Document:

<PAGE>   1
                            COMMERCIAL LOAN AGREEMENT

                             ($200,000.00 Facility)

         This Agreement is made as of this 23rd day of October, 1999, by and
between People's Bank (the "Lender") and GUNTHER INTERNATIONAL, LTD. (the
"Borrower").

         WHEREAS, by commitment letter dated August 27, 1999 as modified by
Borrower's letter to the Bank dated September 2, 1999 and as further modified by
a letter signed by Bank and Borrower dated October 23,1999, (the "Commitment
Letter"), Lender committed to lend to Borrower the sum of $220,000.00 upon
certain terms and conditions, which Commitment Letter is herein incorporated by
reference.

         WHEREAS, the Commitment Letter contemplated the drafting of a Loan
Agreement to stand as one of the Loan Documents; and

         WHEREAS, the parties are agreeable to the Commitment Letter standing as
the Loan Agreement.

         NOW, THEREFORE, in consideration of the making of the loan described in
the Commitment Letter, the parties agree as follows:

                  1. The Commitment Letter shall survive the closing of the loan
and its terms shall continue in full force and effect as the Commercial Loan
Agreement until the
<PAGE>   2
loan is paid in full.

                  2. The attached Pledge Agreement and Rider to Pledge Agreement
attached hereto as Exhibits A-1 and A-2, respectively, shall be used in
connection with each Letter of Credit issued pursuant to the terms of the
Commitment Letter.

                  3. To the extent any condition precedent to the closing of the
loan has not been satisfied as of this date, the closing of same does not
constitute a waiver of Lender's rights with respect to Borrower's compliance
with same in the future unless such is specifically waived in writing by Lender.

                  4. Failure of Borrower to keep or perform any of the
agreements, covenants or provisions contained in the Commitment Letter shall be
deemed a default under the Note, the Mortgage and the other Loan Documents.

         IN WITNESS WHEREOF, the undersigned have set their hands and seals as
of the day first above written.

                               PEOPLE'S BANK

                               By      Arthur C. Barton
                                  --------------------------------
                                   Its   Vice President

                                       2
<PAGE>   3
                              GUNTHER INTERNATIONAL, LTD.

                              By       /s/ Michael M. Vehlies
                                  --------------------------------
                                  Its  Chief Financial Officer

                                        3<PAGE>   1
                                 PROMISSORY NOTE
                           (Revolving Credit Facility)

$500,000.00                                                 Norwich, Connecticut
                                                            October 23, 1999

         FOR VALUE RECEIVED, the undersigned ("Maker") hereby promises to pay to
the order of PEOPLE'S BANK ("Holder") at its office at 850 Main Street,
Bridgeport, Connecticut, the maximum principal sum of FIVE HUNDRED THOUSAND and
NO/100 ($500,000.00) DOLLARS, or so much thereof as may from time to time may be
advanced and is outstanding pursuant to the terms of the Revolving Loan
Agreement of even date herewith between Holder and Maker (the "Agreement"),
together with interest thereon at the rate hereafter provided for. All advances
of principal from Holder to Maker shall be made only in accordance with the
terms of the Agreement and all sums due hereunder shall be payable in full on
August 31, 2000 (the "Maturity Date").

         Interest shall be charged on the outstanding principal balance at any
time outstanding from the date advanced at a floating rate equal to the Holder's
Prevailing Prime Rate from time to time in effect plus one and one-half (1.50%)
percent (the "Interest Rate"). The Interest Rate shall be adjusted on a daily
basis throughout the life of the Loan to equal the People's Bank Prevailing
Prime Rate as from time to time in effect.

         The term "People's Bank Prevailing Prime Rate" means the per annum
interest rate from time to time determined by the Financial Division of Holder
in the exercise of its sole and exclusive judgment based upon rate information
provided by funding sources ordinarily used by Holder and/or upon national or
regional indices as made generally known by Holder's Financial Division to
Holder's lending staff. The Prime Rate is an interest rate of general
application by Holder but it is not necessarily the best or lowest interest rate
made available to its customers.

         Maker shall make monthly payments of interest on principal advanced
pursuant to the terms of the Agreement as accrued at the Interest Rate from time
to time in effect,
<PAGE>   2
commencing on the 1st day of the month immediately following the first advance
of principal and continuing on the first day of each and every month thereafter
until the Maturity Date of August 31, 2000, when the entire balance of principal
and interest shall be due and payable.

         Holder shall bill Maker for interest prior to its due date, provided,
however, that any failure of Holder to so bill Maker, or any error contained in
such billing, including but not limited to the calculation of interest, shall
not relieve Maker of its obligations hereunder.

         The occurrence of any one of the following events shall constitute an
event of default hereunder and, at the sole election of Holder, the whole of the
principal sum, interest accrued thereon, and any and all indebtedness evidenced
hereby or otherwise due Holder shall accelerate and become immediately due and
payable without notice or demand of any kind:

                  (a) Failure to make any payment due Holder hereunder for more
         than fifteen (15) days after same is due and payable.

                  (b) Failure to promptly observe, perform or comply with any
         other obligation, condition or covenant to be observed, performed or
         complied with by Maker under this Note which failure shall continue for
         a period of thirty (30) days after notice of such default by Holder to
         Maker provided, however, the same shall not constitute an Event of
         Default as long as maker commences to cure such default within said
         thirty (30) day period and thereafter diligently pursues such cure.

                  (c) The happening of any event, condition or situation,
         permitting the Holder to accelerate the maturity of any indebtedness
         hereby evidenced, including, but not by way of limitation, each of the
         following acts, omissions, breaches, failures or non-compliance,
         events, conditions or situations provided same continue beyond any
         express cure period: [i] default under any term of the Agreement,
         including but not limited to financial covenants therein contained

                                      -2-
<PAGE>   3
         which default continues beyond any express grace or cure period therein
         expressly provided for; or [ii] default under the Guaranty of the
         Connecticut Development Authority securing this Note; or [iii] default
         under the Security Agreement securing this Note which default continues
         beyond any express grace or cure period therein expressly provided for;
         or default of Maker's obligations under any subordination agreement to
         the benefit of Holder; or [iv] default under any other document or
         agreement of Maker to the benefit of Holder, whether securing or
         further evidencing the obligations herein described or otherwise, which
         default continues beyond any express grace or cure period expressly
         provided for.

                  (d) The filing by or against the Grantor of any petition,
         arrangement, reorganization, or the like under any insolvency or
         bankruptcy law, or the adjudication of Maker as a bankrupt, or the
         making of an assignment for the benefit of creditors, or the
         appointment of a receiver for any part of any of Maker's properties.
         Notwithstanding the above, Maker shall have sixty (60) days to cure or
         otherwise dismiss any involuntary petition or other involuntary action
         filed against him Maker.

The failure of Holder to exercise such option to accelerate the indebtedness
hereby evidenced shall not constitute a waiver of the right to exercise the same
in the event of any subsequent default.

         Total or partial prepayment may be made at any time and from time to
time without payment of a prepayment fee.

         Maker agrees to pay all taxes levied or assessed upon this Note other
than taxes upon income to Holder and to pay all reasonable costs, expenses and
attorneys fees incurred by Holder in any proceedings for collection of this Note
and in protecting or sustaining any security interest given Holder. Maker hereby
gives Holder a lien and right of setoff for all Maker's liabilities upon and
against all the deposits, credits, collateral and property of Maker, now or
hereafter in the possession or control of Holder or in transit to it

                                      -3-
<PAGE>   4
including but not limited to special accounts and certificates of deposit
whether or not matured. Holder may, in the event of default in the payment of
obligations hereunder, or upon the occurrence of any event or condition which
would constitute such an event of default after, in each case, the expiration of
any express grace period, if any, apply or set off the same, or any part
thereof, to any liability of Maker. If Maker is indebted to the Holder under any
other obligation, then a default in that obligation which continues beyond any
applicable express grace or cure period shall be a default under this
obligation. Conversely, default under this obligation which continues after any
applicable grace period shall be a default under any other obligation.

         MAKER ACKNOWLEDGES THAT THE LOAN EVIDENCED BY THIS NOTE IS A COMMERCIAL
TRANSACTION AND WAIVES ITS RIGHTS TO NOTICE AND HEARING UNDER CHAPTER 903a OF
THE CONNECTICUT GENERAL STATUTES, OR AS OTHERWISE ALLOWED BY THE LAW OF ANY
STATE OR FEDERAL LAW WITH RESPECT TO ANY PREJUDGMENT REMEDY WHICH HOLDER MAY
DESIRE TO USE, AND FURTHER, WAIVES DILIGENCE, DEMAND, PRESENTMENT FOR PAYMENT
AND, EXCEPT AS OTHERWISE EXPRESSLY PROVIDED FOR HEREIN, NOTICE OF NONPAYMENT,
PROTEST AND NOTICE OF PROTEST, AND NOTICE OF ANY RENEWALS OR EXTENSIONS OF THIS
NOTE, AND ALL RIGHTS UNDER ANY STATUTE OF LIMITATIONS, AND AGREES THAT THE TIME
FOR PAYMENT OF THIS NOTE MAY BE CHANGED AND EXTENDED AT HOLDER'S SOLE
DISCRETION, WITHOUT IMPAIRING ITS LIABILITY THEREON, AND FURTHER CONSENTS TO THE
RELEASE OF ALL OR ANY PART OF THE SECURITY FOR THE PAYMENT HEREOF AT THE
DISCRETION OF HOLDER, OR THE RELEASE OF ANY PARTY LIABLE FOR THIS OBLIGATION
WITHOUT AFFECTING THE LIABILITY OF THE MAKER HEREUNDER. ANY DELAY ON THE PART OF
THE HOLDER IN EXERCISING ANY RIGHT HEREUNDER SHALL NOT OPERATE AS A WAIVER OF
ANY SUCH RIGHT, AND ANY WAIVER GRANTED FOR ONE OCCASION SHALL NOT OPERATE AS A
WAIVER IN THE EVENT OF ANY SUBSEQUENT DEFAULT.

         TO THE EXTENT ALLOWED BY LAW, MAKER DOES HEREBY WAIVE ANY RIGHT TO
TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO WHICH IT MAY BE A PARTY ARISING OUT
OF OR PERTAINING DIRECTLY OR INDIRECTLY TO THIS TRANSACTION.

         Any delay on the part of Holder in exercising any right

                                      -4-
<PAGE>   5
hereunder shall not operate as a waiver of any such right, and any waiver
granted for one occasion shall not operate as a waiver in the event of any
subsequent default.

         All notices to Maker required under this Note, if any, shall be deemed
to have been made upon the third business day following the mailing of same by
United States mail, certified, return receipt requested, postage prepaid, or by
commercial courier with the delivery charges prepaid, to the following address:
"Gunther International, Ltd., One Winnenden Road, Norwich, Connecticut 06360" or
such other address as Maker may notice in writing to Holder.

         THE RIGHTS AND OBLIGATIONS OF MAKER HEREUNDER, INCLUDING BUT NOT
LIMITED TO THE CIRCUMSTANCES UNDER WHICH PRINCIPAL IS TO BE ADVANCED, ARE
GOVERNED BY THE TERMS OF THE AGREEMENT WHICH ARE INCORPORATED HEREIN BY
REFERENCE.

         This Note shall bind the successors and assigns of each Maker and all
endorsers hereto and shall inure to the benefit of the Holder, its successors
and assigns.

         This Note shall be governed by and construed in accordance with the
laws of the State of Connecticut.

                           GUNTHER INTERNATIONAL, LTD.

                           By       /s/ Marc Perkins
                              -----------------------------
                              Its  Chief Executive Officer
                              Duly Authorized

                                      -5-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00001-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00001-of-00352.parquet"}]]