Document:

EXHIBIT
4.2

FOURTH AMENDMENT TO
TRANSFER AGREEMENT

This FOURTH AMENDMENT TO
TRANSFER AGREEMENT, dated as of August 31, 2006 (this “Amendment”), is
entered into among: (i) RFS Holding, L.L.C., a Delaware limited liability
company (“Seller”); and (ii) GE CAPITAL CREDIT CARD MASTER NOTE TRUST, a
Delaware statutory trust (“Buyer”).

BACKGROUND

1.             Seller
and Buyer are parties to the Transfer Agreement, dated as of September 25,
2003, and as amended by the Omnibus Amendment No. 1 to Securitization
Documents, dated as of February 9, 2004, the Second Amendment to Transfer
Agreement, dated as of June 17, 2004 and the Third Amendment to Transfer
Agreement, dated as of November 21, 2004 (the “Transfer Agreement”).

2.             Buyer and Seller desire to amend
the Transfer Agreement as set forth herein.

AMENDMENTS

The
parties hereto agree as follows:

SECTION 1.  DEFINITIONS.  As used herein, (a) capitalized terms which
are defined in the preamble hereto shall have the meanings as so
defined, and (b) capitalized terms not so defined shall have the meanings set
forth in the Transfer Agreement as amended hereby.

SECTION 2.  AMENDMENT TO
TRANSFER AGREEMENT.  The Transfer
Agreement shall be amended as follows:

(a)  The definition of “Account Schedule” in
Section 1.1 shall be amended by deleting the words “Removal Notice Date” in
clause (ii) of such definition and substituting therefor the words “Removal
Cut-Off Date.”

(b)  Section 1.1 shall be amended by adding the
following definition in appropriate alphabetical order:

“Removal Cut-Off
Date” means the date as of which any credit card accounts are designated for
removal in accordance with Section 2.7.

(c)  Section 2.7(d) is amended in its entirety to
read as follows:

“(d)                Transferor may from time to
time, at its option, by notice to Buyer, designate as a Removed Account any
Account (each, an “Inactive Account”) that either (i) has had a zero balance
and on which no charges have been made, in each case for at least the preceding
12 months or (ii) the Obligor of which has agreed to

 

open a credit card account in a related Dual Card
Program in substitution for such Account, provided that the balance of such
Account is zero or has been reduced to zero in connection with a balance
transfer to the related credit card opened in the Dual Card Program.”

(d)  Section 7.13(c) is amended by deleting the
reference to Addition Cut-Off Date where it appears therein and substituting
therefor a reference to “Addition Date.”

(e)  Exhibit B to the Transfer Agreement is deleted
and is replaced with Exhibit B attached to this Amendment.

SECTION 3.  EFFECTIVENESS.  This Amendment shall become effective as of
the date first written above; provided that (i) Buyer and Seller shall
have executed a counterpart of this Amendment, (ii) the Rating Agency Condition
shall have been satisfied and (iii) the Transferor shall have delivered an
Officer’s Certificate to the Issuer certifying that this amendment will not
cause an Adverse Effect.

SECTION 4.  BINDING EFFECT; RATIFICATION.  (a)                On and after the execution and
delivery hereof, (i) this Amendment shall be a
part of the Transfer Agreement and (ii) each
reference in the Transfer Agreement to “this Agreement”, “hereof”, “hereunder”
or words of like import, and each reference in any other Related Document to
the Transfer Agreement, shall mean and be a reference to such Transfer
Agreement as amended hereby.

(b)           Except as expressly amended hereby,
the Transfer Agreement shall remain in full force and effect and is hereby
ratified and confirmed by the parties hereto.

SECTION 5.  MISCELLANEOUS. (a) THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO
PRINCIPLES OF CONFLICTS OF LAW.

(b)           Headings used herein are for convenience of reference only
and shall not affect the meaning of this Amendment.

(c)           This Amendment may be executed in any
number of counterparts, and by the parties hereto on separate counterparts,
each of which shall be an original and all of which taken together shall
constitute one and the same agreement. 
Executed counterparts may be delivered electronically.

 

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IN WITNESS WHEREOF,
the parties have executed this Amendment by their respective officers thereunto
duly authorized as of the date first above written.

	
   

  	
   

  	
   

  
	
   

  	
  RFS HOLDING, L.L.C.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Robert C. Green

  	
   

  
	
   

  	
  Name: Robert C. Green

  	
   

  
	
   

  	
  Title: Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GE CAPITAL CREDIT CARD MASTER NOTE TRUST

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  The Bank of New York (Delaware), not in its
  individual capacity, but solely as Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Kristine K. Gullo

  	
   

  
	
   

  	
  Name: Kristine K. Gullo

  	
   

  
	
   

  	
  Title: Vice President

  	
   

  
	
   

  	
   

  	
   

  

 

 

 

EXHIBIT B

FORM OF REASSIGNMENT OF RECEIVABLES

IN REMOVED ACCOUNTS

(As required by Section 2.7 of
the Transfer Agreement)

REASSIGNMENT No. _______
OF RECEIVABLES IN REMOVED ACCOUNTS dated as of _________, 20[__], by and among
RFS HOLDING, LLC, a limited liability company organized under the laws of the
State of Delaware, as Transferor (the “Transferor”),
and GE CAPITAL CREDIT CARD MASTER NOTE TRUST (the “Buyer”),
pursuant to the Transfer Agreement referred to below.

WITNESSETH:

WHEREAS Transferor and
Buyer are parties to the Transfer Agreement, dated as of September 25,
2003 (as it may be amended and supplemented from time to time the “Agreement”);

WHEREAS pursuant to the
Agreement, Transferor wishes to remove from Buyer all Transferred Receivables
owned by Buyer in certain designated Accounts and to cause Buyer to reconvey
the Transferred Receivables of such Removed Accounts, whether now existing or
hereafter created, from Buyer to Transferor; and

WHEREAS Buyer is willing
to accept such designation and to reconvey the Transferred Receivables in the
Removed Accounts subject to the terms and conditions hereof;

NOW, THEREFORE,
Transferor and Buyer hereby agree as follows:

1.             Defined
Terms.  All terms defined in
the Agreement and used herein shall have such defined meanings when used
herein, unless otherwise defined herein.

“Removal Date” means, with respect to the
Removed Accounts designated hereby, ___________, ____.

“Removal Cut-Off Date” means, with respect to
the Removed Accounts ______________, ____.

2.             Designation
of Removed Accounts.  Schedule 1 to this Reassignment, as of the
Removal Date, shall supplement Schedule 1
to the Agreement as required by Section 2.1(c)
of the Agreement.

3.             Conveyance
of Transferred Receivables. 
(a) Buyer does hereby transfer, assign, set over and otherwise convey to
Transferor, without representation, warranty or recourse, on and after the
Removal Cut-Off Date, all right, title and interest of Buyer in, to and under
the Transferred Receivables existing at the close of business on the Removal
Cut-Off Date and thereafter created from time to time in the Removed Accounts 

 

designated hereby,
the Related Security and Collections with respect thereto, together with all
monies due or to become due and all amounts received or receivable with respect
thereto and all Insurance Proceeds related thereto and all proceeds of the
foregoing.

(b)           In connection with such transfer,
Buyer agrees to execute and deliver to Transferor on or prior to the date this
Reassignment is delivered, applicable termination statements prepared by
Transferor with respect to the Transferred Receivables existing at the close of
business on the Removal Cut-Off Date and thereafter created from time to time
in the Removed Accounts reassigned hereby and the proceeds thereof evidencing
the release by Buyer of its interest in the Transferred Receivables in the
Removed Accounts, and meeting the requirements of applicable state law, in such
manner and such jurisdictions as are necessary to terminate such interest.

4.             Representations
and Warranties of Transferor. 
Transferor hereby represents and warrants to Buyer as of the Removal
Date:

(a)           Legal
Valid and Binding Obligation. 
This Reassignment Agreement constitutes a legal, valid and binding
obligation of Transferor enforceable against Transferor in accordance with its
terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws now or hereafter
in effect affecting the enforcement of creditors’ rights in general and except
as such enforceability may be limited by general principles of equity (whether
considered in a suit at law or in equity);

(b)           Early
Amortization Event. 
Transferor reasonably believes that (i) the removal of the Transferred
Receivables existing in the Removed Accounts will not, based on the facts known
to Transferor, then or thereafter cause an Early Amortization Event to occur
with respect to any series, (ii) no selection procedure believed by Transferor
to be materially adverse to the interests of Buyer or any of its creditors has
been used in removing Removed Accounts from among any pool of Accounts of a
similar type (it being understood that Transferor will not be deemed to have
used such an adverse selection procedure in connection with any Involuntary
Removal) as of the Removal Date and (iii) Accounts (or administratively
convenient groups of Accounts, such as billing cycles) were chosen for removal
on a random basis or another basis that Transferor believes is consistent with
achieving derecognition of the Transferred Receivables under GAAP;

(c)           List of
Removed Accounts.  The list of
Removed Accounts attached hereto, is an accurate and complete listing in all
material respects of all the Accounts as of the Removal Cut-Off Date; and

(d)           Receivables
Tests.  The Aggregate
Outstanding Balance of Principal Receivables in the Removed Accounts did not
exceed the lesser of (i) the Free Equity Amount over the Minimum Free Equity
Amount or (ii) the excess of the Note Trust Principal Balance over the Required
Principal Balance, all measured as of the end of the most recently ended
Monthly Period.

 

5.             Amendment
of the Agreement. The Agreement is hereby amended to provide that
all references therein to “this Agreement” and “herein” shall be deemed from
and after the Removal Date to be a dual reference to the Agreement as
supplemented by this Reassignment. 
Except as expressly amended hereby, all of the representations,
warranties, terms and covenants and conditions of the Agreement shall remain unamended
and shall continue to be and shall remain in full force and effect in
accordance with its terms.

6.             Counterparts.  This Reassignment may be executed in two or
more counterparts, and by different parties on separate counterparts), each of
which shall be an original, but all of which shall constitute one and the same
instrument.

7.             GOVERNING
LAW.  THIS REASSIGNMENT SHALL
BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.

 

 

IN WITNESS WHEREOF, the
undersigned have caused this Reassignment Agreement to be duly executed and
delivered by their respective duly authorized officers on the day and year
first above written.

 

	
  

  	
  RFS HOLDING, L.L.C., Transferor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:________________________________
  

  
	
   

  	
   

  
	
   

  	
  Name:______________________________

  
	
   

  	
   

  
	
   

  	
  Title:_______________________________

  
	
   

  
	
   

  
	
   

  
	
   

  	
  GE CAPITAL CREDIT CARD
  MASTER NOTE TRUST, Buyer

  
	
   

  
	
   

  
	
   

  	
  By:

  	
  GENERAL ELECTRIC
  CAPITAL CORPORATION,

  
	
   

  	
  not in its
  individual capacity but solely as Administrator on behalf of the Buyer

  
	
   

  	
  By:________________________________
  

  
	
   

  	
   

  
	
   

  	
  Name:______________________________

  
	
   

  	
   

  
	
   

  	
  Title:_______________________________

  
	
   

  

 

 

Schedule 1

to Reassignment Agreement

REMOVED ACCOUNTSExhibit
10.1

 

SEPARATION AGREEMENT AND
GENERAL RELEASE

This Separation Agreement
and General Release (“Agreement”) is made and entered into as of August 31,
2006, by and between Frank C. Zirnkilton, Jr., an adult individual residing in
107 Cambria Court, St. David’s, Pennsylvania 
19087 (“Employee”), and Metrologic Instruments, Inc., a New Jersey
corporation, and all of its subsidiaries (“Company”).

RECITALS

Employee has been
employed by Company since April 11, 2006 as Executive Vice President and Chief
Administrative Officer.  The Company has
decided to eliminate the position of Chief Administrative Officer.

Employee has been
afforded at least twenty one days (21) days to consider this Agreement after it
was first presented to him.

Company has urged Employee
to consult and he has consulted with and obtained advice from counsel of his
choice before signing this Agreement.

TERMS

For good and valuable
consideration, including the promises and mutual covenants contained herein,
and intending to be legally bound, Company and Employee agree as follows:

1.             TERMINATION OF
EMPLOYMENT

Employee will continue to
receive his regular compensation, at the annual rate of $250,000 and benefits
through for the period beginning on the Final Employment Date (defined below)
and ending six months thereafter (“Severance Period”).  Employee will resign as Executive Vice
President and Chief Administrative Officer of the Company effective August 31,
2006 (“Final Employment Date”).

Except as provided in
this Agreement, Employee’s entitlement to and participation in all of Company’s
benefit plans ceases on the Final Employment Date.

2.             SEVERANCE

(a)           Salary Continuation.  Beginning on the first regular payday
following the Final Employment Date, Company shall pay Employee his current
salary for the Severance Period at the annual rate of $250,000.  Employee’s salary will be paid in accordance
with the Company’s regular payroll practices for executives, less all
applicable withholdings and deductions.

(b)           Incentive Compensation.  Company will pay to Employee his pro rata
incentive compensation if any, earned through the Final Employment Date.  Such incentive compensation will be
calculated based upon the Company’s actual financial performance for the full
calendar year of 2006 compared with the original budget approved by the Company’s
Board 

 

 

of Directors on or about February 15,
2006.  The incentive compensation shall
be determined as follows:  

(i)            Incentive
Compensation:

·                                          EBIT
$35M to $36M:  $16K/Mn (1.6%); 

·                                          $36M
to $38M 2% ($20K/Mn); 

·                                          $38M
to $40M 2.4% ($24K/Mn); 

·                                          Above
$40M 3% ($30K/Mn);

·                                          At
$40M EBIT, the bonus is $102K; above $40M 3% of excess; at target of $44M,
Bonus $222K plus financial bonus.  

(ii)           Additional
Bonus for financial income below EBIT line, i.e., on net interest earned on the
Company’s cash before taxes:  4% above
$1.5M ($40K/Mn). 

(iii)          The
incentive compensation calculated on this basis, if any, shall be paid by March
1, 2007.

(c)           Business Expenses. 
Company will pay to Employee all out-of-pocket business expenses as may
be accrued and unpaid on the Final Employment Date provided that Employee
submits appropriate documentation for such expenses within forty-five days
after the Final Employment Date.

(d)           Other Entitlements. 
On the first regularly-scheduled payday occurring after the Final
Employment Date, Company shall pay to Employee any vacation or personal days
accrued on or before the Final Employment Date pursuant to Company’s standard
policies and procedures and as set forth in the Company’s Employee Manual, less
all applicable withholdings and deductions.

(e)           Benefit Continuation.  Company shall treat Employee as an active
employee of Company for purposes of medical and dental insurance coverage under
Company plans during the period commencing on the Final Employment Date and
ending 18 months thereafter, except that Employee shall pay the employee share
of any premiums on an after-tax basis. 
At the conclusion of such active employee coverage, Employee shall be
entitled to receive COBRA in accordance with applicable law.  Employee will not be entitled to contribute
to (or otherwise participate as an active employee in) the Company’s 401(k)
plan after the Final Employment Date. 
The continuation of benefits provided for in this Section 2(e) shall be
terminated if Employee becomes covered under another employer-sponsored health
plan or Medicare.  This benefit
continuation shall be deemed part of the Severance Payment and Employee will be
treated as an active employee while receiving such Severance Payment.

 

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3.             LEGAL FEES

Company shall pay Employee’s reasonable costs incurred
in legal fees to produce a draft employment agreement and of additional fees,
if any, incurred in connection with this agreement, provided, that, Employee
submits appropriate documentation for such fees by February 8, 2007 and
reimbursement by the Company will occur prior to March 15, 2007.

4.             GENERAL RELEASE OF CLAIMS AND
COVENANT NOT TO SUE

In exchange for the
Severance Payment, Benefit Continuation and other good and valuable
consideration set forth in this Agreement, Employee agrees to execute and be
bound by the General Release Agreement attached hereto as Exhibit A (“General
Release”) and incorporated herein by reference. 
Employee acknowledges that receipt of the Severance Payment, Benefit
Continuation and the other benefits provided by this Agreement, some of which
Employee acknowledges he is not otherwise entitled to, are expressly
conditioned on his execution of this Agreement, including the General Release.

5.             NON-DISCLOSURE AND NON-COMPETE

While employed by the
Company and through the period ending eighteen (18) months after the Final
Employment Date, Employee agrees that, unless he obtains written approval in
advance from the Chairman of the Company, he shall not, except on behalf of the
Company and/or its affiliates, in any way, directly or indirectly:

(a)           engage, directly or indirectly, in, or permit his name to
be used in connection with, any Protected Business within any of the countries
in which the Company or its affiliates is doing business as of the Final
Employment Date, either individually or as an agent, employee, consultant,
partner, officer, director, stockholder, proprietor, owner or otherwise, of any
person, firm, corporation or organization; provided, however, that ownership of
less than five (5%) percent of the outstanding stock of any publicly traded
corporation will not be deemed to be violative of this restrictive
covenant.  The parties agree that at the
end of eighteen (18) months after the Final Employment Date, Employee may
become employed with any Protected Business. 
In such employment, Employee shall abide by the trade secrets and
confidential information restrictions set forth in paragraph (c);

(b)           contact in connection with any of the activities
prohibited in this paragraph 5, employ, hire, solicit or attempt to persuade
any person or entity that has at any time within the one (1) year period before
the Final Employment Date, been an employee or independent contractor of the
Company or any of its affiliates to terminate his, her or its relationship with
the Company and/or its affiliates or do any act that may result in the
impairment of the relationship between the Company or any of its affiliates on
the one hand and the employees or independent contractors of the Company or any
of its affiliates on the other hand;

(c)           contact, solicit, serve or sell to, in furtherance of or
on behalf of any Protected Business, any person or entity that has any time
within the one (1) year period before the Final Employment Date been a client
or customer or prospective client or customer of the Company or any of its
affiliates or attempt to persuade any such person or entity to purchase 

 

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or otherwise acquire or use any product or
service(s) offered by any business of the same or similar nature as products or
services offered by the Company or any of its affiliates.  (For purposes of this subparagraph, a “prospective
client or customer” means a person or entity with whom or which the Company or
its affiliates has had direct contact with and made a proposal to provide
products or services; or

For purposes of paragraph
5, “Protected Business” means the design, development, manufacture,
production,  marketing, sale or servicing
of any product or the provision of any service that competes with any service
offered by Company or any product sold by Company or under development by
Company.

6.             REMEDIES

In the event of the
breach of any covenant contained in paragraph 5, Company shall be entitled to
an injunction restraining such breach in addition to any other remedies
provided by law or equity.  The
compensation and benefits provided under Section 2 of this Agreement are in
part consideration for Employee’s undertakings in paragraph 5, and any breach
of his undertakings herein will terminate Company’s obligations set forth in
paragraph 2(a) above.

7.             REASONABLENESS OF RESTRICTIONS

Employee agrees and
acknowledges that the type and scope of restrictions described in paragraphs 5
and 6 are fair and reasonable and that the restrictions are intended to protect
the legitimate interests of Company and not to prevent him from earning a
living.  Employee recognizes that his key
position as Executive Vice President and Chief Administrative Officer and his
access to confidential information make it necessary for Company to restrict
his post-employment activities as set forth in this Agreement.  Employee represents and warrants that the
knowledge, ability and skill he currently possesses are sufficient to enable him
to earn a livelihood satisfactory to him for a period of eighteen (18) months
in the event his employment with Company terminated, without violating any
restriction in this Agreement.  If
however, the restrictions set forth in paragraph 5 are held invalid by a court
by reason of length of time, area covered, activity covered or any or all of
them, then such restriction or restrictions shall be reduced only to the
minimum extent necessary to cure such invalidity.

8.             PROTECTION OF
COMPANY INFORMATION

In addition to any existing contractual, common law,
or legally imposed obligation, Employee agrees that all confidential
information (whether written, graphic, oral, committed to memory or otherwise
in his possession) regarding the operations and plans of Company shall remain
strictly confidential and secret so long as that information has not been
published in a way generally available to the public.

9.             CONFIDENTIALITY

Employee agrees that he
shall maintain the terms of this Agreement in the strictest confidence.  Employee shall not disclose or discuss the
terms of this Agreement except that he may disclose the terms to the following:
his spouse, immediate family, accountant, legal representative, the Internal
Revenue Service, or pursuant to a subpoena issued as part of a legal

 

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proceeding.  Employee also may disclose any
post-employment restrictions imposed by this Agreement to a prospective
employer.  Provided that, before
disclosing the terms of this Agreement to any of the foregoing, Employee shall
advise the recipient of the information about the existence of this
confidentiality provision and obtain the agreement of the recipient to maintain
the information in accordance with this provision.

10.           RETURN OF COMPANY PROPERTY

On or before the Final
Employment Date, Employee shall return all Company property and copies thereof
in his possession or under his custody or control including, but not limited
to, his Company identification card, all Company credit cards, any Company
equipment, books, keys, journals, records, publications, files, computers and
computer disks, memoranda and documents of any kind or description (including
electronic mail).

11.           NON-DISPARAGEMENT

Employee agrees that he will not, in any communication with any person
or entity, including any actual or potential customer, client, investor,
vendor, or business partner of Company, or any third party, make any
derogatory, disparaging, or negative statements, orally, written or otherwise,
against Company or any of Company’s parent corporations, affiliates,
subsidiaries, managers, directors, officers, partners, associates, agents,
employees, attorneys, representatives, divisions, benefit plans, assigns,
successors, and predecessors.  Company
agrees that Company or any of Company’s parent corporations, affiliates,
subsidiaries, managers, directors, officers, partners, associates, agents,
employees, attorneys, representatives, divisions, benefit plans, assigns,
successors, and predecessors shall not, in any communication with any person or
entity, or any third party, make any derogatory, disparaging, or negative
statements, orally, written or otherwise, against Employee.  Nothing here shall prevent Employee from
testifying truthfully in connection with any litigation, arbitration or
administrative proceeding.

12.           REFERENCES

The Chairman, Chief Executive Officer and Board Members of the Company
shall respond to any and all reference requests regarding Employee by providing
a positive assessment of Employee’s work and by providing an unqualified
recommendation of him for any suitable position.

 

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13.           ENTIRE OBLIGATION OF COMPANY TO
EMPLOYEE

This Agreement contains all of the terms and
conditions agreed upon by Employee and Company regarding his services to
Company, the termination of his employment and his separation from Company and
supersedes any prior oral or written agreements, drafts, understandings or
representations between Employee and Company, including (except to the extent
provided otherwise herein) Company policies. 
No other agreements regarding Employee’s services or termination, oral or
otherwise, shall be deemed to exist or to bind either party.

14.           AMENDMENT/WAIVER

This Agreement may not be
amended or modified except by a written amendment signed by Employee and
Company.  The waiver or failure to
enforce any provision of this Agreement or the breach thereof shall not be
deemed to be a waiver of any rights or remedies resulting from that breach, and
shall not operate as a waiver of any other provision or of any other future
breach of any provision.

15.           SEVERABILITY

If any material part,
term, or provision of this Agreement is later held to be illegal,
unenforceable, or otherwise ineffective, the validity of the remaining
provisions shall not be affected, and the rights and obligations of the parties
shall be construed and enforced as if this Agreement did not contain the part,
term, or provision held to be invalid.

16.           INDEMNIFICATION

The Company shall defend and indemnify Employee to the
maximum extent permitted by law and the Articles of Incorporation and bylaws of
the Company for any claims against Employee resulting from his actions as an
executive officer of the Company, including the advancement of reasonable
attorney’s fees required for Employee’s defense of such claims, provided
however that the foregoing shall not be deemed to include any actions that are
finally adjudged to be (i) in breach of Employee’s duty of loyalty to the
Company or its shareholders, (ii) not in good faith or involving a knowing
violation of law or (iii) resulting in receipt by Employee of an improper
personal benefit.

17.           BINDING EFFECT

This Agreement shall be
binding upon and shall inure to the benefit of both parties hereto and their
respective heirs, successors, assigns and representatives.

18.           INTERPRETATION OF AGREEMENT

For purposes of
interpreting or construing any of the provisions of this Agreement, neither
party shall be deemed to be the drafter of this Agreement.  This Agreement shall be interpreted in
accordance with its fair meaning, and not strictly for or against either
party.  This Agreement shall be construed
in accordance with, and governed by, the laws of the State of New Jersey
pertaining to contracts executed and wholly-performed therein.  Section headings used in 

 

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this Agreement are for
convenience only and shall not be used to construe meaning or intent or be
deemed to be part of this Agreement.

19.           AUTHORITY

Each party executing this
Agreement has the authority to do so. 
Company has taken all appropriate action, including any resolutions of
Company’s Board of Directors or any committee thereof, necessary to make this
Agreement binding on Company.

20.           VOLUNTARY AGREEMENT; NO OTHER
INDUCEMENT

By signing this
Agreement, Employee acknowledges and agrees that he enters into this Agreement
knowingly and voluntarily, and without duress or undue influence of any kind,
that he has had sufficient opportunity to consult with legal counsel of his
choice, and that he does not rely, and has not relied, on any fact,
representation, statement or assumption other than as specifically set forth in
this Agreement.

21.           ASSIGNMENT

Neither party may assign
or otherwise transfer this Agreement or any right or obligation under this
Agreement.  This Agreement shall survive
any change of control of the Company and shall be binding on any successor entities.

22.           NOTICES

Except as otherwise
provided herein, all notices required under this Agreement shall be in writing
sent by prepaid registered U.S. mail, return receipt requested, or a recognized
overnight delivery service, addressed as follows:

	
  If to Employee:

  	
   

  	
  If to Company:

  
	
  Frank C. Zirnkilton, Jr.

  	
   

  	
  Metrologic Instruments, Inc.

  
	
  107 Cambria Court

  	
   

  	
  Attn: General Counsel

  
	
  St. Davids, PA 19087

  	
   

  	
  90 Coles Road

  
	
  Blackwood, NJ 08012

  	
   

  	
   

  

 

23.           COUNTERPARTS

This Agreement may be executed in one or more
counterparts.  A copy or facsimile of a
signature on this Agreement shall have the same force and effect as an original
ink signature.

The address of record of either party may be changed
by providing written notice of new address to the other party in accordance
with the terms of this Agreement. 
Notices are effective upon delivery to the address of record.

 

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IN WITNESS WHEREOF, and
intending to be legally bound hereby, the parties have caused this Agreement to
be executed as of the date first written above.

	
  

  	
   

  	
  Metrologic Instruments, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ FRANK C.
  ZIRNKILTON, JR.

  	
   

  	
  /s/ BRUCE
  HARRISON

  
	
  Frank C. Zirnkilton, Jr.

  	
   

  	
  Name: Bruce L. Harrison

  
	
   

  	
   

  	
  Title: Vice President and General Counsel

  
	
   

  	
   

  	
   

  
	
  August 31, 2006

  	
   

  	
  August 31, 2006

  
	
  Date

  	
   

  	
  Date

  

 

 8

 

EXHIBIT A

GENERAL RELEASE AGREEMENT

This General Release Agreement is made and entered into as of this 31st day of August 2006, by and between Metrologic
Instruments, Inc. and all of its subsidiaries (the “Company”) and Frank C.
Zirnkilton, Jr. (the “Employee”), for himself, his heirs, executors,
administrators and assigns, if any, for and in consideration of the benefits
described in the foregoing Separation Agreement and General Release executed on
this date (“Separation Agreement”), and other good and valuable consideration,
do hereby state that:

1.             The Company and
Employee agree to and accept the terms of the Separation Agreement.

2.             Employee waives,
releases and forever discharges Metrologic Instruments, Inc. (as defined below)
of and from any and all Claims (as defined below).  Employee agrees not to file a lawsuit to
assert any such Claim.  (To the extent
required by regulations issued by the EEOC, the foregoing sentence does not
apply to a claim under the Age Discrimination in Employment Act.)  This release covers all Claims arising up to
and including the date of this Agreement, but does not cover claims relating to
the validity or enforcement of this Agreement; claims for unemployment
compensation; nor claims for any vested and accrued benefit under the terms of
any employee benefit plan within the meaning of the Employee Retirement Income
Security Act sponsored by Metrologic Instruments, Inc., except that it will
apply to any severance benefits that otherwise might be payable outside of this
Separation Agreement.

The following provisions further explain this general release and
promise not to sue:

(a)           Definition of “Claims.”  “Claims” includes without limitation all
actions or demands of any kind that Employee now has, or may have or claim to
have in the future.  More specifically,
Claims include rights, causes of action, damages, penalties, losses, attorneys’
fees, costs, expenses, obligations, agreements, judgments and all other
liabilities of any kind or description whatsoever, either in law or in equity,
whether known or unknown, suspected or unsuspected.  Notwithstanding anything herein to the
contrary, this General Release Agreement does not and shall not waive,
diminish, or affect in any way the Company’s current 

 

 

and future obligations under the Separation
Agreement or the enforceability thereof by the Employee.

(b)           The nature of Claims covered by this release and promise
not to sue includes without limitation all actions or demands in any way based
on Employee’s employment with Metrologic Instruments, Inc., the terms and
conditions of such employment or his separation from employment (except as
stated above).  More specifically, all of
the following are among the types of Claims that will be barred by this release
and promise not to sue (except as stated above):

·                  Contract
Claims (whether express or implied);

·                  Tort
Claims, such as for defamation or emotional distress;

·                  Claims
under federal, state and municipal laws, regulations, ordinance or court
decisions of any kind;

·                  Claims
of discrimination, harassment or retaliation, whether based on race, color,
religion, gender, sex, age, sexual orientation, handicap and/or disability,
national origin or any other legally protected class;

·                  Claims
under the Age Discrimination in Employment Act, Title VII of the Civil Rights
Act of 1964, as amended, the Americans with Disabilities Act, the Family and
Medical Leave Act, the Pennsylvania Human Relations Act, the New Jersey Law
Against Discrimination and similar state and local laws;

·                  Claims
under the Employee Retirement Income Security Act, the Fair Labor Standards
Act, state wage payment laws and state wage and hour laws;

·                  Claims
for wrongful discharge; and

·                  Claims
for attorney’s fees, litigation expenses and/or costs.

Notwithstanding any of the foregoing, it is expressly agreed and
acknowledged that Employee does not waive or release and is not barred in any
way from asserting any claim concerning: (a) indemnification and advancement
under Company’s Certificate of Incorporation and its by-laws; (b) continuation
of benefits coverage pursuant to COBRA; and (c) claims for 

 

 

benefits under any Company employee benefit plan.  Employee represents as an express condition
of this General Release Agreement that after reasonable investigation, he is
unaware of any claim he has or may have against the Company that he does not
release and waive under this General Release Agreement.  Employee agrees and acknowledges that this
General Release Agreement covers all claims, whether known or unknown, arising
up to and including the date of this Agreement.

The Company hereby fully waives, releases, and forever discharges
Employee, his past and present attorneys and agents, and their successors and
assigns (hereinafter collectively referred to as the “Executive Releasees”), of
and from any and all rights, debts, claims, actions, liabilities, agreements,
damages, or causes of action (hereinafter collectively referred to as “Claims”),
of whatever kind or nature, whether in law or in equity, whether known or
unknown, that the Company ever had or now has in any capacity, against any or
all of the Executive Releasees, for, upon, or by reason of any cause, matter,
thing or event whatsoever occurring at any time up to an including the date the
Company signs this Release.  The Company
acknowledges and understands that the claims and rights being released in this
paragraph include, but are not limited to, all claims and rights arising from
or in connection with any agreement of any kind the Company may have had with
any of the Executive Releasees, or in connection with Employee’s employment or
termination of employment, all claims and rights for breach of contract, either
express or implied, interference with contract, fraud, misrepresentation,
defamation, claims and rights arising under the Civil Rights Acts of 1964 and
1991, as amended (which prohibits the discrimination in employment based on
race, color, national origin, religion or sex), the Americans with Disabilities
Act (“ADA”), as amended (which prohibits discrimination in employment based on
disability), the Age Discrimination in Employment Act (“ADEA”), as amended
(which prohibits age discrimination in employment), the National Labor
Relations Act, the Fair Labor Standards Act, the Employee Retirement Income Act
of 1974 (“ERISA”), as amended, the Family and Medical Leave Act (“FMLA”), as
amended, and any and all other claims or rights whether arising under federal,
state or local law, rule, regulation, constitution, ordinance or public
policy.  The Company agrees that it will
not initiate any civil complaint or institute any civil lawsuit, or file any
arbitration against the Executive Releasees, or any one of them, based on the
fact or circumstance occurring up to and including the date of the execution by
the Company of this General Release Agreement. 
This Release and the foregoing 

 

 

covenant not to sue do not cover claims relating to
the validity or enforcement of this General Release Agreement.  Notwithstanding the foregoing, it is
expressly agreed and acknowledged that the Company does not waive or release
and is not barred in any way from bringing any claim concerning:  (a) breach of fiduciary duty; (b)
misappropriation of business opportunities or Company property; or (c) any
claim based on intentional or grossly negligent conduct of Employee.  The Company represents as an express
condition of this General Release Agreement that after reasonable
investigation, it is unaware of any claim it has or may have against Employee
that it does not release and waive under this General Release Agreement.

(c)           Definition of “Metrologic Instruments, Inc.”  “Metrologic Instruments, Inc.” includes
without limitation Metrologic Instruments, Inc. and its respective past,
present and future parents, affiliates, subsidiaries, divisions, predecessors,
successors, assigns, employee benefit plans and trusts, if any.  It also includes all past, present and future
managers, members, directors, officers, partners, agents, employees, attorneys,
representatives, consultants, associates, fiduciaries, plan sponsors,
administrators and trustees of each of the entities listed in the preceding
sentence.

3.             Employee
acknowledges that he has carefully read and he understands the provisions of
this General Release Agreement and the Separation Agreement, that he has had
twenty-one (21) days from the date he received a copy of the General Release
Agreement and the Separation Agreement to consider entering into this General
Release Agreement and accepting the Separation Agreement, that if Employee
signs and returns this General Release Agreement before the end of the
twenty-one (21) day period that he will have voluntarily waived his right to
consider the Agreement for the full twenty-one (21) days and that he has
executed this General Release Agreement voluntarily and with full knowledge of
its significance, meaning and binding effect. 
Employee also acknowledges that Metrologic Instruments, Inc. has advised
him in writing to consult with an attorney of his own choosing with regard to
entering into this General Release Agreement and accepting the Separation
Agreement.  Finally, Employee
acknowledges that his decision to sign this General Release Agreement has not
been influenced in any way by fraud, duress, coercion, mistake or misleading
information.

4.             Employee acknowledges
that he may revoke this General Release Agreement within seven (7) days of his
execution of this document by submitting a written 

 

 

notice of his
revocation to Metrologic Instruments, Inc., in such a manner that it actually
is received within the seven (7) day period. 
Employee also understands that this General Release Agreement shall not
become effective or enforceable until the expiration of that seven (7) day
period.

5.             Employee agrees
that if any provision of this General Release Agreement is or shall be declared
invalid or unenforceable by a court of competent jurisdiction, then such
provision will be modified only to the extent necessary to cure such invalidity
and with a view to enforcing the parties’ intention as set forth in this
General Release Agreement to the extent permissible and the remaining
provisions of this General Release Agreement shall not be affected thereby and
shall remain in full force and effect.

 

 

IN WITNESS WHEREOF, and with the intention of being legally bound
hereby, the parties have executed this General Release Agreement.

                                                                                                                                                                                                                

	
  

  	
   

  	
  Metrologic Instruments, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ FRANK C.
  ZIRNKILTON, JR.

  	
   

  	
  /s/ BRUCE
  HARRISON

  
	
  Frank C. Zirnkilton, Jr.

  	
   

  	
  Name: Bruce L. Harrison

  
	
   

  	
   

  	
  Title: Vice President and General Counsel

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