Document:

REVOLVING PROMISSORY NOTE

	
  

 	
  

 
	
  

 	
 December 21, 2009

 
	
 $10,000,000

 	
 Minneapolis, Minnesota

 

          FOR VALUE
RECEIVED, VASCULAR SOLUTIONS, INC.,
a Minnesota corporation (“Borrower”) hereby promises to pay to the order of U.S. BANK NATIONAL ASSOCIATION, a national
banking association organized under the laws of the United States, its
endorsees, successors and assigns (the “Lender”), in lawful money of the United
States of America and in immediately available funds at Lender’s principal
office located in Minneapolis, Minnesota or such other place as the Lender may
from time to time designate, and on the terms provided below, the principal
amount of up to TEN MILLION AND NO/100
DOLLARS ($10,000,000.00), or, if less, the aggregate unpaid
principal amount of all Advances made by the Lender under the Credit Agreement
(as defined below).

          Interest on
each advance hereunder shall accrue at a varying annual rate equal to one and
sixty-hundredths percent (1.60%) plus the one-month LIBOR rate quoted by Lender
from Reuters Screen LIBOR01 Page or any successor thereto, which shall be that
one-month LIBOR rate in effect and reset each New York Banking Day, adjusted
for any reserve requirement and any subsequent costs arising from a change in
government regulation, such rate rounded up to the nearest one-sixteenth
percent. The term “New York Banking Day”
means any date (other than a Saturday or Sunday) on which commercial banks are
open for business in New York, New York. Lender’s internal records of
applicable interest rates shall be determinative in the absence of manifest
error

          Borrower
shall repay this Note as follows: 

          (y)          Interest
is payable beginning January 21, 2010,
and on the same date of each consecutive month thereafter (except that if a
given month does not have such a date, the last day of such month), plus a
final interest payment with the final payment of principal.

          (z)          Principal
is payable on December 21, 2010,
the maturity date (“Maturity Date”).

          In all
cases, interest hereunder shall be calculated on the basis of a year of three
hundred sixty (360) days but charged on the basis of the actual number of days
principal is unpaid. This Note may be prepaid in whole or in part without
penalty or premium at any time.

          This Note
is the Note referred to in that certain Credit Agreement dated as of the date
hereof (as amended, modified, supplemented or restated from time to time, the
“Credit Agreement”) between the undersigned and the Lender (capitalized terms
in this Note shall have the meaning indicated in the Credit Agreement, unless
otherwise defined in this Note). Payments of principal and interest in respect
of this Note are due and payable when and as required by the terms, conditions
and provisions hereof and in accordance with the Credit Agreement, which terms,
conditions and provisions are hereby incorporated herein by reference. Subject
to the terms of the Credit Agreement, the Borrower may borrow against this Note
and repay and reborrow, in whole or in part, without regard to the cumulative
amount of advances up to the Commitment (as defined in the Credit Agreement)
outstanding at any time.

          This Note
is secured, and its maturity is subject to acceleration, in each case, upon the
terms provided in the Credit Agreement. On the Maturity Date or earlier
acceleration, all remaining unpaid principal and accrued interest hereunder
shall be due and payable in full. All payments hereunder shall be applied first
to interest and then to principal. This Note may be prepaid in whole or in part
at any time, subject to the provisions of the Credit Agreement.

          Time is of
the essence. No delay or omission on the part of the Lender in exercising any
right hereunder shall operate as a waiver of such right or of any other remedy
under this Promissory Note. A waiver on any one occasion shall not be construed
as a bar to or waiver of any such right or remedy on a future occasion.

          If a
payment due hereunder is not made within ten (10) days after the date when due,
Borrower shall pay to Lender a late payment charge of five percent (5.0)% of
the amount of the overdue payment to compensate Lender for a portion of the
cost related to handling the overdue payment. After an Event of Default, the
entire principal sum evidenced by this Note, together with all accrued and
unpaid interest, shall, at the option of the Lender, bear interest at the rate
per annum (the “Default Rate”) equal to five percent (5.0%) in excess of the
rate of interest per annum which would otherwise be payable hereunder during
the entire period during which such Event of Default shall occur and be
continuing, and become immediately due and payable without further notice,
demand or presentment for payment, and without any relief whatever from any
valuation or appraisement laws. Failure to exercise any option provided herein
shall not constitute a waiver of the right to exercise the same in the event of
any subsequent default. Borrower agrees that if, and as often as, this Note is
given to an attorney for collection or to defend or enforce any of Lender’s
rights hereunder, Borrower will pay Lender’s reasonable attorneys’ fees
together with all court costs and other reasonable expenses paid by Lender. 

          In the
event of any default hereunder, the undersigned agrees to pay the actual
out-of-pocket costs and expenses of collection, including reasonable attorney’s
fees.

          Except as
otherwise provided in the Credit Agreement, Borrower waives presentment,
protest and demand, notice of protest, demand and of dishonor and nonpayment of
this Note and any lack of diligence or delays in collection or enforcement of
this Note. Borrower agrees that this Note, or any payment hereunder, may be
extended from time to time, and Borrower consents to the release of any party
liable for the obligation evidenced by this Note, the release of any of the
security for this Note, the acceptance of any other security therefor, or any
other indulgence or forbearance whatsoever, all without notice to any party and
without affecting the liability of Borrower.

          All
agreements between the Borrower and the Lender are hereby expressly limited so
that in no contingency or event whatsoever, whether by reason of acceleration
of maturity of the indebtedness evidenced hereby or otherwise, shall the rate
of interest paid or agreed to be paid to the Lender for the use, forbearance,
loaning or detention of the indebtedness evidenced hereby exceed the maximum
permissible rate of interest under applicable law, and if from any
circumstances the Lender should ever receive as interest an amount which would
exceed the highest lawful rate of interest, such amount which would be in
excess of such lawful rate of interest shall be applied to the reduction of the
principal balance evidenced hereby and not to the payment of interest.

          THIS NOTE
SHALL BE CONSTRUED UNDER AND GOVERNED BY THE LAWS OF THE STATE OF MINNESOTA,
WITHOUT GIVING EFFECT TO CONFLICT OF LAWS OR PRINCIPLES THEREOF, BUT GIVING
EFFECT TO FEDERAL LAWS OF THE UNITED STATES APPLICABLE TO NATIONAL BANKS.
WHENEVER POSSIBLE, EACH PROVISION OF THIS NOTE AND ANY OTHER STATEMENT,
INSTRUMENT OR TRANSACTION CONTEMPLATED HEREBY OR RELATING HERETO, SHALL BE
INTERPRETED IN SUCH MANNER AS TO BE EFFECTIVE AND VALID UNDER SUCH APPLICABLE
LAW, BUT, IF ANY PROVISION OF THIS NOTE OR ANY OTHER STATEMENT, INSTRUMENT OR
TRANSACTION CONTEMPLATED HEREBY OR RELATING HERETO SHALL BE HELD TO BE
PROHIBITED OR INVALID UNDER SUCH APPLICABLE LAW, SUCH PROVISION SHALL BE EFFECTIVE
ONLY TO THE EXTENT OF SUCH PROHIBITION OR INVALIDITY, WITHOUT INVALIDATING THE
REMAINDER OF SUCH PROVISION OR THE REMAINING PROVISIONS OF THIS NOTE OR ANY
OTHER STATEMENT, INSTRUMENT OR TRANSACTION CONTEMPLATED HEREBY OR RELATING
HERETO.

2

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

          THE LENDER
BY ITS ACCEPTANCE HEREOF AND THE BORROWER HEREBY VOLUNTARILY, KNOWINGLY, AND
INTENTIONALLY WAIVE ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY LEGAL ACTION OR
PROCEEDING ARISING UNDER THIS NOTE OR CONCERNING THE INDEBTEDNESS EVIDENCED
HEREBY AND/OR ANY COLLATERAL SECURING SUCH INDEBTEDNESS, REGARDLESS OF WHETHER
SUCH ACTION OR PROCEEDING CONCERNS ANY CONTRACTUAL OR TORTIOUS OR OTHER CLAIM.
THE BORROWER ACKNOWLEDGES THAT THIS WAIVER OF JURY TRIAL IS A MATERIAL
INDUCEMENT TO THE LENDER IN EXTENDING CREDIT TO THE BORROWER, THAT THE LENDER
WOULD NOT HAVE EXTENDED SUCH CREDIT WITHOUT THIS JURY TRIAL WAIVER, AND THAT
THE BORROWER HAS BEEN REPRESENTED BY AN ATTORNEY OR HAS HAD AN OPPORTUNITY TO
CONSULT WITH AN ATTORNEY IN CONNECTION WITH THIS JURY TRIAL WAIVER AND
UNDERSTANDS THE LEGAL EFFECT OF THIS WAIVER.

          Executed
as of the date first above written.

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 VASCULAR SOLUTIONS, INC.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ James
 Hennen

 
	
  

 	
  

 	 

 
	
  

 	
 Name: 

 	
 James Hennen

 
	
  

 	
  

 	 

 
	
  

 	
 Its:

 	
 Chief
 Financial Officer

 
	
  

 	
  

 	 

 

3exhibit10_1.htm

Exhibit 10.1

The Pantry, Inc.

Board of Directors’ Compensation Program

Fifth Amendment

 

The Compensation Program for designated independent members of the Board of Directors is as follows:

 

	  	  	  
	
Quarterly Retainer:
	
  
	
$7,500 paid in cash on a calendar quarterly basis, prorated as applicable.

	  	  
	  	  	  
	  	  
	
Committee Chair Retainer:
	
 
	 
The following additional amounts in cash on a calendar quarterly basis for each committee chair, prorated as applicable:  $3,750 for Audit Committee Chair, $3,750 for Compensation & Organization Committee Chair, $2,500 for Corporate Governance and Nominating Committee Chair, and $2,500 for Finance and Investment Committee
Chair.

	  	  
	
Quarterly Independent Chairman Retainer:
	  	
$18,750 paid in cash on a calendar quarterly basis, prorated as applicable.

	  	  	  
	
Board Meeting Fees:
	
  
	
$2,500 per meeting attended in person or by approved video conference. Paid in cash plus reimbursement of travel and lodging expenses. If attendance is telephonic, the fee will be $1,250.

	  	  
	
Committee Meeting Fee:
	
  
	
$1,000 per meeting attended in person or by approved video conference. Paid in cash plus reimbursement of travel and lodging expenses. If attendance is telephonic, the fee will be $500.

	  	  
	
Ad-hoc/Special Meetings:
	
  
	
Compensation requires a quorum be present and minutes be submitted.

	  	  
	
Ad-hoc/Special Committees:
	
  
	
Compensation to be determined, as applicable.

	  	  
	
Initial Equity Grant:
	
  
	
Each new director shall receive, upon his/her initial election or appointment (as the case may be), an initial equity grant having an aggregate economic value of $70,000 on the date of grant in the form of options, restricted stock, restricted stock units or a combination at the director’s election, as follows:

 

(1) options exercisable for common stock that vest in full on the first anniversary of the date of grant with an exercise price equal to fair market value on the date of grant (the “Option Choice”); or

 

(2) shares of restricted stock where the restrictions lapse in full on the first anniversary of the date of grant (the “Restricted Stock Choice”); or

 

(3) restricted stock units (“RSUs”) where the restrictions lapse in full on the first anniversary of the date of grant and the shares are delivered upon termination of a Board member’s services (the “RSU Choice”).

 

Directors appointed to serve less than a full term (e.g., to fill out a term) will have the aggregate economic value of their initial equity grant prorated accordingly.

 

The vesting of the options and lapsing of restrictions on the restricted stock and RSUs shall be conditioned upon continued service as a participating member of the Board (including attendance at least 3 meetings per year).

 

For purposes of determining the number of options, shares of restricted stock or RSUs to be granted once a director has made his or her choice regarding the form of the award, the economic value of an option shall be determined using the Black-Scholes stock option pricing model, and the economic value of a share of restricted stock
or a RSU shall equal the fair market value of a share of the Company’s common stock on the date of grant.  For the awards that will be made in March of 2009, the option value factor will be 50%, while the restricted stock and RSU value factor will be 100%.  (In other words, directors who elect to receive options will receive twice as many options as they would shares of restricted stock or RSUs.)

 

For Section 16 purposes, directors must submit their elections regarding the form of their awards for approval by the full Board before the awards are granted.

	  	  
	
Annual Equity Grant:
	
  
	
Each year, upon a director’s re-election to the Board, he or she shall receive annual equity grant with an aggregate economic value of $70,000 on the date of grant in the form of options, restricted stock, RSUs or a combination, at the director’s election.  The terms of these awards shall be as described in the
Option Choice, the Restricted Stock Choice One and RSU Choice above, and the same continued service requirements, valuation methodologies, and approval requirements shall apply.

 

	  	  	  

	  	  	  
	
Effective Date:
	
  
	
Initially adopted by Board of Directors’ approval at the January 15, 2003 meeting to be in effect with the March 25, 2003 Annual Meeting and election of Directors and Officers.  First Amendment approved at the October
26, 2004 Board meeting with a retroactive effective date of October 1, 2004.  Second Amendment approved at the February 16, 2006 Board meeting and immediately effective as of the February 16, 2006 meeting.  Third Amendment approved at the December 9, 2008 Board meeting and effective as of January 1, 2009.  Fourth Amendment approved at the September 16, 2009 Board meeting and effective as of September 25, 2009. Fifth Amendment approved at the January 8, 2010 Board Meeting with a retroactive
effective date of January 1, 2010.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}]]