with the business in
        which
        Company is now engaged or in which Company becomes engaged during the term
        of
        Employee’s employment with Company, as may be determined by the Company in its
        sole discretion.  If the Company believes such a conflict exists
        during the term of this Agreement, the Company may ask Employee to choose
        to
        discontinue the other work or resign employment with Company if he chooses
        not
        to discontinue the other work.  Employee agrees to notify the Company
        of any potential relationship which may reasonably trigger the conflict of
        interest provisions of this paragraph.

       

      8.           Confidentiality
        and Proprietary Rights.  As a condition of employment, Employee
        agrees to read, sign and abide by the terms of Company’s Employee Proprietary
        Rights Assignment Agreement/Non-Disclosure Agreement, which is provided with
        this Agreement and incorporated herein by reference.

       

      9.           Nonsolicitation.  Employee
        understands and agrees that Company’s employees and any information regarding
        Company employees are confidential and constitute trade secrets of the
        Company.  Employee agrees that during the term of this Agreement and
        for a period of one (1) year after the termination of employment with the
        Company, Employee will not, separately or in conjunction with others, encourage
        or cause others to solicit or personally encourage any employees of the Company
        to terminate or alter their relationships with the Company.

       

       

       

      
        255
          Shoreline Drive Suite 610 Redwood City, CA 94065 Phone (650) 632-0800 Fax
          (650)
          632-0818

        www.puredepth.com

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

        

         

      

      10.           Agreement
        to Arbitrate.  In the event of any dispute or claim relating to or
        arising out of Employee’s employment relationship with the Company, this
        Agreement, or the termination of Employee’s employment with the Company for any
        reason (including, but not limited to, any claims of breach of contract,
        defamation, wrongful termination or age, sex, sexual orientation, race, color,
        national origin, ancestry, marital status, religious creed, physical or mental
        disability or medical condition or other discrimination, retaliation or
        harassment), Employee and the Company agree that all such disputes shall
        be
        fully resolved by confidential, binding arbitration conducted by a single
        arbitrator through the American Arbitration Association (“AAA”) under the AAA’s
        National Rules for the Resolution of Employment Disputes then in effect,
        which
        are available online at the AAA’s website at
www.adr.org.  Claims for breach of the Company’s Employee
        Proprietary Rights and Assignment Agreement/Non-Disclosure Agreement are
        excluded.  

       

      11.           General
        Provisions.

       

      11.1           Successors
        and Assigns.  The rights and obligations of Company under this
        Agreement shall inure to the benefit of and shall be binding upon the successors
        and assigns of Company.  Employee shall not be entitled to assign any
        of Employee’s rights or obligations under this Agreement.

       

      11.2           Waiver.  Either
        party’s failure to enforce any provision of this Agreement shall not in any way
        be construed as a waiver of any such provision, or prevent that party thereafter
        from enforcing each and every other provision of this Agreement.

       

      11.3           Attorneys’
        Fees.  Each side will bear its own attorneys’ fees in any dispute
        unless a statutory section at issue, if any, authorizes the award of attorneys’
fees to the prevailing party.

       

      11.4           Severability.  In
        the event any provision of this Agreement is found to be unenforceable by
        an
        arbitrator or court of competent jurisdiction, such provision shall be deemed
        modified to the extent necessary to allow enforceability of the provision
        as so
        limited, it being intended that the parties shall receive the benefit
        contemplated herein to the fullest extent permitted by law.  If a
        deemed modification is not satisfactory in the judgment of such arbitrator
        or
        court, the unenforceable provision shall be deemed deleted, and the validity
        and
        enforceability of the remaining provisions shall not be affected
        thereby.

       

       

      
        255
          Shoreline Drive Suite 610 Redwood City, CA 94065 Phone (650) 632-0800 Fax
          (650)
          632-0818

        www.puredepth.com

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

        

         

      

      11.5           Interpretation;
        Construction.  The headings set forth in this Agreement are for
        convenience only and shall not be used in interpreting this
        Agreement.  This Agreement has been drafted by legal counsel
        representing Company, but Employee has participated in the negotiation of
        its
        terms.  Furthermore, Employee acknowledges that Employee has had an
        opportunity to review and revise the Agreement and have it reviewed by legal
        counsel, if desired, and, therefore, the normal rule of construction to the
        effect that any ambiguities are to be resolved against the drafting party
        shall
        not be employed in the interpretation of this Agreement.

       

      11.6           Governing
        Law.  This Agreement will be governed by and construed in
        accordance with the laws of the United States and the State of
        California.  Each party consents to the jurisdiction and venue of the
        state or federal courts in San Mateo County, California, if applicable, in
        any
        action, suit, or proceeding arising out of or relating to this
        Agreement.

       

      11.7           Notices.  Any
        notice required or permitted by this Agreement shall be in writing and shall
        be
        delivered as follows with notice deemed given as indicated: (a) by personal
        delivery when delivered personally; (b) by overnight courier upon written
        verification of receipt; (c ) by telecopy or facsimile transmission upon
        acknowledgment of receipt of electronic transmission; or (d) by certified
        or registered mail, return receipt requested, upon verification of
        receipt.  Notice shall be sent to the addresses set forth below, or
        such other address as either party may specify in writing.

       

      11.8           Survival.  Sections
        7 (“No Conflict of Interest”), 8 (“Confidentiality and Proprietary Rights”), 9
        (“Nonsolicitation”), 10 (“Agreement to Arbitrate”), 11 (“General Provisions”)
        and 12 (“Entire Agreement”) of this Agreement shall survive Employee’s
        employment by Company.

       

      12.           Entire
        Agreement.  This Agreement, including the Company Employee
        Proprietary Rights Assignment Agreement/Non-Disclosure Agreement incorporated
        herein by reference and Company’s stock option plan and related option documents
        described in subsection 4.2 of this Agreement, constitutes the entire
        agreement between the parties relating to this subject matter and supersedes
        all
        prior or simultaneous representations, discussions, negotiations, and
        agreements, whether written or oral.  This Agreement may be amended or
        modified only with the written consent of Employee and the Board, including
        without limitation any changes that may be necessary to comply with the
        provisions of Section 409A of the Code, to the extent
        applicable.  No oral waiver, amendment or modification will be
        effective under any circumstances whatsoever.

       

       

      
        255
          Shoreline Drive Suite 610 Redwood City, CA 94065 Phone (650) 632-0800 Fax
          (650)
          632-0818

        www.puredepth.com

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

        

         

      

      13.           Authority  The
        individual signing this Agreement on behalf of the Company has the authority
        to
        bind the Company to the terms of this Agreement and both parties will be
        considered bound to the terms of this Agreement upon their signatures thereto
        below.

       

      Tom,
        we
        are excited and pleased to have you join the PureDepth team.

      

      Sincerely,

       

      
        	 	 
	 	 
	__________________________________________	 
	
                Jon
                  McCaman

              	 
	
                Chief
                  Financial Officer

              	 
	
                PureDepth,
                  Inc.

              	 
	 	 
	
                Date: ______________________________________

              	 

      

      

      

      Acknowledged,
        Accepted and Agreed:

       

      

      ___________________________________________

      Tom
        Credelle

      

      

      ___________________________________________

      Date:                                                                            

       

      
 

      255
        Shoreline Drive Suite 610 Redwood City, CA 94065 Phone (650) 632-0800 Fax
        (650)
        632-0818

      www.puredepth.comEX-10.1

Exhibit No. 10.1

ADDITIONAL LOAN AND SECOND AMENDMENT TO

SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT

This ADDITIONAL LOAN AND SECOND AMENDMENT TO SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT,
dated as of August 27, 2007 (this “Amendment”), is made and entered into by and among CKE
Restaurants, Inc., a Delaware corporation (the “Borrower”), BNP Paribas, as administrative
agent (in such capacity, the “Administrative Agent”), the lenders signatory hereto as
Additional Term Lenders (each an “Additional Term Lender”) and the Lenders signatory
hereto, in connection with that certain Seventh Amended and Restated Credit Agreement, dated as of
March 27, 2007 (as amended, restated, supplemented or otherwise modified from time to time, the
"Credit Agreement”), by and among the Borrower, the Administrative Agent, the lenders party
thereto and the other parties thereto. Capitalized terms used herein and not otherwise defined
herein shall have the meaning assigned to such terms in the Credit Agreement (as amended by this
Amendment).

RECITALS

Pursuant to Section 2.23 of the Credit Agreement, the Borrower may from time to time request
Additional Loans in an aggregate principal amount not to exceed $100,000,000 (such amount, the
“Maximum Additional Loan Amount”), subject to the terms and conditions set forth therein.

Pursuant to the Additional Loan and First Amendment to Seventh Amended and Restated Credit
Agreement dated as of May 3, 2007, by and among Borrower, Administrative Agent and the lenders
party thereto, Borrower received proceeds of Additional Term Loans in an aggregate principal amount
of $50,000,000.

The Borrower has requested that Lenders amend the Credit Agreement to (i) increase the Maximum
Additional Loan Amount to $150,000,000, and (ii) increase the maximum amount of Capital Stock the
Borrower is permitted to repurchase as provided herein, and Required Lenders have agreed, subject
to the terms and conditions set forth herein, to amend the Credit Agreement to permit such
increases.

The Borrower has requested that the Lenders waive the requirement that the Borrower give
Administrative Agent not less than 10 Business Days advance written notice of its request for
Additional Term Loans set forth in Section 2.23(b) of the Credit Agreement (the “Specified
Waiver”), and Required Lenders and Administrative Agent have agreed, subject to the terms and
conditions set forth herein, to grant the Specified Waiver.

The Borrower has requested Additional Term Loans in an aggregate principal amount of
$100,000,000 and the Additional Term Lenders have agreed, subject to the terms and conditions set
forth herein, to make such Additional Term Loans to the Borrower.

AGREEMENT

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree
as follows:

Section 1. Waiver. Subject to satisfaction of the conditions precedent set forth in
Section 3, the Required Lenders and Administrative Agent grant the Specified Waiver. Except as
specifically set forth in this Amendment, the execution, delivery and effectiveness of this
Amendment shall not, (a) limit, impair, constitute a waiver by, or otherwise affect any right,
power or remedy of, the Administrative Agent or any Lender under the Credit Agreement or any other
Loan Document, (b) constitute a waiver of any provision in the Credit Agreement or in any other
Loan Document or of any Default or Event of Default that may have occurred and be continuing, or
(c) except as expressly provided herein, alter, modify, amend or in any way affect any of the
terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or in any
other Loan Document, all of which are ratified and affirmed in all respects and shall continue in
full force and effect.

Section 2. Amendments to Credit Agreement.

(a) The Borrower, Administrative Agent and Required Lenders hereby agree that:

(i) The definition of “Junior Recapitalization Amount” contained in Section 1.1 of the Credit
Agreement is hereby amended by (A) deleting the reference to “$220,000,000” contained therein and
substituting “$270,000,000” therefor, and (B) deleting the reference to “the previous fiscal year
of the Borrower” contained therein and substituting “the 2007 fiscal year of the Borrower and each
fiscal quarter ended thereafter, in each case” therefor.

(ii) Section 2.23 of the Credit Agreement is amended by deleting the reference to
“$100,000,000” contained therein and substituting “$150,000,000” therefor.

(iii) Section 7.7(d) of the Credit Agreement is amended by inserting “(without duplication of
amounts already applied to reduce the Junior Recapitalization Amount)” immediately after the
reference to “the cumulative amount” contained therein.

(b) The Borrower and the Additional Term Lenders party hereto hereby agree that:

(i) the Commitment (the “August 2007 Commitment”) of the Additional Term Lender and
the aggregate amount of the Additional Term Loans which shall be borrowed (the “August 2007
Term Loans”) pursuant to this Amendment and Section 2.23 of the Credit Agreement (as amended by
this Amendment) shall be in an aggregate principal amount of $100,000,000; and

(ii) the August 2007 Term Loans shall be made by the Additional Term Lenders on the first date
on which the conditions set forth in Sections 2.23 and 4.2 of the Credit Agreement and Section 2
hereof have been satisfied in full (the “Additional Loan Effective Date”).

(c) The Borrower and the Additional Term Lender hereby agree that each August 2007 Term Loan
funded pursuant to this Amendment will have the same ranking and all other terms as the Term Loans,
except that the August 2007 Term Loans shall accrue interest from and including the Additional Loan
Effective Date, and from and after the Additional Loan Effective Date, the Additional Term Lender
will be a Lender and a Term Loan Lender for any and all purposes under the Credit Agreement.

(d) To give effect to the August 2007 Term Loans, the parties hereto agree that:

(i) Section 1.1 of the Credit Agreement is amended by adding the following new definitions
thereto in alphabetical order:

“Second New Tranche Term Loans” shall have the meaning provided in
Section 2.1.

(ii) Section 1.1 of the Credit Agreement is amended by amending and restating the definition
of “Term Loan” in its entirety to read in full as follows:

“Term Loan” shall have the meaning provided in Section 2.1, provided
that for all purposes of the Loan Documents other than the first four
sentences of Section 2.1, “Term Loan” shall include the New Tranche
Term Loans made pursuant to Section 2.1 provided, further, that for
all purposes of the Loan Documents other than the first five sentences of
Section 2.1, “Term Loan” shall include the Second New Tranche Term
Loans made pursuant to Section 2.1.

(iii) Section 2.1 of the Credit Agreement is amended by adding the following after the fifth
sentence of such section:

On August 27, 2007, Additional Term Loans in the principal amount of
$100,000,000 shall be made by Lenders agreeing to do so pursuant to
Section 2.23 (collectively, the “Second New Tranche Term Loans").

(iv) The table set forth in Section 2.1 of the Credit Agreement is hereby amended and restated
as follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Date	 	Paydown Amount	 	Paydown Amount	 	Paydown Amount in
	 	 	in connection with	 	in connection with	 	connection with
	 	 	Original Term Loans	 	New Tranche Term	 	Second New Tranche
	 	 	 	 	 	 	Loans	 	Term Loans
	July 1, 2007

	 	$	300,000	 	 	$	125,000	 	 	—

	October 1, 2007

	 	$	300,000	 	 	$	125,000	 	 	$	250,000	 
	January 1, 2008

	 	$	300,000	 	 	$	125,000	 	 	$	250,000	 
	April 1, 2008

	 	$	300,000	 	 	$	125,000	 	 	$	250,000	 
	July 1, 2008

	 	$	300,000	 	 	$	125,000	 	 	$	250,000	 
	October 1, 2008

	 	$	300,000	 	 	$	125,000	 	 	$	250,000	 
	January 1, 2009

	 	$	300,000	 	 	$	125,000	 	 	$	250,000	 
	April 1, 2009

	 	$	300,000	 	 	$	125,000	 	 	$	250,000	 
	July 1, 2009

	 	$	300,000	 	 	$	125,000	 	 	$	250,000	 
	October 1, 2009

	 	$	300,000	 	 	$	125,000	 	 	$	250,000	 
	January 1, 2010

	 	$	300,000	 	 	$	125,000	 	 	$	250,000	 
	April 1, 2010

	 	$	300,000	 	 	$	125,000	 	 	$	250,000	 
	July 1, 2010

	 	$	300,000	 	 	$	125,000	 	 	$	250,000	 
	October 1, 2010

	 	$	300,000	 	 	$	125,000	 	 	$	250,000	 
	January 1, 2011

	 	$	300,000	 	 	$	125,000	 	 	$	250,000	 
	April 1, 2011

	 	$	300,000	 	 	$	125,000	 	 	$	250,000	 
	July 1, 2011

	 	$	300,000	 	 	$	125,000	 	 	$	250,000	 
	October 1, 2011

	 	$	300,000	 	 	$	125,000	 	 	$	250,000	 
	January 1, 2012

	 	$	300,000	 	 	$	125,000	 	 	$	250,000	 
	April 1, 2012

	 	$	28,500,000	 	 	$	11,875,000	 	 	$	23,800,000	 
	July 1, 2012

	 	$	28,500,000	 	 	$	11,875,000	 	 	$	23,800,000	 
	October 1, 2012

	 	$	28,500,000	 	 	$	11,875,000	 	 	$	23,800,000	 
	January 1, 2013

	 	$	28,800,000	 	 	$	12,000,000	 	 	$	24,100,000	 

Section 3. Conditions to Effectiveness. The effectiveness of this Amendment is
conditioned upon the following:

(a) Amendment. The Administrative Agent shall have received counterparts of this
Amendment that, when taken together, bear the signatures of the Borrower, the Administrative Agent,
Required Lenders and each Additional Term Lender.

(b) Confirmation of Guaranty and Security Interest. The Borrower and each Subsidiary
of the Borrower (other than any such Subsidiary which is an Immaterial Subsidiary) shall have
executed and delivered to the Administrative Agent a Confirmation of Guaranty and Security
Interest.

(c) Additional Commitment Agreement. The Administrative Agent shall have received an
Additional Commitment Agreement in form and substance reasonably acceptable to it executed by each
Additional Term Lender, the Administrative Agent and the Borrower.

(d) Opinion of Counsel. The Administrative Agent shall have received, on behalf of
itself and the Lenders, a legal opinion of Stradling Yocca Carlson & Rauth, counsel for the
Borrower, addressed to the Administrative Agent, the Issuing Bank and the Lenders and dated the
Additional Loan Effective Date, addressing such matters as the Administrative Agent may reasonably
request.

(e) Secretary’s Certificate. The Administrative Agent shall have received a
certificate of the Secretary or Assistant Secretary of the Borrower, dated as of the Additional
Loan Effective Date (i) certifying as true, correct and complete as of the Additional Loan
Effective Date, an attached copy of the certificate of incorporation or other similar
organizational document of the Borrower as amended, restated, supplemented or otherwise modified on
or prior to the Additional Loan Effective Date (certified by the Secretary of State or other
comparable authority where customary in such jurisdiction as of a date not more than ten Business
Days prior to the Additional Loan Effective Date) and certifying that there have been no changes to
such certificate of incorporation or other similar organizational document since the date of the
certification thereof by the Secretary of State or other comparable authority where customary in
such jurisdiction, (ii) certifying as true, correct and complete and as in full force and effect as
of the Additional Loan Effective Date, an attached copy of the by-laws or other similar
organizational document of the Borrower as amended through the date of such certificate, (iii)
certifying an attached copy of the resolutions of the Borrower’s Board of Directors approving and
authorizing the execution, delivery and performance of this Amendment and all other documents,
instruments and agreements executed and/or delivered in connection herewith or required or
contemplated hereunder (the “Amendment Documents”), and (iv) certifying the names and true
signatures of the incumbent officers of the Borrower authorized to sign this Amendment and the
other Amendment Documents, together with a certification of the name and true signature of the
Secretary or Assistant Secretary of the Borrower executing and delivering this certificate.

(f) Officer’s Certificate. The Administrative Agent shall have received a certificate
dated as of the Additional Loan Effective Date signed by the chief financial officer of the
Borrower certifying that the conditions set forth in Sections 4.2(a), (b) and (d) of the Credit
Agreement have been satisfied in full with respect to the August 2007 Term Loans.

(g) No Default or Event of Default. After giving effect to this Amendment and the
Additional Term Loans, no Default or Event of Default shall have occurred and be continuing as a
result of a breach of the covenants in Section 7.1 of the Credit Agreement and the Administrative
Agent shall have received a certificate of the President or Vice President of the Borrower, dated
as of the Additional Loan Effective Date, certifying the foregoing.

(h) Additional Matters. All corporate and other proceedings taken or to be taken in
connection with this Amendment and all documents incidental thereto, whether or not referred to
herein, shall be reasonably satisfactory in form and substance to the Administrative Agent.

Section 4. Representations and Warranties. The Borrower hereby represents and
warrants to the Administrative Agent and the Lenders, as of the date hereof, that both before and
after giving effect to this Amendment:

(a) All of the representations and warranties of the Borrower and each other Loan Party
contained in the Loan Documents (other than representations and warranties which expressly speak
only as of a different date) are true and correct;

(b) No Default or Event of Default has occurred or is continuing; and

(c) The August 2007 Term Loans will be used to prepay the Revolving Loans pursuant to Sections
2.2 and 2.11 of the Credit Agreement, to repurchase Capital Stock of the Borrower, and for other
general corporate purposes.

Section 5. Affirmations.

(a) The Borrower hereby (i) expressly acknowledges the terms of this Amendment, (ii) ratifies
and affirms its obligations under the Loan Documents to which it is a party, and (iii) agrees such
Loan Documents remain in full force and effect.

(b) The Borrower and the Administrative Agent hereby acknowledge and agree that (i) each
Additional Term Lender is approved and included as a “Term Loan Lender” and as a “Lender”, each as
defined in and under the Credit Agreement, and (ii) the other terms, conditions, rights and
remedies of the Lenders and the Term Loan Lenders otherwise extend in all respects and are
identical to those applicable to the Additional Term Lenders under this Amendment.

(c) The Borrower and the Administrative Agent hereby acknowledge and agree that the August
2007 Term Loans are “Term Loans”, “Loans” and “Obligations” as defined in and under the Credit
Agreement.

(d) The Borrower and the Administrative Agent hereby acknowledge and agree that the Additional
Term Lender is a Secured Party as defined in and under the Borrower Security Agreement and the
Subsidiary Security Agreement.

(e) The Borrower and the Administrative Agent hereby acknowledge and agree that the grants of
security interests and pledges of the Borrower pursuant to the Security Documents secures all
amounts advanced and committed under the August 2007 Term Loans and this Amendment, which amounts
are and shall be secured by all of the Collateral as defined in the Credit Agreement.

(f) The Borrower hereby reaffirms, as of the Additional Loan Effective Date, the covenants and
agreements contained in each Loan Document to which it is a party, including, in each case, such
covenants and agreements as in effect immediately after giving effect to this Amendment and the
transactions contemplated thereby.

(g) The Borrower hereby acknowledges and agrees that the acceptance by the Administrative
Agent of this document shall not be construed in any manner to establish any course of dealing on
the Administrative Agent’s or any Lender’s part, including the providing of any notice or the
requesting of any acknowledgment not otherwise expressly provided for in any Loan Document with
respect to any future amendment, waiver, supplement or other modification to any Loan Document or
any arrangement contemplated by any Loan Document.

(h) The Borrower hereby represents and warrants that, immediately after giving effect to this
Amendment, each Loan Document, in each case as modified by this Amendment (where applicable), to
which it is a party continues to be a legal, valid and binding obligation of the undersigned,
enforceable against such party in accordance with its terms (except, in any case, as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization or similar laws
affecting creditors’ rights generally and by principles of equity).

Section 6. Reference to and Effect on the Credit Agreement and other Loan Documents.
The amendments set forth herein are effective solely for the purposes set forth herein and shall be
limited precisely as written, and shall not be deemed to (i) be a consent to any amendment, waiver
or modification of any other term or condition of any Loan Document or of any other instrument or
agreement referred to therein, except as set forth herein, or (ii) prejudice any right or remedy
that the Administrative Agent or any Lender may now have or may have in the future under or in
connection with the Credit Agreement, as amended hereby, or any other instrument or agreement
referred to therein. Each reference in the Credit Agreement to “this Agreement,” “herein,”
“hereof” and words of like import and each reference in the other Loan Documents to the “Credit
Agreement” shall mean the Credit Agreement as amended hereby. This Amendment shall be construed in
connection with and as part of the Credit Agreement and all terms, conditions, representations,
warranties, covenants and agreements set forth in the Credit Agreement and each other instrument or
agreement referred to therein, except as herein amended, are hereby ratified and confirmed and
shall remain in full force and effect.

Section 7. Further Assurances. The Borrower shall and shall cause each other Loan
Party, upon the reasonable request of the Administrative Agent and at the Borrower’s sole cost and
expense, to execute, deliver, acknowledge or obtain, or to cause to be executed, delivered,
registered, filed or recorded any document or instrument supplemental or confirmatory to the
implementation of the August 2007 Term Loans, all as deemed necessary, reasonable or prudent by the
Administrative Agent to create, better perfect, protect or implement the security interests of the
Administrative Agent for the benefit of itself and the benefit of the Secured Parties

Section 8. Expenses and Fees. Notwithstanding anything contained in the Credit
Agreement, as amended hereby, or any other Loan Document and in addition to any fees and expenses
required to be paid by the Borrower thereunder, the Borrower agrees to pay all reasonable
out-of-pocket costs, fees and expenses incurred by the Administrative Agent in connection with the
preparation, execution and delivery of this Amendment (including the reasonable fees and expenses
of counsel to the Administrative Agent).

Section 9. Counterparts. This Amendment may be executed in any number of counterparts
and by different parties hereto on separate counterparts, each of which when so executed and
delivered shall be an original, but all of which shall together constitute one and the same
instrument.

Section 10. Severability. In case any provision in or obligation under this Amendment
shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and
enforceability of the remaining provisions or obligations, or of such provision or obligation in
any other jurisdiction, shall not in any way be affected or impaired thereby.

SECTION 11. GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF
ILLINOIS (WITHOUT GIVING EFFECT TO THE PRINCIPLES THEREOF RELATING TO CONFLICTS OF LAW TO THE
EXTENT SUCH PRINCIPLES WOULD REQUIRE THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN THE
STATE OF ILLINOIS).

Section 12. WAIVER OF TRIAL BY JURY. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH
OF THE BORROWER, THE ADMINISTRATIVE AGENT AND THE ADDITIONAL LENDER HEREBY IRREVOCABLY WAIVES ALL
RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR IN CONNECTION
WITH THIS AMENDMENT, THE CREDIT AGREEMENT OR ANY OTHER LOAN DOCUMENT OR ANY MATTER ARISING
HEREUNDER OR THEREUNDER.

[Signature Pages Follow]

1

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

CKE RESTAURANTS, INC.

By: /s/ Theodore Abajian 

Name: Theodore Abajian

Title: Executive Vice President and Chief Financial Officer

BNP PARIBAS,

as Administrative Agent

By: /s/ Clark C. King III 

Name: Clark C. King III

Title: Managing Director

By: /s/ Yung Woo 

Name: Yung Woo

Title: Vice President

BNP PARIBAS,

as Additional Term Lender

By: /s/ Clark C. King III 

Name: Clark C. King III

Title: Managing Director

By: /s/ Yung Woo 

Name: Yung Woo

Title: Vice President

LENDER: [     ]

By:

Name:

Title:

The Lender’s execution of this Amendment signifies only the Lender’s consent to this Amendment, and
does not constitute a commitment to provide any Additional Term Loans or Additional Revolving
Commitments. Any such commitment would be expressed in a separate commitment letter or other
written agreement.

2

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