Document:

0840_001

 

Exhibit 10.2 

PartnerRe Ltd.

Restricted Share Unit Award

<Name> 

<Date> 

     
      This Award Agreement (the "Agreement") is made effective as of <Date>, by and between PartnerRe Ltd. (the "Company"), and <Name> (the "Participant"), a non-employee Director of the Company.

     
      NOW, THEREFORE, in connection with the mutual covenants hereinafter set forth and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree as follows:

     
1.       Definitions; Conflicts. Unless defined in this Restricted Share Unit Award
(this “Award Document”), capitalized terms will have the same meanings ascribed to them in the PartnerRe Ltd. 2003 Non-Employee Directors Stock Plan (the “Plan”).

     
2.    Purpose of Award Document. The purpose of this Award Document is to grant
Restricted Share Units to the Participant receiving this Award and named below. The Restricted Share Units that are the subject of this grant will be known as “RSUs”. 

     
3.      Award Document. This Award Document is entered into pursuant
to the terms of the Plan, and evidences the grant of a share-based award in the form of RSUs pursuant to the Plan. By receipt of this Award Document, the Participant acknowledges receipt of a copy of the Plan and further agrees to be bound thereby
and by the actions of the Committee and/or the Board pursuant to the Plan. 

     
4.         Grant of RSUs. The Participant is granted an award of RSUs in the amount and on the date (the “Grant Date”) as specified in the Notice of
RSU attached to this document.

     
5.         Rights. A RSU carries no voting rights. A RSU carries the right to receive dividend equivalents payable in Shares and which will be subject to the
same terms as the related RSU. Such dividend rights will accrue as of each dividend payment date, if any, on a compounded basis until the delivery of the Shares underlying the RSUs (including the dividend equivalents thereon), based on the Fair
Market Value of a Share at the time of such dividend payment.

1

     
6.    Terms. Each RSU represents a fully vested right to delivery of one Share in
the future. All of the Shares underlying the RSUs (including any dividend equivalents thereon) will be delivered on the fifth anniversary of the Grant Date; provided that such
delivery may be further deferred by filing a timely election with the Company, deferring such delivery until the tenth or fifteenth anniversary of the Grant Date, at the election of the Participant. After a Participant’s death, the delivery
deferral will be lifted and the shares will be immediately delivered to his or her designated beneficiary or estate, as the case may be. 

     
7. Change in Control. Upon a Change in Control, the RSUs will be subject to
Section 12(e)(i) of the Plan.

     
8.    Shareholder Rights. Subject to Section 4, the Participant will have no
rights as a shareholder with respect to the Shares to which this Award relates until the date on which the Participant becomes the holder of record of such Shares.

     
9. Transferability. The transferability of a RSU will be subject to Sections
11(d) and 11(e) of the Plan. 

     
10. Termination. Upon termination of the Participant’s service, all remaining Shares underlying the RSUs (including any dividend equivalents
thereon) will remain deliverable on the fifth anniversary of the Grant Date or such deferred date as the Participant may have elected. 

     
11. Entire Agreement.  The Plan and this Award Document (including the Notice of RSU) constitute the entire
agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Participant with respect to the subject matter hereof. Any modification of this Award
Document must be in writing signed by the Company (oral statements by any person cannot modify this Award Document). Decisions of the Committee with respect to the administration and interpretation of the Plan and this Award Document will be final,
conclusive and binding on all persons. 

     
12. Data Protection. The Participant hereby acknowledges and agrees that the Company or any of its Affiliates may process sensitive personal data about
the Participant. The Participant hereby gives his or her explicit consent to the Company to process any such personal and/or sensitive data. The Participant also hereby provides explicit consent to the Company to transfer any such personal and/or
sensitive data outside of the country in which he or she is providing services.

     
13. Acquired Rights. The Participant hereby acknowledges and agrees that this Award does not provide any entitlement to any benefit other than that
granted under the Plan. The Participant acknowledges and agrees that the benefits granted under the Plan are entirely at the discretion of the Committee and/or the Board and that the Committee and/or the Board, subject to Section 12 of the Plan,
retains the right to amend or terminate the Plan at any time, in its sole discretion and without notice. 

      2 

     
14. Governing Law. This Award Document will be governed by and construed in accordance with the laws of Bermuda, without regard to conflict of laws.

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

	 	 	 	 	 
	 	PARTNERRE LTD.	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	 	     
	 	 	
	 	 
	 	 	Name: Diana Wilson	 	 
	 	 	Title:   Group Human Resources	 	 
	 	 	 	 	 
	 	OPTIONEE	 	 
	 	 	 	 	 
	 	 	By:	 	 
	 	 	
	 	     
	 	 	Name: <Name>	 	 

3

	Notice of Restricted Share	 	 
	Units	 	 
	 	 	 
	 	 	 
	 	 	 
	 	Award Number:	0000__________
	<NAME>	 	 
	 	Plan:	DlR2
	<ADDRESS>	 	 
	 	ID:	#
	 
    
	 	 	 
	Effective
      <date>, you have been granted an award of
    #    RSU’s of PartnerRe Ltd. (the Company) common stock with a fair market value of $         . 
	 	 	 
	 	 	 
	The current total value of the award is $ 	 	 
	 	RSU's	Delivery Date	 	 
	 	
    	
    	 	 
	 	#	<date>	 	 
	 
    
	

    By your signature and the Company's signature below, you and the Company agree that
        this award is granted under and governed by the terms and conditions of the Company’s
        Plan and the Restricted Share Agreement, all of which are attached and made a part of this document.
   

	  

	
    	 	
     
	PartnerRe Ltd. 	 	Date
	 	 	 
	 	 	 
	
    	 	
    
	<name>	 	Date

 

	Wellesley House South, 90 Pitts Bay Road	Telephone 	(1 441) 292 0888	 
	Pembroke HM 08, Bermuda	Telefax	(1 441) 296 2250	http://www.partnerre.com<PAGE>
                                                                   EXHIBIT 10.69

================================================================================

                       FIRST AMENDMENT TO CREDIT AGREEMENT

                                      among

                        BALDWIN EUROPE CONSOLIDATED B.V.,
                                  as Borrower,

                        BALDWIN TECHNOLOGY COMPANY, INC.,
                as Parent, Guarantor and Borrower Representative,

                          BALDWIN AMERICAS CORPORATION,
                        BALDWIN EUROPE CONSOLIDATED INC.,
                        BALDWIN ASIA PACIFIC CORPORATION,
                          BALDWIN GRAPHIC SYSTEMS INC.,
                              BALDWIN GERMANY GMBH,
                          BALDWIN U.K. HOLDING LIMITED,
                              BALDWIN (U.K.) LTD.,
                                ACROTEC UK LTD.,
                             BALDWIN GLOBALTEC LTD.,
                           BALDWIN SWEDEN HOLDING AB,
                                 BALDWIN IVT AB,
                                BALDWIN JIMEK AB,
                               JAPAN-BALDWIN LTD.,
                                 as Guarantors,

                                       and

                                MAPLE BANK GMBH,
                                    as Lender

                          Dated as of September 9, 2004

                        --------------------------------

================================================================================
<PAGE>
                                                                   EXHIBIT 10.69

                       FIRST AMENDMENT TO CREDIT AGREEMENT

      FIRST AMENDMENT TO CREDIT AGREEMENT, dated as of September 9, 2004 (this
"Amendment"), of the CREDIT AGREEMENT, dated as of July 25, 2003 (the "Credit
Agreement"), among BALDWIN EUROPE CONSOLIDATED B.V., a private company with
limited liability incorporated under the laws of The Netherlands (the
"Borrower"), BALDWIN TECHNOLOGY COMPANY, INC., a Delaware corporation, as
Parent, Guarantor and Borrower Representative (the "Parent"), BALDWIN AMERICAS
CORPORATION, a Delaware corporation ("BAC"), BALDWIN EUROPE CONSOLIDATED INC., a
Delaware corporation ("BEC"), BALDWIN ASIA PACIFIC CORPORATION, a Delaware
corporation ("BAPC" together with BAC and BEC, each a "Guarantor Parent"),
BALDWIN GRAPHIC SYSTEMS INC., a Delaware corporation ("Baldwin Graphic"),
BALDWIN GERMANY GMBH, a German company ("Baldwin Germany"), BALDWIN U.K. HOLDING
LIMITED, a company incorporated in England and Wales ("Baldwin U.K."), BALDWIN
(UK) LTD., a company incorporated in England and Wales ("Baldwin (UK)"), ACROTEC
UK LTD., a company incorporated in England and Wales ("Acrotec UK"), BALDWIN
GLOBALTEC LTD., a company incorporated in England and Wales ("Baldwin
Globaltec"), BALDWIN SWEDEN HOLDING AB, a limited liability company incorporated
in Sweden under registration number 556263-4724 ("Baldwin Sweden"), BALDWIN IVT
AB, a limited liability company incorporated in Sweden under registration number
556225-4721 ("Baldwin IVT"), BALDWIN JIMEK AB, a limited liability company
incorporated in Sweden under registration number 556528-6860 ("Baldwin Jimek"),
JAPAN-BALDWIN LTD., a Japanese company ("Baldwin Japan" together with Baldwin
Graphic, Baldwin Jimek, Baldwin IVT, Baldwin Sweden, Baldwin Globaltec, Acrotec
UK, Baldwin (UK), Baldwin U.K. and Baldwin Germany, each a "Guarantor
Subsidiary, and collectively, the "Guarantor Subsidiaries") and MAPLE BANK GmbH,
a German bank, as Lender. Unless otherwise defined herein, all capitalized terms
used herein and defined in Section 11 of the Credit Agreement are used herein as
so defined.

                              W I T N E S S E T H:

      WHEREAS, the Borrower, the Parent, the Guarantor Parents, the Guarantor
Subsidiaries and the Lender have entered into the Credit Agreement; and

      WHEREAS, the parties desire to modify the Credit Agreement upon the
terms and conditions set forth herein;

      NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties do hereby agree as
follows:

SECTION 1.    DEFINITIONS.

      All terms used in this Amendment and not otherwise defined shall have the
meaning ascribed to such terms in the Credit Agreement.
<PAGE>
SECTION 2.    AMENDMENTS.

      Section 2.1 Section 1.01(a)(ii) of the Credit Agreement is hereby amended
by deleting the words "(which may be Euro Denominated Loans)" and replacing them
with "or Euro Denominated Loans".

      Section 2.2 Section 1.03 of the Credit Agreement is hereby amended by (a)
deleting "(a)" and (b) deleting the words "Eurodollar Loan (which may be Euro
Denominated Loan)" and replacing them with "Revolving Loan".

      Section 2.3 Section 1.05(b)(iv) of the Credit Agreement is hereby amended
by deleting the words "Eurodollar Loans" and replacing them with "Euro Loans".

      Section 2.4 Section 1.06(a) of the Credit Agreement hereby amended by
deleting the percentage "10.5%" and replacing it with "7.5%".

      Section 2.5 Section 1.06(b) is amended by (a) deleting the words
"Eurodollar Rate" and replacing it with "applicable Euro Rate", (b) deleting the
words "10.5% per annum" and (c) inserting at the end the words "7.5% per annum
in the case of a Eurodollar Loan or 7.625% per annum in the case of a Euro
Denominated Loan."

      Section 2.6 Section 1.06(d) of the Credit Agreement is hereby amended by
deleting the words "each Base Rate Loan and each Eurodollar Loan" and replacing
them with the words "each Revolving Loan".

      Section 2.7 Section 1.06(e) of the Credit Agreement is hereby amended by
deleting the words "Eurodollar Rate" and replacing them with "the applicable
Euro Rate".

      Section 2.8 Section 1.07 of the Credit Agreement is hereby amended by
deleting the word "Eurodollar" and replacing it with "Euro" in each instance
where it appears.

      Section 2.9 Section 1.08 of the Credit Agreement is hereby amended by
deleting the words "Eurodollar Loans" and replacing them with "Euro Loans" in
each instance where they appear.

      Section 2.10 Section 1A.04 of the Credit Agreement is hereby amended by
deleting the words "(x) the Eurodollar Rate" and replacing them with "the
applicable Euro Rate (i.e., LIBOR for Letters of Credit denominated in Dollars
and EURIBOR for Letters of Credit denominated in Euros)".

      Section 2.11 Section 3.01(a) of the Credit Agreement is hereby amended by
deleting clauses (ii) through (v) of the first sentence thereof in their
entirety and substituting therefor:

            "(ii) a renewal fee in an amount computed at the rate of 1.00% of
      the Commitment payable on October 31, 2005 and 0.75% of the Commitment
      payable on October 31, 2006 and on October 31, 2007 (unless the Commitment
      is terminated earlier pursuant to Section 3.02 or 3.03), (iii) a
      commitment fee in an amount computed at the rate of 0.50% per annum of the
      daily average balance of the Total Unutilized

                                      -2-
<PAGE>
      Commitment for each month, which fee shall be due and payable on each
      Monthly Payment Date, (iv) a monthly maintenance fee in an amount of
      $15,000, which fee shall be due and payable on each Monthly Payment Date,
      and (v) a termination fee of $100,000, which fee shall be due and payable
      on the date of termination of the Commitment if the Borrower elects to
      terminate such Commitment prior to October 1, 2008."

      Section 2.12 Section 3.03 of the Credit Agreement is hereby amended by
deleting it in its entirety and replacing it with the following:

            "3.03 Other Termination of Commitment. The Commitment shall
      terminate in its entirety on October 1, 2008. At the election of the
      Lender, no Loan shall be available and the Commitment shall terminate in
      its entirety upon the occurrence of a Default or an Event of Default."

      Section 2.13 Section 4.01(i) of the Credit Agreement is hereby amended by
deleting the words "Eurodollar Loans" and replacing them with "Euro Loans".

      Section 2.14 The Credit Agreement is hereby amended by adding the
following as a new Section 8.16:

"8.16 Grant of Options. The Parent hereby grants the following options to the
Lender. In the event that at any time prior to October 1, 2008 the Parent issues
any equity security or any debt convertible into equity (including, without
limitation, any common stock, preferred stock, warrant, convertible debenture or
the like (but excluding securities issued to officers, directors or employees of
the Parent pursuant to stock option, stock grant or stock purchase plans on
terms approved by the Board of Directors of the Parent), any such securities
referred to herein as an "Equity Security"), the Parent shall at least 30 days
prior to the issuance of any Equity Security (i) notify the Lender of such
issuance of an Equity Security and (ii) issue to the Lender an option (the
"Option"), exercisable, in whole or in part, and if in part on multiple
occasions, at any time within 90 days after the issuance of such Equity
Security, to acquire an amount of such Equity Security as is being issued to the
relevant third party on the same terms and conditions as such Equity Security is
being issued to such third party; provided that the Parent shall not be required
to issue Options to the Lender to acquire more than $5,000,000 of Equity
Securities in the aggregate. Options may be exercised at the discretion of the
Lender using cash or by redemption of Loans, any such redemption to occur at the
face value thereof and without any prepayment or other penalty. Each Option and
the rights herein shall be freely transferable by the Lender, in an aggregate
amount not to exceed $1,000,000, provided, however, that no transfer shall be
made to a Person engaged in the printing business that would be a competitor or
client of any of the Credit Parties. Notwithstanding anything to the contrary
contained in the preceding sentence, each Option and the rights herein shall be
freely transferable and with no limitation as to the amount to any Affiliate,
employee, shareholder, Subsidiary or successor of the Lender, Maple Trade
Finance or Maple Commercial Finance Group. Each transfer shall be subject to
compliance by the Lender and any transferee with all securities and other
applicable laws and regulations. This Section shall survive any termination of
the Credit Agreement."

                                      -3-
<PAGE>
      Section 2.15 Section 9.05(i) of the Credit Agreement is hereby amended by
adding the words at the end "and (z) Unrestricted Cash held by a Credit Party or
a Subsidiary of a Credit Party in an amount equal to the accounts payable of
such Person due within 30 days in respect of inventory purchased from third
parties."

      Section 2.16 Section 9.06 of the Credit Agreement is hereby amended by
deleting the amount "$3,500,000" and replacing it with "$4,500,000".

      Section 2.17 Section 9.08 of the Credit Agreement is hereby amended by
deleting the words "$500,000 on a consolidated basis" and replacing them with
"75% of the asset depreciation of the Parent and its Consolidated Subsidiaries
for the prior fiscal year as reflected on the financial statements with respect
to such fiscal year delivered pursuant to Section 8.01(c)".

      Section 2.18 Section 10.03 of the Credit Agreement is hereby amended by
adding "8.16" immediately prior to "or 9," in clause (a) thereof.

      Section 2.19 The defined term "Borrowing Base" in Section 11 of the Credit
Agreement is hereby amended (a) by deleting the percentage "80%" in clause (b)
and replacing it with "90%", (b) by deleting the percentage "40%" in clause (c)
and replacing it with "60%" and (c) by deleting the amount "$5,000,000" and
replacing it with "$10,000,000".

      Section 2.20 The defined term "Business Day" in Section 11 of the Credit
Agreement is hereby amended (a) by deleting the words "Eurodollar Loan" and
replacing them with "Euro Loan", (b) deleting the words "London interbank
market" and replacing them with "Relevant Interbank Market", and (c) deleting
the words "London or New York City" and replacing them with "Frankfurt or such
other city in which the Payment Office will be located".

      Section 2.21 The defined term "Payment Office" in Section 11 of the Credit
Agreement is hereby amended by adding at the end of such definition the words
"or such other location as the Lender shall notify to the Borrower."

      Section 2.22 The defined term "Reserve Requirement" in Section 11 of the
Credit Agreement is hereby amended by deleting the words "Eurodollar Rate" in
clauses (i) and (ii) and replacing them with "LIBOR".

      Section 2.23 Section 11 of the Credit Agreement is hereby amended by
deleting the defined terms "Applicable Margin", "Commitment", "Euro Denominated
Loan", "Eurodollar Loan", "Interest Determination Date", "Revolving Loan
Maturity Date" and "Type" in their entirety and replacing them with the
following:

            "Applicable Margin" shall mean a percentage per annum equal to (i)
      3%, with respect to Base Rate Loans, (ii) 5.125%, with respect to
      Eurodollar Loans, and (iii) 5.525%, with respect to Euro Denominated
      Loans.

            "Commitment" shall mean $28,000,000 through and including October 1,
      2005, and $30,000,000 thereafter.

                                      -4-
<PAGE>
            "Euro Denominated Loan" shall mean any Loan or any portion thereof
      denominated in Euros which bears interest based on EURIBOR.

            "Eurodollar Loan" shall mean any Loan or any portion thereof
      denominated in Dollars which bears interest based on LIBOR.

            "Interest Determination Date" shall mean, with respect to any
      Eurodollar Loan or Euro Denominated Loan, the second Business Day prior to
      the commencement of any Interest Period relating to such Eurodollar Loan
      or Euro Denominated Loan; provided that if market practice differs in the
      Relevant Interbank Market for Euros, the Interest Determination Date for
      Euro Denominated Loans will be determined by the Lender (and notified to
      the Borrower) in accordance with market practice in the Relevant Interbank
      Market.

            "Revolving Loan Maturity Date" shall mean October 1, 2008 or such
      earlier date specified in the Borrower's notice to terminate the
      Commitment pursuant to Section 3.02 of this Agreement."

            "Type" shall mean the type of Loan determined with regard to the
      interest option applicable thereto, i.e., whether a Base Rate Loan, a Euro
      Denominated Loan or a Eurodollar Loan.

      Section 2.24 Section 11 of the Credit Agreement is hereby amended by
adding the following definitions in alphabetical order:

            "EURIBOR" means, with respect to each Interest Period in respect of
      a Euro Denominated Loan or amounts calculated with reference thereto, the
      rate per annum for deposits in Euros which appears on the Relevant Page
      for such Interest Period at or about 11:00 am (Brussels time) on the
      Interest Determination Date for such Interest Period.

            "Euro Loan" shall mean and include a Eurodollar Loan and a Euro
      Denominated Loan.

            "Euro Rate" shall mean, with respect to each Interest Period in
      respect of a Euro Loan, the rate per annum (rounded upwards, if necessary,
      to the nearest 1/1000 of 1%) determined by the Lender to be equal to the
      quotient obtained by dividing (a) the applicable LIBOR in the case of
      Eurodollar Loans or EURIBOR in the case of Euro Denominated Loans for such
      Interest Period by (b) 1 minus the Reserve Requirement for such Euro Loan
      for such Interest Period.

            "LIBOR" means, with respect to each Interest Period in respect of a
      Eurodollar Loan or amounts calculated with reference thereto, the rate per
      annum for deposit in Dollars which appears on the Relevant Page for such
      Interest Period at or about 11:00 am (London time) on the Interest
      Determination Date for such Interest Period.

            "Relevant Interbank Market" means, in relation to Euros, the
      European interbank market and, in relation to Dollars, the London
      interbank market.

                                      -5-
<PAGE>
            "Relevant Page" means the page of the Reuters or Telerate screen
      selected by the Lender (and notified to the Borrower) on which is
      displayed, in relation to EURIBOR, the European interbank offered rates
      for Euros and, in relation to LIBOR, the London interbank offered rates
      for Dollars or, if such page or such service ceases to be available, such
      other page or service which displays the European interbank offered rates
      for Euros or the London interbank offered rates for Dollars, as the Lender
      shall select.

      Section 2.25 The defined term "Eurodollar Rate" in Section 11 of the
Credit Agreement shall be deleted in its entirety.

SECTION 3.    REPRESENTATION AND WARRANTIES OF THE CREDIT PARTIES

      Each Credit Party represents to the Lender that each of the
representations and warranties made in Section 7 of the Credit Agreement is true
and correct as of the date hereof, after giving effect to this Amendment, except
to the extent that such representation is stated to relate to a specified
earlier date in which case such representation and warranty shall be true and
correct as of such earlier date.

SECTION 4.    CONDITIONS

      This Amendment shall become effective on the date (the "Effective Date")
when each of the following has been fulfilled to the satisfaction of the Lender:

                  (a) Each of the parties hereto shall have executed and
delivered a counterpart of this Amendment and the Lender shall have received an
amendment fee of $224,000 from the Borrower.

                  (b) There shall exist no Default or Event of Default under the
Credit Agreement and all representations and warranties contained therein shall
be true and correct as of the Effective Date with the same effect as if made on
such date, except to the extent that such representation is stated to relate to
a specified earlier date in which case such representation and warranty shall be
true and correct as of such earlier date.

                  (c) The Lender shall have received a copy of the resolutions
of the Board of Directors of the Borrower, the Parent and the Guarantor Parents
authorizing the execution, delivery and performance by them of this Amendment
and an incumbency certificate, in each case certified by its Secretary or an
Assistant Secretary.

                  (d) The Lender shall have received legal opinions from counsel
to the Parent, the Guarantor Parents and the Borrower (x) covering the matters
contained in paragraphs (1) through (5) of Exhibit D to the Credit Agreement
with respect to this Amendment and (y) stating that no further action is
necessary to maintain the perfection of the security interest in the Security
Documents granted by such Credit Party to secure the obligations of such Credit
Party, as amended by this Amendment and (2) otherwise in form and substance
satisfactory to the Lender.

                  (e) All proceedings and all documents, instruments and other
legal matters in connection with this Amendment shall be satisfactory in form
and substance to the

                                      -6-
<PAGE>
Lender and its Counsel and the Lender shall have received such other documents,
certificates, instruments and opinions relating to the transactions contemplated
hereby as it shall reasonably request, in each case, in form and substance
satisfactory to it.

                  (f) All fees and expenses of the Lender (including fees and
expenses of its counsel) incurred in connection with this Amendment shall have
been paid.

SECTION 5.    COVENANTS

      Section 5.1 Each Credit Party other than any Credit Party whose counsel
has delivered an opinion pursuant to Section 4(d) will deliver an opinion of its
counsel satisfying the requirements of Section 4(d) within 30 calendar days
after the Effective Date.

      Section 5.2 Each Credit Party other than any Credit Party who has
delivered the Secretary's or Assistant Secretary's certificate described in
Section 4 (c), will deliver such Secretary's or Assistant Secretary's
certificate satisfying the requirement of Section 4 (c) within 30 calendar days
after the Effective Date.

      Section 5.3 Failure to comply with the covenants in Sections 5.1 and 5.2
shall constitute an Event of Default under Section 10.03 (a) of the Credit
Agreement.

SECTION 6.    MISCELLANEOUS

      Section 6.1 Each of the Credit Documents modified hereby is expressly
continued in full force and effect. Except as expressly modified herein, all
terms, provisions and conditions will remain unchanged and shall remain in full
force and effect for the full term thereof, and this Amendment shall be
interpreted with the Credit Agreement, as modified hereby, as one and the same
instrument. This Amendment shall also constitute a Credit Document as defined in
the Credit Agreement.

      Section 6.2 Each of the Credit Parties confirms for purposes of each of
the Security Documents to which it is a party that (i) references in such
documents to the Credit Agreement are to the Credit Agreement as amended by this
Amendment and (ii) the defined terms "Obligations" and "Secured Obligations" in
the Credit Documents refer to the Obligations under the Credit Agreement as
amended by this Amendment.

      Section 6.3 The terms and provisions of this Amendment, and the respective
rights and obligations of each party hereunder, shall be binding upon and inure
to the benefit of their respective successors, legal representatives and
assigns.

      Section 6.4 The Lender hereby expressly waives the renewal fee of $400,000
payable pursuant to Section 3.01 (a) (ii) of the Credit Agreement that was due
and payable on August 15, 2004.

      Section 6.5 THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERENED BY THE LAW OF
THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CHOICE OF LAW PROVISIONS
THEREOF.

                                      -7-
<PAGE>
      Section 6.6 Any provision of this Amendment that shall be prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction, and each party hereto shall remain liable to perform its
obligations hereunder except to the extent of such enforceability. To the extent
permitted by law, each party hereto hereby waives any provision of law that
renders any provision hereof prohibited or unenforceable in any respect.

      Section 6.7 This Amendment is limited precisely as written and shall not
be deemed to be an amendment, consent, waiver or modification of any other term
or condition of the Credit Agreement or any of the instruments or agreements
referred to therein, or prejudice any right or rights which the Lender may now
have or may have in the future under or in connection with the Credit Agreement
or any of the instruments or agreements referred to therein. Except as expressly
modified hereby, the terms and provisions of the Credit Agreement shall continue
in full force and effect. Whenever the Credit Agreement is referred to in the
Credit Agreement or any of the instruments, agreements or other documents or
papers executed and delivered in connection therewith, it shall be deemed to be
a reference to the Credit Agreement as modified by this Amendment.

      Section 6.8 This Amendment may be executed by the parties hereto in
separate counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

                                      -8-
<PAGE>
        IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed and delivered by their respective duly authorized officers as of
the date first above written.

Address:

12 Commerce Drive                 BALDWIN EUROPE CONSOLIDATED B.V.,
Shelton, CT  06484                as Borrower
Attn:  President
Tel:  (203) 402-1000
Fax:  (203) 402-5500              By        /s/ Gerald A. Nathe
                                     -------------------------------------------
                                     Name: Gerald A. Nathe
                                     Title: Managing Director

                                  By        /s/ Vijay C. Tharani
                                     -------------------------------------------
                                     Name: Vijay C. Tharani
                                     Title: Managing Director

12 Commerce Drive                 BALDWIN TECHNOLOGY COMPANY, INC.,
Shelton, CT  06484                as Parent, Guarantor and Parent Representative
Attn:  President
Tel:  (203) 402-1000
Fax:  (203) 402-5500              By        /s/ Vijay C. Tharani
                                     -------------------------------------------
                                     Name: Vijay C. Tharani
                                     Title: Vice President, CFO and Treasurer

12 Commerce Drive                 BALDWIN AMERICAS CORPORATION,
Shelton, CT  06484                as Guarantor
Attn:  President
Tel:  (203) 402-1000
Fax:  (203) 402-5500              By        /s/ Vijay C. Tharani
                                     -------------------------------------------
                                     Name: Vijay C. Tharani
                                     Title:  Vice President

12 Commerce Drive                 BALDWIN EUROPE CONSOLIDATED INC.,
Shelton, CT  06484                as Guarantor
Attn:  President
Tel:  (203) 402-1000
Fax:  (203) 402-5500              By        /s/ Vijay C. Tharani
                                     -------------------------------------------
                                     Name: Vijay C. Tharani
                                     Title: Vice President

                                      -9-
<PAGE>
12 Commerce Drive                 BALDWIN ASIA PACIFIC CORPORATION,
Shelton, CT  06484                as Guarantor
Attn:  President
Tel:  (203) 402-1000
Fax:  (203) 402-5500              By        /s/ Vijay C. Tharani
                                     -------------------------------------------
                                     Name: Vijay C. Tharani
                                     Title: Vice President

12 Commerce Drive                 BALDWIN GRAPHIC SYSTEM INC.,
Shelton, CT  06484                as Guarantor
Attn:  President
Tel:  (203) 402-1000
Fax:  (203) 402-5500              By        /s/ Gerald A. Nathe
                                     -------------------------------------------
                                     Name: Gerald A. Nathe
                                     Title: President

Derchinger Strasse 137            BALDWIN GERMANY GMBH, as Guarantor
D-86165 Augsburg
Germany
Attn: Managing Director           By        /s/ Gerald A. Nathe
                                     -------------------------------------------
Tel:  +49-821-794-200                Name: Gerald A. Nathe
Fax:  +49-821-794-2222               Title: Geschaftsfuhrer

With a copy to:

Baldwin Technology Company, Inc.
12 Commerce Drive
Shelton, CT  06484
Attn:  President
Tel:  (203) 402-1000
Fax:  (203) 402-5500

                                      -10-
<PAGE>
Unit 13 Apex Business Centre      EXECUTED as a DEED by
Boscombe Road                     BALDWIN U.K. HOLDING LIMITED,
Dunstable Bedfordshire LU5 4SB    as Guarantor
England
Attn: Managing Director
Tel:  +44-1582-477499             By
                                     -------------------------------------------
Fax:  +44-1582-478510                as attorney-in-fact under a power of
                                     attorney dated
                                                    -------------------

With a copy to:

Baldwin Technology Company, Inc.
12 Commerce Drive
Shelton, CT  06484                By        /s/ Vijay C. Tharani
                                     -------------------------------------------
Attn:  President                     Name: Vijay C. Tharani
Tel:  (203) 402-1000                 Title:  Director
Fax:  (203) 402-5500

Unit 13 Apex Business Centre      EXECUTED as a DEED by
Boscombe Road                     BALDWIN (U.K.) LTD., as Guarantor
Dunstable Bedfordshire LU5 4SB
England
Attn: Managing Director           By     /s/ Vijay C. Tharani
                                     -------------------------------------------
Tel:  +44-1582-477499                as attorney-in-fact under a power of
Fax:  +44-1582-478510                attorney dated August 26, 2004

With a copy to:

Baldwin Technology Company, Inc.
12 Commerce Drive                 By       /s/  Vijay C. Tharani
                                     -------------------------------------------
Shelton, CT  06484                   Name: Vijay C. Tharani
Attn:  President                     Title:  Director
Tel:  (203) 402-1000
Fax:  (203) 402-5500

                                      -11-
<PAGE>
22 Wessex Trade Centre            EXECUTED as a DEED by
Poole, Dorset BH12 3PQ            ACROTEC UK LTD., as Guarantor
England
Attn: Managing Director
Tel:  +44-1202-739030             By        /s/ Vijay C. Tharani
                                     -------------------------------------------
Fax:  +44-1202-739040                Name: Vijay C. Tharani
                                     Title: Director

With a copy to:

Baldwin Technology Company, Inc.
12 Commerce Drive
Shelton, CT  06484
Attn:  President                  By
                                     -------------------------------------------
Tel:  (203) 402-1000                 Name:
Fax:  (203) 402-5500                 Title:

22 Wessex Trade Centre            EXECUTED as a DEED by
Poole, Dorset BH12 3PQ            BALDWIN GLOBALTEC LTD., as Guarantor
England
Attn: Managing Director
Tel:  +44-1202-739030             By       /s/  Vijay C. Tharani
                                     -------------------------------------------
Fax:  +44-1202-739040                as attorney-in-fact under a power of
                                     attorney dated August 26, 2004

With a copy to:

Baldwin Technology Company, Inc.
12 Commerce Drive
Shelton, CT  06484                By
                                     -------------------------------------------
Attn:  President                     Name:
Tel:  (203) 402-1000                 Title:
Fax:  (203) 402-5500

                                      -12-
<PAGE>
Stoerydsvagen 13                  BALDWIN SWEDEN HOLDING AB, as Guarantor
Box 6
573 21 Tranas
Sweden                            By        /s/ Gerald A. Nathe
                                     -------------------------------------------
Attn: Managing Director              Name: Gerald A. Nathe
Tel:  +46-140-14190                  Title: Director
Fax:  +46-140-17609

With a copy to:

Baldwin Technology Company, Inc.
12 Commerce Drive
Shelton, CT  06484
Attn:  President
Tel:  (203) 402-1000
Fax:  (203) 402-5500

Stoerydsvagen 13                  BALDWIN IVT AB, as Guarantor
Box 6
573 21 Tranas
Sweden                            By       /s/ Gerald A. Nathe
                                     -------------------------------------------
Attn: Managing Director              Name: Gerald A. Nathe
Tel:  +46-140-14190                  Title: Director
Fax:  +46-140-17609

With a copy to:

Baldwin Technology Company, Inc.
12 Commerce Drive
Shelton, CT  06484
Attn:  President
Tel:  (203) 402-1000
Fax:  (203) 402-5500

                                      -13-
<PAGE>
Testvagen 16                      BALDWIN JIMEK AB, as Guarantor
S-232 37 Arlov
Sweden
Attn: Managing Director           By        /s/ Gerald A. Nathe
                                     -------------------------------------------
Tel:  +46-40-43-98-00                Name: Gerald A. Nathe
Fax:  +46-40-43-98-10                Title: Director

With a copy to:

Baldwin Technology Company, Inc.
12 Commerce Drive
Shelton, CT  06484
Attn:  President
Tel:  (203) 402-1000
Fax:  (203) 402-5500

4-34 Toyo 2-chome Kohtoh-ku       JAPAN-BALDWIN LTD., as Guarantor
Tokyo 135-8384
Japan
Attn: Managing Director           By       /s/ Gerald A. Nathe
                                     -------------------------------------------
Tel:  +81-3-5606-2771                Name: Gerald A. Nathe
Fax:  +81-3-5606-2779                Title: Representative Director

With a copy to:

Baldwin Technology Company, Inc.
12 Commerce Drive
Shelton, CT  06484
Attn:  President
Tel:  (203) 402-1000
Fax:  (203) 402-5500

                                  MAPLE BANK GmbH, as Lender

                                  By        /s/ Michael Bernhard
                                     -------------------------------------------
                                     Name: Michael Bernhard
                                     Title: Managing Director

                                  By        /s/ Jurgen Daume
                                     -------------------------------------------
                                     Name: Jurgen Daume
                                     Title: Vice President

                                      -14-

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