Document:

Promissory Note to Wachovia Bank

 Exhibit 10(u) 
 PROMISSORY NOTE 
 $1,000,000.00 
 March 2, 2009 
 Cybex International, Inc. 
 10 Trotter Drive 
 Medway, MA 02053-2299 
 (Individually and collectively “Borrower”) 
 Wachovia Bank, National Association 
 190 River Road 
 Summit, New Jersey 07901 
 (Hereinafter referred to as “Bank”) 
 Borrower promises to pay to
the order of Bank, in lawful money of the United States of America, at its office indicated above or wherever else Bank may specify, the sum of One Million Dollars ($1,000,000.00) or such sum as may be advanced and outstanding from time to
time, with interest on the unpaid principal balance at the rate and on the terms provided in this Promissory Note (including all renewals, extensions or modifications hereof, this “Note”). 
 LOAN AGREEMENT. This Note is subject to the provisions of that certain Loan Agreement between Bank and Borrower dated July 30, 2007, as same has been or may
be modified from time to time (the “Loan Agreement”). Any and all collateral pledged to the Bank as security for the Obligations of the Borrower will act as security for this Loan. 
 USE OF PROCEEDS. Borrower shall use the proceeds of the loan evidenced by this Note to purchase equipment. 
 ADVANCES. Provided that the Borrower is not in default under the Loan Documents, Bank will make advances on the Loan to the Borrower upon the presentation of
invoices from the manufacturer. The advance will be within three (3) days of the submission of the invoice to the Bank. 
 INTEREST RATE.
Interest shall accrue on the unpaid principal balance of this Note during each Interest Period from the date hereof at a rate per annum equal to LIBOR Market Index Rate plus two hundred twenty-five (225) basis points (2.25%),
as that rate may change from day to day in accordance with changes in the LIBOR Market Index Rate (“Interest Rate”). “LIBOR Market Index Rate”, for any day, means the rate for 1 month U.S. dollar deposits as reported on Telerate
page 3750 as of 11:00 a.m., London time, on such day, or if such day is not a London business day, then the immediately preceding London business day (or if not so reported, then as determined by Bank from another recognized source or interbank
quotation). 
  

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 INDEMNIFICATION. Borrower shall indemnify Bank against Bank’s loss or expense as a consequence of
(a) Borrower’s failure to make any payment when due under this Note, (b) any payment, prepayment or conversion of any loan on a date other than the last day of the Interest Period, or (c) any failure to make a borrowing or
conversion after giving notice thereof (“Indemnified Loss or Expense”). The amount of such Indemnified Loss or Expense shall be determined by Bank based upon the assumption that Bank funded 100% of that portion of the loan in the London
interbank market. 
 DEFAULT RATE. In addition to all other rights contained in this Note, if a Default (as defined herein) occurs and as long as a
Default continues, all outstanding Obligations shall bear interest at the Interest Rate plus 3% (“Default Rate”). The Default Rate shall also apply from acceleration until the Obligations or any judgment thereon is paid in full.

 INTEREST AND FEE(S) COMPUTATION (ACTUAL/360). Interest and fees, if any, shall be computed on the basis of a 360-day year for the actual number of
days in the applicable period (“Actual/360 Computation”). The Actual/360 Computation determines the annual effective yield by taking the stated (nominal) rate for a year’s period and then dividing said rate by 360 to determine the
daily periodic rate to be applied for each day in the applicable period. Application of the Actual/360 Computation produces an annualized effective rate exceeding the nominal rate. 
 REPAYMENT TERMS. Borrower will make monthly payments of interest only beginning with the payment due on April 1, 2009 and on the same day of each and every month thereafter until December 31, 2009
(the “Maturity Date”) when entire balance of principal and interest is due and payable in full. 
 UNUSED LOAN FEE. Borrower will pay to the
Bank an unused Loan fee of twenty-five (25) basis points (.25%) on any amount that has been not been advanced under this Note. This fee will be due and payable on the Maturity Date. 
 AUTOMATIC DEBIT OF CHECKING ACCOUNT FOR LOAN PAYMENT. Borrower authorizes Bank to debit demand deposit account number 2000012988228 or any other account with Bank (routing number 21200025) designated in writing
by Borrower. Borrower further certifies that Borrower holds legitimate ownership of this account and preauthorizes this periodic debit as part of its right under said ownership. 
 APPLICATION OF PAYMENTS. Monies received by Bank from any source for application toward payment of the Obligations shall be applied to accrued interest and then to principal. If a Default occurs, monies may be
applied to the Obligations in any manner or order deemed appropriate by Bank. 
 If any payment received by Bank under this Note or other Loan Documents is
rescinded, avoided or for any reason returned by Bank because of any adverse claim or threatened action, the returned payment shall remain payable as an obligation of all persons liable under this Note or other Loan Documents as though such payment
had not been made. 
  

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 DEFINITIONS. Loan Documents. The term “Loan Documents” used in this Note and the other Loan Documents
refers to all documents executed in connection with or related to the loan evidenced by this Note, the Loan Agreement referred to above, security agreements, security instruments, financing statements, any renewals or modifications, whenever any of
the foregoing are executed, but does not include swap agreements (as defined in 11 U.S.C. § 101). Obligations. The term “Obligations” used in this Note refers to any and all indebtedness and other obligations under this Note,
all other obligations under any other Loan Document(s), and all obligations under any swap agreements (as defined in 11 U.S.C. § 101) between Borrower and Bank whenever executed. Certain Other Terms. All terms that are used but not
otherwise defined in any of the Loan Documents shall have the definitions provided in the Uniform Commercial Code. 
 LATE CHARGE. If any payments are
not timely made, Borrower shall also pay to Bank a late charge equal to 5% of each payment past due for 10 or more days. 
 Acceptance by Bank of any late
payment without an accompanying late charge shall not be deemed a waiver of Bank’s right to collect such late charge or to collect a late charge for any subsequent late payment received. 
 ATTORNEYS’ FEES AND OTHER COLLECTION COSTS. Borrower shall pay all of Bank’s reasonable expenses incurred to enforce or collect any of the Obligations
including, without limitation, reasonable arbitration, paralegals’, attorneys’ and experts’ fees and expenses, whether incurred without the commencement of a suit, in any trial, arbitration, or administrative proceeding, or in any
appellate or bankruptcy proceeding. 
 USURY. If at any time the effective interest rate under this Note would, but for this paragraph, exceed the
maximum lawful rate, the effective interest rate under this Note shall be the maximum lawful rate, and any amount received by Bank in excess of such rate shall be applied to principal and then to fees and expenses, or, if no such amounts are owing,
returned to Borrower. 
 DEFAULT. If any of the following occurs and is not cured within the applicable Cure Period, a default (“Default”)
under this Note shall exist: Nonpayment; Nonperformance. (i) The failure of any payment due under this Note within ten (10) days of its due date, or (ii) the failure to perform any other terms and conditions of this Note or the
other Loan Documents within the applicable Cure Period set forth below. False Warranty. A material warranty or representation made or deemed made in the Loan Documents or furnished Bank in connection with the loan evidenced by this Note
proves materially false, or if of a continuing nature, becomes materially false. Cross Default. At Bank’s option, any default in payment or performance of any obligation under any other loans, contracts or agreements of Borrower, with
Bank or its affiliates (“Affiliate” shall have the meaning as defined in 11 U.S.C. § 101, except that the term “Borrower” shall be substituted for the term “Debtor” therein. Cessation; Bankruptcy. The
dissolution of, termination of existence of, loss of good standing status in its state of incorporation by, appointment of a receiver for, assignment for the benefit of creditors of, or commencement of any bankruptcy or insolvency proceeding by or
against Borrower which is not discharged (with respect to involuntary proceedings) or cured (with respect to loss of good 

  

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standing) within 60 days. Material Capital Structure or Business Alteration. Without prior written consent of Bank, (i) a material alteration in
the kind or type of Borrower’s business, (ii) the sale of substantially all of the business or assets of Borrower, or a material portion (10% or more) of such business or assets if such a sale is outside the ordinary course of business of
Borrower, or (iii) Borrower ceases to be a public reporting company under the Securities Exchange Act of 1934, as amended, or (iii) should Borrower enter into any merger or consolidation in which Borrower is not the surviving entity.

 CURE PERIOD. Notwithstanding the above Events of Default, the Bank will provide the Borrower with a fifteen (15) day notice and opportunity to
cure “Non-Monetary Defaults” (i.e. events of default exclusive of payments of principal, interest, taxes, insurance, or other monetary payments), if such Non-Monetary Defaults are capable of being cured. Notice and opportunity to cure will
not be necessary for (i) the voluntary bankruptcy by the Borrower, or (ii) for material misrepresentations in any of the Loan Documents. In the event that the Non-Monetary Default is of such a nature that it cannot be cured within such
fifteen (15) day period, and if the Borrower shall be diligently pursuing the cure of the Non-Monetary Default, then such period to cure shall be extended for a period not to exceed forty-five (45) days. 
 REMEDIES UPON DEFAULT. If a Default occurs under this Note or any Loan Documents, Bank may at any time thereafter, take the following actions: Acceleration
Upon Default. Accelerate the maturity of this Note and, at Bank’s option, any or all other Obligations, other than Obligations under any swap agreements (as defined in 11 U.S.C. § 101) between Borrower and Bank, which shall be governed
by the default and termination provisions of said swap agreements; whereupon this Note and the accelerated Obligations shall be immediately due and payable; provided, however, if the Default is based upon a bankruptcy or insolvency proceeding
commenced by or against Borrower or any guarantor or endorser of this Note, all Obligations (other than Obligations under any swap agreement as referenced above) shall automatically and immediately be due and payable. Cumulative. Exercise any
rights and remedies as provided under the Note and other Loan Documents, or as provided by law or equity. 
 FINANCIAL AND OTHER INFORMATION. Borrower
shall deliver to Bank such information as set forth in the Loan Agreement referred to above. Such information shall be true, complete, and accurate in all material respects. 
 WAIVERS AND AMENDMENTS. No waivers, amendments or modifications of this Note and other Loan Documents shall be valid unless in writing and signed by an officer of Bank and Borrower. No waiver by Bank of any
Default shall operate as a waiver of any other Default or the same Default on a future occasion. Neither the failure nor any delay on the part of Bank in exercising any right, power, or remedy under this Note and other Loan Documents shall operate
as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or remedy. 
 Borrower waives presentment, protest, notice of dishonor, demand for payment, notice of intention to accelerate maturity, notice of acceleration of maturity, notice of sale and all other notices of any kind.

  

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 MISCELLANEOUS PROVISIONS. Assignment. This Note and the other Loan Documents shall inure to the benefit of and be
binding upon the parties and their respective legal representatives, successors and assigns. Bank’s interests in and rights under this Note and the other Loan Documents are freely assignable, in whole or in part, by Bank. In addition, nothing
in this Note or any of the other Loan Documents shall prohibit Bank from pledging or assigning this Note or any of the other Loan Documents or any interest therein to any Federal Reserve Bank. Borrower shall not assign its rights and interest
hereunder without the prior written consent of Bank, and any attempt by Borrower to assign without Bank’s prior written consent is null and void. Any assignment shall not release Borrower from the Obligations. Applicable Law; Conflict
Between Documents. This Note and, unless otherwise provided in any other Loan Document, the other Loan Documents shall be governed by and construed under the laws of the state named in Bank’s address shown above without regard to that
state’s conflict of laws principles. If the terms of this Note should conflict with the terms of any loan agreement or any commitment letter that survives closing, the terms of this Note shall control. Jurisdiction. Borrower irrevocably
agrees to non-exclusive personal jurisdiction in the state named in Bank’s address shown above. Severability. If any provision of this Note or of the other Loan Documents shall be prohibited or invalid under applicable law, such
provision shall be ineffective but only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Note or other such document. Notices. Any notices to Borrower
shall be sufficiently given, if in writing and mailed or delivered to the Borrower’s address shown above or such other address as provided hereunder, and to Bank, if in writing and mailed or delivered to Bank’s office address shown above
or such other address as Bank may specify in writing from time to time. In the event that Borrower changes Borrower’s address at any time prior to the date the Obligations are paid in full, Borrower agrees to promptly give written notice of
said change of address by registered or certified mail, return receipt requested, all charges prepaid. Plural; Captions. All references in the Loan Documents to Borrower, guarantor, person, document or other nouns of reference mean both the
singular and plural form, as the case may be, and the term “person” shall mean any individual, person or entity. The captions contained in the Loan Documents are inserted for convenience only and shall not affect the meaning or
interpretation of the Loan Documents. Advances. Bank may, in its sole discretion, make other advances which shall be deemed to be advances under this Note, even though the stated principal amount of this Note may be exceeded as a result
thereof. Posting of Payments. All payments received during normal banking hours after 2:00 p.m. local time at the office of Bank first shown above shall be deemed received at the opening of the next banking day. Fees and Taxes.
Borrower shall promptly pay all documentary, intangible recordation and/or similar taxes on this transaction whether assessed at closing or arising from time to time. 
 WAIVER OF JURY TRIAL. TO THE EXTENT PERMITTED BY APPLICABLE LAW, BORROWER BY EXECUTION HEREOF AND BANK BY ACCEPTANCE HEREOF, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY
IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE, THE LOAN DOCUMENTS OR ANY AGREEMENT CONTEMPLATED TO BE EXECUTED IN CONNECTION WITH THIS NOTE, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS
(WHETHER VERBAL OR WRITTEN) OR ACTIONS OF 

  

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ANY PARTY WITH RESPECT HERETO. THIS PROVISION IS A MATERIAL INDUCEMENT TO BANK TO ACCEPT THIS NOTE. 
 BORROWER AND BANK AGREE THAT THEY SHALL NOT HAVE A REMEDY OF PUNITIVE OR EXEMPLARY DAMAGES AGAINST THE OTHER IN ANY DISPUTE AND HEREBY WAIVE ANY RIGHT OR CLAIM TO
PUNITIVE OR EXEMPLARY DAMAGES THEY HAVE NOW OR WHICH MAY ARISE IN THE FUTURE IN CONNECTION WITH ANY DISPUTE WHETHER THE DISPUTE IS RESOLVED BY ARBITRATION OR JUDICIALLY. 
 REST OF PAGE LEFT INTENTIONALLY BLANK 
 Signatures on Separate Page 
  

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 IN WITNESS WHEREOF, Borrower, on the day and year first above written, has caused this Note to be executed under
seal. 
  

					
	WITNESS/ATTEST:	 		 	Cybex International, Inc.
			
	/s/ Patty Waisner	 		 	/s/ Arthur W. Hicks, Jr.
		 		 	Arthur W. Hicks, Jr.
		 		 	 President, Chief Operating Officer
 & Chief
Financial Officer

  

 - 7 -Management Employment Agreement with Galen S. Lemar

 Exhibit 10(x) 
 MANAGEMENT EMPLOYMENT AGREEMENT 
 The following is hereby entered into between Galen S. Lemar (thereafter
known as “Executive”) and Cybex International, Inc. together with its subsidiary corporations hereinafter known as the “Company” and having its principal offices at 10 Trotter Drive, Medway, MA 02053. 
  

	1.	DUTIES AND RESPONSIBILITIES 

 Lemar agrees to hold
the position of President of Cybex Capital Corporation/Sr Vice President of Cybex International and shall be directly responsible to John Aglialoro, Chief Executive Officer. 
  

	2.	BEST EFFORTS 

 Executive agrees to devote best
efforts to his employment with the Company on a full-time basis. He further agrees not to use the facilities, personnel or property of the Company for personal or private business benefit. 
  

	3.	ETHICAL CONDUCT 

 Executive will conduct himself in
a professional and ethical manner at all times and will comply with all company policies as well as all State and Federal regulations and laws as they may apply to the services, products and business of the Company. 
  

	4.	COMPENSATION 

  

	 	a.	Salary shall be payable in equal installments as per the Company’s payroll policy. Salary shall be considered on an annual basis and may be adjusted based on individual and
Company performance, See attached Exhibit A for current salary. 

  

	 	b.	Benefits shall be the standard benefits of the Company as they shall exist from time-to-time. 

  

	 	c.	Will participate in the 2008 Management Incentive Bonus Program eligible for payout in 2009. 

  

	5.	NON-DISCLOSURE 

 Executive acknowledges that
employment with the Company requires him to have access to confidential information and material belonging to the Company, including customer lists, contracts, proposals, operating procedures, and trade secrets. Upon termination of employment for
any reason, Executive agrees to return to the Company any such confidential information and material in his possession with no copies thereof retained. Executive further agrees, whether 

 
during employment with the Company or any time after the termination thereof (regardless of the reason for such termination), he will not disclose nor use in
any manner, any confidential or other material relating to the business, operations, or prospects of the Company except as authorized in writing by the Company. The foregoing restrictions shall not apply to any information which is presently public
knowledge or which becomes public knowledge through a source or sources other than Executive. 
  

	6.	NON-COMPETITION 

 During employment with the Company
and for a period of one year thereafter (regardless of the reason for termination). Executive agrees he will not directly or indirectly, in any way for his own account, as employee, stockholder, partner, or otherwise or for the account of any other
person, corporation, or entity: 
  

	 	a.	Engage, within any geographic area in which the Company is then conducting its business, in any business segment in which he has actively participated as an employee of the Company;
or 

  

	 	b.	Solicit customers who, during the period of employment, were customers of the Company or were actively solicited as customers of the Company; or 

  

	 	c.	Offer employment to any employee of the Company in any capacity whatsoever, or attempt to induce or cooperate with any other firm in an attempt to induce an employee of the Company
to leave the employ of the Company; or 

  

	 	d.	Attempt or cooperate with any other firm in an attempt to induce any independent contractor of the Company to cease providing services to the Company. 

  

	7.	INVENTIONS 

 Executive agrees to promptly disclose
to the Company each discovery, improvement, or invention conceived, made, or reduced to practice (whether during working hours or otherwise) during the term of employment. Executive agrees to grant to the Company the entire interest in all of such
discoveries, improvements and inventions and to sign all patent/copyright applications or other documents needed to implement the provisions of this paragraph without additional consideration. Executive further agrees that all works of authorship
subject to statutory copyright protection developed, jointly or solely, while employed shall be considered a work made for hire and any copyright thereon shall belong to the Company. Any invention, discovery, or improvement conceived, made, or
disclosed during the one-year period following the termination of employment with the Company shall be deemed to have been made, conceived, or discovered during employment with the Company. 

 Executive acknowledges that the only discoveries, improvements, and other inventions made prior to the
date hereof which have not been filed in the United States Patent Office are attached as Exhibit B. 
  

	8.	NO CURRENT CONFLICT 

 Executive hereby assures the
Company that he is not currently restricted by any existing employment, non-compete agreement or similar agreement that would conflict with the terms of this Agreement. 
  

	9.	TERMINATION AND TERMINATION BENEFITS 

 Executive’s employment hereunder is “at will”, which means that either the Company or the Executive may terminate such employment at any time, with or without cause or good reason. 
  

	 	a.	The Company may terminate other than for “cause” at any time upon written notice to Executive. 

  

	 	b.	The Company may terminate employment for “cause” at any time upon written notice setting forth the nature of such cause, provided, that in the case of clause (1) or
(4) below, the failure or default shall not have been fully cured to the reasonable satisfaction of the Company within 30 days after the date such notification is provided. The following, as determined by the Company in its reasonable judgment,
shall constitute “cause” for termination: 

  

	 	(1)	Executive’s willful failure to perform or gross negligence in the performance of his duties and responsibilities to the Company. 

  

	 	(2)	Executive’s failure to adequately perform his duties and responsibilities to the Company, which performance deficiencies continue sixty days after the Company shall have
provided to the Executive written notice setting forth the nature of the performance deficiencies, all as reasonably determined by the Company. 

  

	 	(3)	Any misconduct by the Executive, which constitutes fraud, embezzlement or material dishonesty with respect to the Company. 

  

	 	(4)	Indictment or conviction of a felony or misdemeanor, provided in the case of a misdemeanor the crime involve any federal, state, or local law (i) applicable to the business of
the Company or (ii) involving moral turpitude. 

  

	 	(5)	Any material breach of this Agreement. 

	 	c.	Executive may terminate employment at any time, with or without good reason, upon 30 days written notice to the Company. Upon receipt of such notice, the Company may, without
penalty, designate an earlier termination date. 

  

	 	d.	If Executive resigns (other than pursuant to subparagraph (f) below) or employment is terminated by the Company for cause, the Company shall have no further obligation to
Executive other than for normal salary earned through the date of termination. No severance pay or other benefits or compensation of any kind will be provided. 

  

	 	e.	In the event the Company terminates Executive’s employment other than “for cause” as defined above, the Company shall, as a severance benefit, continue to pay his
normal salary until on the first to occur of (1) six months from the date of termination; or (2) the date Executive obtains other employment with comparable or better compensation. In the event Executive obtains other employment which does
not have comparable or better compensation, the severance payable to Executive pursuant to this subparagraph (e) shall be reduced by the compensation paid to Executive in such new employment. 

  

	 	 f.
	 In the event there is a “Change of Control” (as hereinafter defined) and neither the Company nor the Buyer
offers the Executive a position with comparable compensation, the Executive may choose to resign and receive (in lieu of any other severance or like benefit) the severance provided in this subparagraph (f). The Executive must provide written notice
of such election within the thirty-day period following the date of the Change of Control, and such resignation shall be effective on the 60th day
following such written notice (unless the Company and the Executive agree to a different effective date). Upon such a resignation, the Company shall continue to pay to the Executive, as severance hereunder, his normal salary until the first to occur
of (i) the end of the six months following the cessation of employment or (ii) the date the Executive obtains other employment with comparable or better compensation. In the event the Executive during such six months obtains other
employment which does not have comparable or better compensation, the severance payable to the Executive shall be reduced by the compensation paid to the Executive in such new employment. 

 The term “Change of Control” as utilized herein refers to each of the following events:

  

	 	(A)	Any change of control of the Company of a nature that would be required to be reported in the Company’s proxy statement under the Securities Exchange Act of 1934, as amended.

  

	 	(B)	The Company effectuates the sale of all or substantially all of its assets, other than in the ordinary course of business; or 

  

	 	(C)	The Company effectuates a merger, consolidation or like business combination or reorganization, having the same effect as the event described in subsection (A) above.

  

	 	g.	Regardless of the reason for termination, Executive shall have such rights as may be provided by COBRA and as may be provided pursuant to any retirement plan, which is qualified
pursuant to ERISA and in which Executive participates. 

  

	10.	MISCELLANEOUS 

  

	 	a.	This Agreement and any disputes arising here from shall be governed by the law of the State of New York. 

  

	 	b.	In the event that any provision of this Agreement is held to be invalid or unenforceable for any reason, including without limitation the geographic or business scope or duration
thereof, this Agreement shall be construed as if such provision had been more narrowly drawn so as not to be invalid or unenforceable. 

  

	 	c.	This Agreement supersedes all prior agreements, arrangements and understandings, written or oral, relating to the subject matter. 

  

	 	d.	The failure of either party at any time or times to require performance of any provision hereof shall in no way effect the right at a later time to enforce the same.

 CYBEX INTERNATIONAL, INC. 
  

					
	Executive Signature	 		 	Cybex International, Inc.
			
	/s/ Galen S. Lemar	 		 	/s/ John Aglialoro
	 Galen S. Lemar President,
 Cybex Capital
Corporation
	 		 	 John Aglialoro, Chief Executive Officer
 Cybex
International

			
	Nov 24, 2008	 		 	November 24, 2008
	Date	 		 	Date

 Exhibit A 
  

			
	 Executive Name:
	  	 Galen S. Lemar

		
	 Title:
	  	 President of Cybex Capital Corporation/ Sr Vice President of Cybex International

		
	 Responsible to:
	  	 Arthur Hicks, Chief Operating Officer

		
	 Compensation:
	  	 $200,000 annually

		
	 Effective date:
	  	 10-16-2007

 Exhibit B

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