Document:

Exhibit 10.2

FIRST MODIFICATION AGREEMENT

          This FIRST MODIFICATION AGREEMENT (this “Agreement”) is made and entered into as of the 6th day of December, 2006, by and between ENTERPRISE FINANCIAL SERVICES CORP., a Delaware corporation (the “Borrower”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association (the “Lender”).

RECITALS

          A.          Pursuant to that certain Amended and Restated Credit Agreement dated July 28, 2006, by and between Borrower and Lender (the “Credit Agreement”), Lender extended (i) a revolving loan to Borrower in the amount of $11,000,000.00 (the “Revolving Loan”), the proceeds of which are to be used solely to finance Borrower’s general working capital purposes, and (ii) a term loan to Borrower in the amount of $4,000,000.00 (the “Term Loan”), the proceeds of which were to be used to finance Borrower’s acquisition of NorthStar Bancshares, Inc. 

          B.          The Revolving Loan is evidenced by an Amended and Restated Revolving Credit Note dated July 28, 2006, executed by Borrower, as maker, and payable to Lender in the original principal amount of $11,000,000.00 (the “Revolving Note”). 

          C.          The Term Loan is evidenced by a Promissory Note dated July 28, 2006, executed by Borrower, as maker, and payable to Lender in the original principal amount of $4,000,000.00 (the “Term Note” and, together with the Revolving Note, the “Notes”). 

          D.          This Agreement, the Credit Agreement, the Notes and any and all other documents executed and delivered or relating in any manner to the Loan are collectively referred to herein as the “Loan Documents”. 

          E.          The parties enter into this Agreement for the purpose of adding certain financial covenants to the Credit Agreement. 

          NOW THEREFORE, Lender and Borrower, for good, sufficient and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, agree as follows: 

          1.          Modification to the Credit Agreement. The Credit Agreement is hereby modified as follows: 

	
   
 	
  
             (a)   The   following definition of the term “Fixed Charge Coverage Ratio” is hereby   added in the appropriate alphabetical order to Section 1.1:
  

	
   
 	
   
 	
   
 	
  
          “Fixed   Charge Coverage Ratio” shall mean the sum of (i) Borrower’s net income   minus (ii) dividends plus (iii) interest expense including trust preferred   securities and subordinated indebtedness, if any (each of such items being   determined for the 12-month period immediately preceding the measurement   date); divided by the sum of (x) 1/12 of outstanding balance on the Revolving   Loan and (y) 1/12 of the original amount of the Term Loan plus (z) interest   expense (including interest expense related to trust preferred securities and   subordinated indebtedness) over the 12-month period immediately preceding the   measurement date.
  

	
   
 	
               (b)   The   following definition of the term “Primary Capital” is hereby added in the   appropriate alphabetical order to Section 1.1:
  

	
   
 	
   
 	
   
 	
  
          “Primary   Capital” shall mean the sum of (i) total common equity plus (ii) loan   loss reserve minus (iii) intangible assets (all of Subsidiary Bank’s assets   which lack physical substance or which represent a right granted by the   government or by another company,    including without limitation such assets as goodwill, patents,   trademarks, franchises, licenses, contract rights and other similar assets).”
  

	
   
 	
  
                (c)   The following provisions are hereby added as Sections   7.1(g), (h), (i), (j) and (k), respectively, of the Credit Agreement:
  

	
   
 	
   
 	
   
 	
            “(g)     Borrower   shall maintain at all times a Fixed Charge Coverage Ratio of 1.5 or greater,   to be measured as of the end of each calendar quarter commencing on June 30,   2006.
  
	
   
 	
   
 	
   
 	
   
 
	
   
 	
   
 	
   
 	
  
          (h)      Borrower   shall cause the Subsidiary Bank to maintain a Tier 1 Leverage Capital Ratio   as reported on line 31 of Schedule RC-R Regulatory Capital of the   Consolidated Reports of Condition and Income of Subsidiary Bank at each   quarter end of not less than five percent (5.0%).
  
	
   
 	
   
 	
   
 	
   
 
	
   
 	
   
 	
   
 	
  
          (i)       Borrower   shall cause the Subsidiary Bank to maintain a Tier 1 Risk-Based Capital Ratio   as reported on line 32 of Schedule RC-R Regulatory Capital of the   Consolidated Reports of Condition and Income of Subsidiary Bank at each   quarter end of not less than six percent (6.0%).
  
	
   
 	
   
 	
   
 	
   
 
	
   
 	
   
 	
   
 	
            (j)       Borrower   shall cause the Subsidiary Bank to maintain a Total Risk-Based Capital Ratio   as reported on line 33 of Schedule RC-R Regulatory Capital of the   Consolidated Reports of Condition and Income of Subsidiary Bank at each   quarter end not less than ten percent (10.0%).
  
	
   
 	
   
 	
   
 	
   
 
	
   
 	
   
 	
   
 	
  
          (k)      Borrower   shall cause the Subsidiary Bank’s ratio of non performing loans plus other   real estate owned, divided by its Primary Capital, each as reported in the   Subsidiary Bank’s Consolidated Reports of Condition and Income, to be not   greater than fifteen percent (15.0%).”
  

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          2.          Modification to the Other Loan Documents.  Each of the other Loan Documents is hereby modified such that references to the Credit Agreement shall refer to the Credit Agreement as modified by this Agreement. 

          3.          No Other Modifications.  Except as expressly set forth herein, all other terms and conditions of the Loan Documents shall remain unmodified and in full force and effect, and Borrower hereby confirms and ratifies such terms and conditions and agrees to perform and comply with the same.  

          4.          Accuracy of Representations and Warranties.  Borrower hereby represents and warrants to Lender that Borrower has been duly authorized and has all requisite power to execute and deliver this Agreement.  Borrower further represents and warrants that each representation and warranty of Borrower contained in the Loan Documents is true and correct in all material respects as of the date of this Agreement (except to the extent such representations and warranties are expressly made as of a particular date, in which event such representations and warranties were true and correct as of such date). 

          5.          No Impairment.  Nothing in this Agreement shall be deemed to or shall in any manner prejudice or impair the Loan Documents.  This Agreement shall not be deemed to be nor shall it constitute any alteration, waiver, annulment or variation of the Loan Documents or the terms and conditions of or any rights, powers or remedies under the Loan Documents, except as expressly set forth herein. 

          6.          Waiver of Claims and Defenses.  Borrower hereby waives and releases any and all claims, defenses or rights of set-off, known or unknown, existing as of the date of this Agreement, which in any manner arise out of or relate to the Loan or any of the Loan Documents. 

          7.          Further Acts and Assurances.  Borrower agrees to comply with any and all requirements of Lender hereafter made by Lender from time to time so long as the Loan is outstanding, and Borrower agrees to make, execute and deliver to Lender any and all further instruments, documents and agreements required by Lender. 

          8.          Entire Agreement.  This Agreement and the other Loan Documents embody the entire agreement and understanding between the parties hereto and supersede all prior agreements and understandings relating to the subject matter hereof. 

          9.          Binding Agreement.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 

          10.         Applicable Law.  This Agreement shall be governed by and construed in accordance with the laws of the state of Missouri, except to the extent superseded by Federal Law. 

          11.         Counterparts.  This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one agreement, and any party hereto may execute this Agreement by signing any such counterpart.  In making proof of this Agreement, it shall not be necessary to produce or account for more than one such counterpart. 

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          12.         NO ORAL AGREEMENTS. ORAL AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT ARE NOT ENFORCEABLE, REGARDLESS OF THE LEGAL THEORY UPON WHICH IT IS BASED, THAT IS IN ANY WAY RELATED TO THE CREDIT AGREEMENT.  TO PROTECT YOU (BORROWER) AND US (CREDITOR) FROM MISUNDERSTANDING OR DISAPPOINTMENT, ANY AGREEMENTS WE REACH COVERING SUCH MATTERS ARE CONTAINED IN THIS WRITING, WHICH IS THE COMPLETE AND EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN US, EXCEPT AS WE MAY LATER AGREE IN WRITING TO MODIFY IT. 

          IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute and deliver this Agreement as of the date set forth above.

	
   
 	
  BORROWER:
  
	
   
 	
   
 	
   
 
	
   
 	
   
 	
   
 
	
   
 	
  
Enterprise Financial Services Corp.,
  
	
   
 	
  
a Delaware corporation
  
	
   
 	
   
 	
   
 
	
   
 	
  
By:
  	
  
/s/ Frank H. Sanfilippo
  
	
   
 	
   
 	
  

  
	
   
 	
   
 	
  
Frank H. Sanfilippo
  
	
   
 	
   
 	
  
Chief Financial Officer
  
	
   
 	
   
 	
   
 
	
   
 	
   
 	
   
 
	
   
 	
   
 	
   
 
	
   
 	
  LENDER:
  
	
   
 	
   
 	
   
 
	
   
 	
   
 	
   
 
	
   
 	
  
U.S. BANK NATIONAL ASSOCIATION,
  
	
   
 	
  
a national banking association
  
	
   
 	
   
 	
   
 
	
   
 	
  
By:
  	
  
/s/ Jaycee D. Greene
  
	
   
 	
   
 	
  

  
	
   
 	
   
 	
  
Jaycee D. Greene
  
	
   
 	
   
 	
  Vice President
  

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ENTERPRISE FINANCIAL SERVICES CORP.

COMPLIANCE CERTIFICATE

          This Compliance Certificate  (the “Certificate”) is delivered pursuant to the Amended and Restated Credit Agreement dated as of July 28, 2006 (together with all amendments and modifications, if any, from time to time made thereto, the “Agreement”), between ENTERPRISE FINANCIAL SERVICES CORP., a Delaware corporation (the “Borrower”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association (the “Lender”). Unless otherwise defined, terms used herein (including the exhibits hereto) have the meanings provided in the Agreement. 

          The undersigned, being the duly elected, qualified and acting Chief Financial Officer of the Borrower, on behalf of the Borrower and solely in his or her capacity as an officer of the Borrower, Borrower hereby certifies and warrants that: 

          He or she is the Chief Financial Officer of the Borrower and that, as such, he or she is authorized to execute this Certificate on behalf of the Borrower. 

          As of ________________, _________: 

          The Borrowers were not in default of any of the provisions of the Agreement during the period to which this Certificate relates; 

          1.          Fixed Charge Coverage Ratio.  The Borrower’s Fixed Charge Coverage Ratio was _____ to 1.0 as computed on the Fixed Charge Coverage Ratio Exhibit attached hereto. 

          2.          Tier 1 Leverage Capital Ratio.  Tier 1 Leverage Capital Ratio was _______ as reported on line 31 of Schedule RC-R Regulatory Capital of the Consolidated Reports of Condition and Income of Subsidiary Bank. 

          3.          Tier 1 Risk-Based Capital Ratio.  Tier 1 Risk-Based Capital Ratio was _______ as reported on line 32 of Schedule RC-R Regulatory Capital of the Consolidated Reports of Condition and Income of Subsidiary Bank. 

          4.          Total Risk-Based Capital Ratio.  Total Risk-Based Capital Ratio was ________ as reported on line 33 of Schedule RC-R Regulatory Capital of the Consolidated Reports of Condition and Income of Subsidiary Bank. 

          5.          Nonperforming Loans.  The ratio of non performing loans plus other real estate owned, divided by its primary capital was ________ each as reported in the Subsidiary Bank’s Consolidated Reports of Condition and Income. 

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          IN WITNESS WHEREOF, the undersigned has executed and delivered this certificate, this ______ day of ______________, 20__. 

	
   
 	
  
By:
  	
   
 
	
   
 	
   
 	
  

  
	
   
 	
  Title:
  	
   
 
	
   
 	
   
 	
  

  

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MINIMUM FIXED CHARGE COVERAGE RATIO EXHIBIT

Calendar Quarter ending ___________

	
  
1.
  	
  
Net Income
  	
  
    $
  
	
   
 	
   
 	
  

  
	
  
2.
  	
  
Dividends
  	
  
    $
  
	
   
 	
   
 	
  

  
	
  3.
  	
  
Interest Expense
  	
  
    $
  
	
   
 	
   
 	
  

  
	
  
4.
  	
  
Line 1 minus Line 2 plus Line 3
  	
  
    $
  
	
   
 	
   
 	
  

  
	
  
5.
  	
  
1/12 of the outstanding balance on the Revolving Loan
  	
  
    $
  
	
   
 	
   
 	
  

  
	
  
6.
  	
  
1/12 of the original amount of the Term Loan
  	
  
    $
  
	
   
 	
   
 	
  

  
	
  7.
  	
  
Interest Expense
  	
  
    $
  
	
   
 	
   
 	
  

  
	
  
8.
  	
  
Sum of Lines  5, 6 and 7
  	
  
    $
  
	
   
 	
   
 	
  

  
	
  
9.
  	
  
Fixed Charge Coverage Ratio (4 ÷ 8)
  	
  
    $
  
	
   
 	
   
 	
  

  
	
   
 	
  
Minimum ratio permitted
  	
  
1.50 to 1.0
  
	
   
 	
   
 	
   
 

7Exhibit 10.22 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

     This AMENDED AND RESTATED EMPLOYMENT AGREEMENT, dated as of October 31, 2006 by and between TELULAR CORPORATION, a Delaware corporation (the "Company"), and Michael J. Boyle, a resident of Sarasota, Florida (the "Executive"); 

WITNESSETH: 

     WHEREAS, the Company has heretofore entered into that certain Employment Agreement with the Executive, dated as of July 3, 2005 (the “Original Agreement”); and 

     WHEREAS, the Company and Executive wish to amend the Original Agreement in certain respects, and to restate the entire agreement as so amended; 

     NOW, THEREFORE, in consideration of the mutual obligations set forth herein, the Original Agreement is hereby amended and restated, effective as of October 1, 2006, to read in its entirety as follows: 

     1. Engagement. The Company hereby agrees to employ the Executive as its President and Chief Executive Officer, and the Executive hereby accepts such employment, on the terms and conditions hereinafter set forth. The Executive's principal place of business shall be at the headquarters of the Company. 

     2. Term of Employment. The Executive's employment by the Company shall commence on August 1, 2005 (the "Effective Date"). Employment shall be on an "at-will" basis and shall continue in effect until terminated by either party upon at least 60 days prior notice. The period of employment of the Executive by the Company is referred to herein as the “Term.” 

     3. Duties. During the Term, Executive shall serve as the Company's President and Chief Executive Officer and shall have such duties and responsibilities as are set forth in the Company's Bylaws and such other executive responsibilities and performances as may be assigned to him from time to time by the Board of Directors of the Company (the "Board"). The Executive shall use his best efforts and shall act in good faith in performing all duties reasonably required to be performed by him under this Agreement. 

     4. Availability. The Executive shall devote his entire working time, attention and energies to the Company's business and, during the term of this Agreement, shall not be engaged in any other business activity without the express written approval of the Board. 

     5. Expenses. The Company shall reimburse the Executive, promptly upon presentation of itemized vouchers, for all ordinary and necessary business expenses incurred by the Executive in the performance of his duties hereunder.

     6. Compensation. As compensation for the services to be rendered hereunder, the Company agrees as follows: 

     (a) The Company shall pay to the Executive an annual base salary (the "Base Salary") which shall be at the annual rate of $350,000 effective October 1, 2006. The Base Salary shall be paid in accordance with the Company’s normal payroll practice.

     (b) The Company shall pay to the Executive a performance bonus with an annual target of $125,000 effective October 1, 2006, all in accordance with the Company’s Annual Bonus Plan. Annual targets shall be as established by the Compensation Committee of the Company (the “Compensation Committee”) and communicated to the Executive not later than 30 days after the beginning of each fiscal year. 

     (c) The Executive shall be entitled to participate in the Company’s Performance Incentive Plan, with semi-annual targets of $25,000 commencing in Fiscal Year 2007, and shall be entitled to receive such semi-annual payments provided that (i) the Executive has continued to serve as Chief Executive Officer and President of the Company through the payment date, and (ii) the Executive has achieved the performance targets specified by the Compensation Committee for the Executive for such six-month bonus period. Performance targets for each six-month bonus period shall be established by the Compensation Committee and communicated to the Executive not later than 26 days after the beginning of such six-month bonus period. 

     (d) The Company shall permit the Executive to participate in such pension, 401(k), and other employee benefit plans as are made available to employees of the Company generally. The Executive shall be entitled to four weeks of paid vacation per year. 

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     7. Ownership of Proprietary Information. All right, title and interest of every kind and nature whatsoever in and to discoveries, inventions, improvements, patents (and applications therefore), copyrights, ideas, know-how, laboratory notebooks, creations, properties and all other proprietary rights arising from, or in any way related to, the Executive's employment hereunder shall become and remain the exclusive property of the Company, and the Executive shall have no interest therein.

     8. Trade Secrets. The Executive shall not, during the Term or thereafter, disclose to anyone (except to the extent reasonably necessary for the Executive to perform his duties hereunder or as may be required by law) any confidential information concerning the business or affairs of the Company (or of any affiliate or subsidiary of the Company), including but not limited to lists of customers, business plans, joint ventures, financial or cost information, and confidential scientific and technological information (whether of the Company or entrusted to the Company by a third party under a confidentiality agreement or understanding) which the Executive shall have acquired in the course of, or incident to, the performance of his duties pursuant to the terms of this Agreement or pursuant to any prior dealings with the Company or any affiliate or subsidiary of the Company. In the event of a breach or threatened breach by the
Executive of the provisions of this Section 9, the Company shall be entitled to an injunction restraining the Executive from disclosing, in whole or in part, such information or from rendering any services to any person, firm, corporation, association or other entity to whom such information has been disclosed or is threatened to be disclosed. Nothing herein shall be construed as prohibiting the Company from pursuing any other remedies available to the Company for such breach or threatened breach, including the recovery of damages from the Executive. Nothing herein shall be construed as prohibiting the Executive from disclosing to anyone any information which is, or which becomes, available to the public (other than by reason of a violation of this Section 9) or which is a matter of general business knowledge or experience.

     9. Termination For Cause. The Company may terminate the employment of the Executive under this Agreement in the event that the Board determines that the Executive (a) has materially and substantially breached his obligations under Section 4, 9, or 13 of this Agreement, provided that the employment of the Executive shall not be terminated under this clause (a) unless the Executive is given notice in writing that the conduct in question constitutes grounds for termination under this Section 10 and the Executive is allowed at least thirty (30) days to remedy the refusal or failure, (b) has been convicted of a felony constituting a crime of moral turpitude (whether or not in conjunction with the performance by the Executive of his duties under this Agreement), or (c) has through willful misconduct or gross negligence engaged in an act or course of conduct that causes
material injury to the Company (or any affiliate or subsidiary of the Company). If the employment of the Executive under this Agreement is terminated under this Section 10, the Board shall give written notice to the Executive specifying the cause of such action. Upon a termination of employment under this Section 10, the Company shall be relieved of all further obligations under this Agreement, other than the payment of any accrued and unpaid Base Salary through the date of termination and any expenses for which the Executive is entitled to be reimbursed pursuant to Section 5. Notwithstanding such termination of employment, the Executive shall continue to be bound by the provisions of Sections 8, 9, and 13.

     10. Termination Without Cause.

     (a) If the employment of the Executive is terminated (i) by the Company other than for Cause or as provided in Section 12, or (ii) by resignation of the Executive because the responsibilities and duties of the Executive are, other than for Cause, materially diminished or changed by the Company in a manner that materially impairs the Executive's ability to function as the Chief Executive Officer of the Company (provided that such diminution or change is not cured by the Company within 30 days after receiving notice thereof from the Executive), the Executive shall be entitled to receive, no later than 60 days following such termination, a Severance Payment (as defined herein).

     (b) For purposes hereof, “Severance Payment” shall mean: (i) upon termination effective date, or upon or after any Change in Control, the Executive’s annual Base Salary at the time of such termination.

     (c) Termination of employment under this Section 11 shall not terminate the Executive's obligations under Sections 8, 9 and 13.

     11. Death or Disability of the Executive. In the event that the Executive, during the period while employed under this Agreement, shall die or, as a result of the Executive’s incapacity due to injury or physical or mental illness, the Executive shall have been unable to perform the Executive’s duties with the Company for a period of three consecutive months, or for four months out of any six consecutive months, the Company may terminate this Agreement and be relieved of all further obligations hereunder, other than the payment of any accrued and unpaid Base Salary through the date of termination and any expenses for which the Executive is entitled to be reimbursed pursuant to Section 5. Termination of employment under this Section 12 shall not terminate the Executive's obligations under Section 8, 9 and 13.

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     12. Non-Competition. The Executive hereby agrees that, during the Term and for a period of eighteen (18) months following the termination of his employment under this Agreement, he will not, directly or indirectly and in any way, (a) own, manage, operate, control, be employed by, participate in, or be connected in any manner with the ownership, management, operation or control of any business competing with the business of the Company, (b) interfere with, solicit on behalf of another or attempt to entice away from the Company (or any affiliate or subsidiary of the Company) (i) any project, financing or customer that the Company (or any affiliate or subsidiary of the Company) has under contract (including unfulfilled purchase orders), or any letter of supply or other supplier contract or arrangement entered into by the Company (or any affiliate or subsidiary of the
Company), and all extensions, renewals and resolicitations of such contracts or arrangements, (ii) any contract, agreement or arrangement that the Company (or any affiliate or subsidiary of the Company) is actively negotiating with any other party, or (iii) any prospective business opportunity that the Company (or any affiliate or subsidiary of the Company) has identified, or (c) for himself or another, hire, attempt to hire, or assist in or facilitate in any way the hiring of any employee of the Company (or any affiliate or subsidiary of the Company), or any employee of any person, firm or other entity, the employees of which the Company.(or any affiliate or subsidiary of the Company) has agreed not to hire or endeavor to hire. The effective time of the limitations imposed by this Section 13 shall be extended for the period of time equal to any period of time during which the Executive acts in circumstances that a court of competent jurisdiction finds to have violated the terms of this Section
13.

Because of the Executive's knowledge of the Company's business, in the event of the Executive's actual or threatened breach of the provisions of this Section 13, the Company shall be entitled to, and the Executive hereby consents to, an injunction restraining the Executive from any of the foregoing. However, nothing herein shall be construed as prohibiting the Company from pursuing any other available remedies for such breach or threatened breach, including the recovery of damages from the Executive. The Executive agrees that the provisions of this Section 13 are necessary and reasonable to protect the Company in the conduct of its business. If any restriction contained in this Section 13 shall be deemed to be invalid or unenforceable by reason of the extent, duration of geographic scope thereof, then the Company shall have the right to reduce such extent, duration, geographic scope of other provisions thereof, and in
their reduced form such restrictions shall then be enforceable in the manner contemplated hereby.

     13. Capacity. The Executive represents and warrants to the Company that he is not now under any obligation, of a contractual nature or otherwise, to any person, firm, corporation, association or other entity that is inconsistent or in conflict with this Agreement or which would prevent, limit or impair in any way the performance by him of his obligations hereunder.

     14. Withholding. The Executive acknowledges that salary and all other compensation payable under this Agreement shall be subject to withholding for income and other applicable taxes to the extent required by law, as determined by the Company in its reasonable judgment.

     15. Indemnification. To the greatest extent permitted by applicable law, and in a manner consistent with any procedures required by applicable law, the Corporation shall indemnify and hold the Executive harmless from and against any liability (including, without limitation, reasonable attorneys, fees) incurred by the Executive in any claim, action, suit, or proceeding instituted or brought against the Executive as a result of or arising out of service by the Executive as an officer or director of the Company, or of any other corporation or other entity at the request or direction of the Company, except to the extent that such liability is the result of the criminal action or willful misconduct on the part of the Executive.

     16. Waiver. No act, delay, omission or course of dealing on the part of any party hereto in exercising any right, power or remedy hereunder shall operate as, or be construed as, a waiver thereof or otherwise prejudice such party's rights, powers and remedies under this Agreement.

     17. Notice. Any and all notices referred to herein shall be sufficient if furnished in writing and delivered by hand, by facsimile transmission or by overnight delivery service maintaining records of receipt, to the respective parties at the following addresses:

	     If to the Company:	Telular Corporation
	 	647 N. Lakeview Parkway
	 	Vernon Hills, IL 60061
	 	Attention: Chief Operating Officer
	 	Facsimile #: 847-247-9400
	 
	     If to the Executive:	Michael J. Boyle
		
c/o Telular Corporation

		647 N. Lakeview Parkway
		Vernon Hills, IL 60061
		Facsimile #: 847-247-9577

or to such other address or addresses as either party may from time to time designate by notice given as aforesaid. Notices shall be effective when delivered

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     18. Arbitration. Except for the enforcement by the Company of its rights under Sections 8, 9 and 13 and except as provided otherwise in this Agreement, all disputes arising under or in connection with this Agreement shall be submitted to arbitration in Chicago, Illinois under the rules of the American Arbitration Association, and the decision of the arbitrator shall be final and binding upon the parties. Judgment upon the award rendered may be entered and enforced in any court having jurisdiction. 

     19. Assignability. The rights and obligations contained herein shall be binding on and inure to the benefit of the successors and assigns of the Company. The Executive may not assign his rights or obligations hereunder without the express written consent of the Company.

     20. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois, excluding any conflicts or choice of law rules that might otherwise refer construction or interpretation of this Agreement to the laws of another jurisdiction.

     21. Completeness. Except for the terms of the compensation and benefit plans in which the Executive participates, this Agreement and the Option Agreement entered into pursuant hereto (a) set forth all, and are intended by each party to be an integration of all, of the promises, agreements and understandings between the parties hereto with respect to the subject matter hereof, and (b) supersede all prior agreements and communications, whether written or oral, between the Executive and the Company. This Agreement shall not be modified except by written agreement between the Executive and the Company.

     22. Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed to be an original, and all of which together shall constitute one agreement binding on the parties hereto.

     23. Severability. Each provision of this Agreement shall be considered severable and if for any reason any provision that is not essential to the effectuation of the basic purpose of the Agreement is determined to be invalid or contrary to any existing or future law, such invalidity shall not impair the operation of or affect those provisions of this Agreement that are valid.

     24. Headings; Construction. Headings contained in this Agreement are inserted for reference and convenience only and in no way define, limit, extend or describe the scope of this Agreement or the meaning or construction of any of the provisions hereof. As used herein, unless the context otherwise requires, the single shall include the plural and vice versa, words of any gender shall include words of any other gender, and "or" is used in the inclusive sense.

     25. Survival of Terms. If this Agreement is terminated for any reason, the provisions of Sections 8, 9 and 13 shall survive and the Executive and the Company, as the case may be, shall continue to be bound by the terms thereof to the extent provided therein.

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

		TELULAR CORPORATION
	 
	 	/s/ Michael J. Boyle	 		By: 	/s/ Jeffrey Herrmann	 
	 	 Michael J. Boyle	 			Jeffrey Herrmann
	 			Secretary

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