Document:

amendment13.htm

     

    EXHIBIT
10.1

      AMENDMENT
NO. 13

      TO

      CREDIT
AGREEMENT

       

      

      THIS
AMENDMENT NO. 13 is entered into effective as of the 30th day of June, 2009, by
and between WINLAND ELECTRONICS, INC., a Minnesota corporation (the “Borrower”)
and M&I MARSHALL & ILSLEY BANK, a banking corporation organized and
existing under the laws of Wisconsin (“Bank”).

      

      WHEREAS,
Borrower and the Bank have entered into that certain Credit and Security
Agreement dated as of June 30, 2003, as amended (the “Credit Agreement”)
pursuant to which Bank has agreed to provide a revolving credit facility to
Borrower on the terms and conditions contained therein; and

      

      WHEREAS,
Borrower and Bank desire to amend certain provisions of the Credit
Agreement.

      

      NOW,
THEREFORE, Bank and Borrower hereby agree as follows:

      

      1. Certain
Definitions.  Capitalized terms used herein and not otherwise
defined shall have the meanings set forth in the Credit Agreement.

       

      2. Maturity
Date.  The definition of “Maturity Date” as set forth in
Section 1.1 of the Credit Agreement is hereby amended by deleting the date “June
30, 2009”, and replacing it with the date “June 28, 2010”.

       

      3. LIBOR
Rate.  The definition of “LIBOR Rate” as set forth in Section
1.1 of the Credit Agreement is hereby amended by deleting clause (ii) of said
definition in its entirety and replacing the same with the following: “(ii)
three percent (3.00%)”.

       

      4. Interest.  Section
2.6(a) of the Credit Agreement is hereby amended by deleting said Section in its
entirety and replacing the same with the following:

       

          “(a)           Note.  Except
as set forth in Sections 2.6(b), 2.6(c) and 2.6(d), the outstanding principal
balance of the Revolving Note shall bear interest at the greater of (i) four and
one-half percent (4.50%) per annum, or (ii) the LIBOR Rate.”

       

      5. Tangible Net Worth
Covenant.  Section 6.12 of the Credit Agreement is hereby
amended by deleting the text of said Section in its entirety and replacing the
same with the following: “The Borrower will maintain its Tangible Net Worth, on
a consolidate basis with all Subsidiaries, as of the end of each fiscal quarter
commencing with the fiscal quarter ending June 30, 2009, at not less than
$8,000,000.00.

       

      6. Miscellaneous.  Except
as specifically set forth herein, the Credit Agreement shall remain in full
force and effect, with no other modification or waiver.  This
Amendment shall be governed by, and construed in accordance with, the laws of
the State of Wisconsin.  This Amendment may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which taken
together shall constitute one and the same agreement.  The Borrower
hereby restates and reaffirms its obligation under the Credit Agreement to pay
on demand all costs and expenses, including (without limitation) attorneys’
fees, incurred by the Lender in connection with the Obligations, this Amendment,
the Loan Documents, and any other document or agreement related hereto, and the
transactions contemplated hereby.

      

      IN
WITNESS WHEREOF, the parties hereto have caused this Amendment No. 13 to
Credit Agreement to be executed as of the day and year first written
above.

       

       

      
        
          
            
              
                
                  
                    
                      	 M&I
      Marshall & Ilsley Bank	 	Winland Electronics,
      Inc.	 
	 	 	 	 	 	 
	By:	
                              /s/ 
      Melody Holland-Rehder

                            	 	
                              By:
      

                            	/s/ 
      Glenn A. Kermes	 
	 	Melody
      Holland-Rehder	 	 	Glenn
      A. Kermes	 
	 	Its
      Vice President	 	 	Chief
      Financial Officer	 
	 	 	 	 	 	 

                    

                  

                

              

            

          

        

      

       

      
         

        
          
            
              
                
                  
                    
                      
                        
                          	 	 	 	 
	 	 	 	 	 	 
	By:	
                                  /s/ 
      Steven L. Nichols

                                	 	
                                   

                                	 	 
	 	Steven
      L. Nichols	 	 	 	 
	 	Its
      Senior Vice Presidentuscellular_exhibit101.htm - Generated by SEC Publisher for SEC Filing

Exhibit 10.1

     UNITED STATES CELLULAR CORPORATION

2009 EXECUTIVE OFFICER ANNUAL INCENTIVE PLAN

     Effective January 1, 2009   

	I.		
PURPOSE

		Ø	To provide incentive for the officers of U.S. Cellular (USCC) to extend their best efforts towards achieving superior results in relation to key business measures; 
		Ø	To reward USCC’s executive officers in relation to their success in meeting and exceeding the performance targets; and 
		Ø	To help USCC attract and retain talented leaders in positions of critical importance to the success of the company.

	II.	
ELIGIBLE PARTICIPANTS AND TARGETS

Executive Vice Presidents and Senior Vice President. Each participant’s target incentive is expressed as a percentage of his/her base salary (which percentage shall be approved by the Chairman).

	III.	
BONUS POOL

The officer bonus plans of USCC are discretionary in nature, and are based in part, on company performance, individual performance, and individual bonus targets, which contribute to the formation and size of an aggregate bonus pool for all USCC officers.

This officer bonus pool is determined by taking each officer’s target annual bonus payout (calculated as a percentage of the officer’s base salary) multiplied by the company / regional performance percentage attainment number achieved under the applicable officers bonus plan. The President and CEO will consider the performance factors (See Performance Measures in Section IV below) and any other information he deems relevant in determining the amount available under the bonus pool. This pool is not earned, nor are payouts vested until the bonus payout date. (See Attachment I - Administrative Guidelines)

The President and CEO determines the actual payout that each officer will receive and is not bound to adhere to any guideline. However, the sum of all participants’ actual awards cannot deviate from the officer bonus pool by + /-18% for 2009. The Chairman must approve all officer bonuses prior to payout.

	IV. 	
PERFORMANCE MEASURES

The following performance measures, using weights and definitions as approved by the Chairman, will be considered in evaluating the achievements of the officer team for the purposes of this Plan. These components were selected as the best measures of USCC’s growth and success, and are consistent with those used for other levels of USCC management. Payouts based on each of these measures will be evaluated using the 2009 Executive Officer Annual Incentive Plan Matrices and the relative weighting of each measure that are approved by the Chairman.

	
	Performance Measures 
	Growth Factors 
	       * Customer Addition Equivalents 
	       * Customer Defections 
	       * Consolidated Revenue 
	Profit Factors 
	       * Return on Capital 
	       * Consolidated Cash Flow 

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	V.	
MISCELLANEOUS PROVISIONS

Management reserves the right to amend or discontinue the Plan at any time, with or without notice.

There are no oral agreements or understandings between USCC and the participants affecting or relating to this Plan not referenced herein. If the participant fails to adhere to the ethical and legal standards as referenced by USCC policy, USCC shall have the right to revoke this program, reduce or eliminate compensation as it applies to the violator, or any other remedy as provided by corporate policy or law.

This program shall not be construed as an employment contract or as a promise of continuing employment between USCC and the associate. Employment with USCC is terminable at will, i.e.; either the participant or USCC may terminate the relationship at any time, with or without cause.

		                                                               	
	 		 
	President and CEO		Date
			
			
	Chairman 		Date 

 

2

 

Attachment I

Administrative Guidelines

	
PLAN EFFECTIVE DATES:

	
January 1, 2009 – December 31, 2009 

	  	 
	
GENERAL ADMINISTRATION: 

	
The target annual bonus payout for a participant will be based on the associate’s base salary as of December 31, 2009. 

	  	 
	
VESTING 

	
The bonus is not ‘earned,’ and does not vest unless the associate remains employed through the actual bonus payout date. Special rules apply to those associates who retire or die before the actual bonus payout date (see below). 

	  	  
	
INDIVIDUAL PERFORMANCE 

	
Any associate who receives a 2009 annual individual performance rating of ‘Partially Meets Expectations (PM),’ or ‘Fails to Meet Expectations (FM),’ is not eligible for a 2009 Plan payout. 

	  	  
	
SEPARATION PRIOR TO PAYOUT VESTING DATE  

	
Not eligible for a payout unless separation is because of retirement or death (see below), or unless approved by the Sr. Vice President of Human Resources. 

	   	  
	
RETIREMENT/DEATH Prior to Payout Vesting Date

	
Payout based on a proration for time worked during the plan year (2009), individual performance, and the plan attainment percentage assigned by the CEO. 

	  	  
	
LOA (FMLA) During Plan Year

	
Full payout made; no prorations.

	  	  
	
LOA (NON-FMLA) During Plan Year: 

	
Payout based on a proration for time worked during the plan year (2009), individual performance, and the plan attainment percentage assigned by the CEO. 

	  	  
	
MILITARY LEAVE 

	
Full payout made, provided associate’s performance was meeting expectations. 

	 	 

3

 
		
	
TRANSFERS/PROMOTIONS DURING PLAN YEAR 

	  
	 	 
	
Within/ Between Annual Plans:

	
If an associate is promoted / transferred within or between incentive plan(s), no prorations will be made in determining the bonus pool. The pool allocation will be based on the associate’s plan as of 12/31/09. The actual bonus payout will be recommended by the associate’s immediate leader and approved by the EVP/SVP. It will be based on plan attainment as well as individual performance.  

	 	 
	
Between an Annual Plan and a Quarterly or Monthly Plan:  

	
Prorated payouts from both positions/plans will be determined following end of plan year. The following factors will be considered in the determination of the payout: both plans’ attainment percentages, individual performance in each job/plan, the last base salary from each position occupied during the plan year (if applicable), target incentive assigned for each position’s pay grade, and percentage of time worked in each position/plan during the plan year (2009). 

	  	  
	
NEW HIRES DURING THE PLAN YEAR 

	
Associates hired during 2009 will be eligible to participate in the Plan on a prorated (percentage of time worked in the year) basis. The associate must have a start date of at least 11/30/09 in order to be eligible to receive a prorated payout. Any associate hired between 12/01/09 and 12/31/09 will not receive a payout from the 2009 Plan. 

	  	  
	
TRANSFERS TO/ FROM TDS DURING THE PLAN YEAR

	
If an associate transfers to/from another TDS business unit, he/she will receive a prorated payout based on the factors listed above.

	  	 
	
BONUS PAYOUT DATE

	
Bonuses are to be paid during the period commencing on January 1, 2010 and ending on March 15, 2010. Historically bonuses have been paid in March on or before March 15th of each year following the end of the plan effective date (12/31). Notwithstanding the foregoing, in the event that payment by March 15, 2010 is administratively impracticable and such impracticability was unforeseeable (in each case, such that the payment continues to qualify as a “short-term deferral” within the meaning of section 409A of the Internal Revenue Code), payment will be made as soon as administratively practicable after March 15, 2010, but in no event later than December 31, 2010. Payment will be in the form of a lump sum.

	 	 
		

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