Document:

Exhibit 10.3

 

EXHIBIT 10.3

ROYALTY AGREEMENT

THIS ROYALTY AGREEMENT ("Agreement") is entered into by
and between Pro-Dex, Inc., a Colorado corporation ("Pro-Dex"), and
IntraVantage, Inc., a Delaware corporation ("IntraVantage"), on and as
of October 31, 2005 ("Effective Date"). Each of the parties hereto is
sometimes referred to herein as a "Party," and collectively as the "Parties."

WHEREAS, the Parties are concurrently herewith entering into the
Asset Purchase Agreement (as defined below), pursuant to which Pro-Dex shall
purchase, among other assets, IntraVantage's right, title and interest in and
to the Purchased Intellectual Property (as that term is defined in the Asset
Purchase Agreement), and

WHEREAS, the Parties desire to evidence in writing certain
royalty payments to be paid by Pro-Dex to IntraVantage in further consideration
for the Purchased Intellectual Property.

NOW THEREFORE, in consideration of the Asset Purchase Agreement
and the foregoing recitals and the following covenants and promises, the
Parties hereby agree as follows:

1.                 
Definitions.

1.1             
"Asset Purchase Agreement" shall mean the Asset Purchase
Agreement between Pro-Dex and IntraVantage dated as of the Effective Date, a
copy of which is attached hereto as Exhibit B and incorporated herein by
reference.

1.2             
"Combined Products" shall mean those products that incorporate
any one or more Patented Products.

1.3             
"Derivative Products" shall mean those products that are a
modification of or substantially derived from the Patents.

1.4             
"Patented Products" shall mean those products that fall within
the scope of one or more of the patent claims of the Patents and are not
Combined Products.  

1.5             
"Patents" shall mean any registered patent included in the
Purchased Intellectual Property and set forth on Exhibit A attached
hereto and incorporated by reference.

1.6             
"Purchased Intellectual Property" shall have the meaning set
forth in the Asset Purchase Agreement.

1.7               
Other Terms.  Other capitalized terms used but not defined herein
shall have the meaning ascribed to them in the Asset Purchase Agreement.

2.                 
Term.

	
   	

   	

   

 

This Agreement and the royalty payments required hereunder shall
commence on the Effective Date and shall continue until the latest date on
which any of the Patents expire, unless earlier terminated in writing and
signed by both Parties (the "Term").

3.                 
Royalty Payment.   

3.1             
Pursuant to the terms and conditions of this Agreement, Pro-Dex shall
pay IntraVantage a royalty payment on Net Sales (as defined below) of Patented
Products and Combined Products in accordance with the schedule set forth
below.  "Net Sales" shall be calculated as follows: (i) for Patented Products,
Net Sales shall equal the aggregate gross sales revenue to Pro-Dex generated by
sales of Patented Products, less returns and (ii) for Combined Products, Net
Sales shall equal the aggregate of the then current stand alone price(s) of the
Patented Products included within each Combined Product multiplied by the
number of Combined Products sold, less returns of Combined Products.  For
purposes of example only, with respect to the calculation of Net Sales for
Combined Products, and assuming no returns, if (i) each Combined Product A
incorporated one of Patented Product Y (with a stand alone price of $10) and
two of Patented Product Z (with a stand alone price of $20 each), and (ii)
Pro-Dex sold 10 units of Combined Product A at a price per unit of $10,000,
then (iii) the Net Sales would equal $500 (based on the following calculation
(($10 Patented Product Y stand alone price + [2 multiplied by $20 Patented
Product Z stand alone price]) multiplied by 10 units = $500).:

	
  One-Year Period
  Following 

  Effective Date

  	
  No Royalty Paid 

  on Net Sales Volume Up To:

  	
  10% Royalty Paid on
  Net Sales Volume Between:

  	
  12.5% Royalty Paid
  on Net Sales Volume Between:

  	
  15% Royalty Paid 

  on Net Sales Volume in Excess of:

  
	
  1st

  	
   $       527,000.00

  	
  $527,000.01 to $658,750.00

  	
  $658,750.01 to $795,000.00

  	
   $     795,000.00

  
	
  2nd

  	
   $    1,756,000.00

  	
  $1,756,000.01 to $2,195,000.00

  	
  $2,195,000.01 to $2,634,000.00

  	
   $    2,634,000.00

  
	
  3rd

  	
   $    4,555,000.00

  	
  $4,555,000.01 to $5,693,750.00

  	
  $5,693,750.01 to $6,832,500.00

  	
   $    6,832,500.00

  
	
  4th

  	
   $    7,125,000.00

  	
  $7,125,000.01 to $8,902,250.00

  	
  $8,902,250.01 to $10,687,500.00

  	
   $  10,687,500.00

  
	
  5th

  	
   $  11,042,000.00

  	
  $11,042,000.01 to $13,802,500.00

  	
  $13,802,500.01 to $16,563,000.00

  	
   $  16,563,000.00

  

For the period after the fifth anniversary of the Effective Date
until the last to expire of the Patents, a ten percent (10%) royalty payment
shall be paid on all Net Sales volume of Patented Products and Combined
Products.  Notwithstanding any provision to the contrary in this Agreement, no
royalty payments shall be due on (i) Patented Products that fall within the
scope of the patent claim of a Patent that has expired or is otherwise
determined to be invalid or (ii) Patented Products that are incorporated into a
Combined Product, which Patented Products fall within the scope of the patent
claim of a Patent that has expired or is otherwise determined to be invalid.

 

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3.2             
In addition to the royalty payments pursuant to Section 3.1,
Pro-Dex shall pay a ten percent (10%) royalty on gross revenues (less returns)
generated by any Derivative Products, after the offset of any and all expenses
incurred by Pro-Dex resulting from, or related to, the future development or
enhancement of the Patented Products and/or the Derivative Products.  No
royalty payment shall be due on Derivative Products that are a modification of
or substantially derived from the Patents that have expired.  For purposes of
clarity, Derivative Products shall only be subject to royalty payments pursuant
to this Section 3.2 and not Section 3.1. Similarly, Patented
Products shall only be subject to royalty payments pursuant to Section 3.1
and not this Section 3.2.   

3.3             
The royalty payments payable by Pro-Dex to IntraVantage pursuant to Sections 3.1
and 3.2 shall be calculated by Pro-Dex each calendar quarter and shall be
paid by Pro-Dex within forty-five (45) days after the then ended quarter.

3.4             
Pro-Dex shall keep detailed, true and accurate books of account with
respect to the sale of Patented Products and Derivative Products.  IntraVantage's
appointed representatives may, upon ten (10) days written notice to Pro-Dex,
inspect and copy Pro-Dex's books and records as may be reasonably necessary to
verify the accuracy of the books of account relating to the Patented Products
and Derivative Products and royalty payments due to IntraVantage in conjunction
therewith.  IntraVantage shall pay all fees and costs, including any cost
incurred by Pro-Dex, in conjunction with any such verification; provided,
however, that if the verification reveals an underpayment of five percent (5%)
or more, Pro-Dex shall make a correcting payment covering the reasonable
expenses incurred by IntraVantage in conjunction with such verification within
thirty (30) days of receipt of written notification of such expenses.

4.                 
Offset.  Any and all royalty payments
otherwise due to IntraVantage hereunder shall be subject to Pro-Dex's right to
offset pursuant to Section 7.4 of the Asset Purchase Agreement.

5.                 
General.

5.1             Governing Law and Venue. This Agreement shall be governed by and
interpreted in accordance with the laws of the State of California, without
reference to the choice of law principles thereof.  All disputes concerning the
validity, interpretation, or performance of this Agreement and any of its terms
or provisions, or of any rights or obligations of the Parties, shall be
resolved in and with exclusive venue in the Superior Courts of Orange County,
California, and the Parties hereby agree to submit to the exclusive venue of
such court.  

5.2             
Notice. All notices, including notices of address change,
required to be sent hereunder shall be in writing and shall be deemed to have
been given (i) 48 hours after being sent certified or registered mail, postage
prepaid, or (ii) 24 hours after being sent via a reputable overnight courier,
to:

 

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                        If to IntraVantage:

IntraVantage, Inc.

2950 Xenium Lane North, Suite 148

Plymouth, Minnesota, 55441-2623

Attn:_______________

Phone:  _____________

Fax:      _____________

If to Pro-Dex:

Pro-Dex, Inc.

151 East Columbine Avenue

Santa Ana, California 92707

Attn:     Patrick Johnson

Phone:  _____________

Fax:      _____________

With a copy to:

(which shall not constitute notice to Pro-Dex):

Rutan & Tucker, LLP

611 Anton Blvd., Fourteenth Floor

Costa Mesa, California 92626

Attn: Thomas J. Crane, Esq.

Phone: (714) 641-5100

Facsimile: (714) 546-9035

5.3           
Headings. The headings appearing in this Agreement are inserted
for convenience only, and will not be used to define, limit or enlarge the
scope of this Agreement or any of the obligations herein.

5.4           
Counterparts. This Agreement may be executed in counterparts,
each of which will be an original, and such counterparts together will
constitute one and the same instrument. Execution may be effected by delivery
of facsimiles of signature pages (and the Parties will follow such delivery by
prompt delivery of originals of such pages).

5.5             Compliance with Law. Each Party agrees to comply with all
federal, state and local laws and regulations applicable to this Agreement.

5.6           
Successors and Assigns. Pro-Dex may assign its rights and obligations
under this Agreement to any third party that acquires the right, title and
interest in and to the Patents. This Agreement shall be binding upon and shall
inure to the benefit of the parties hereto and their respective successors and
assigns.

5.7             Waiver.  No waiver by either Party of any breach shall be deemed
as a waiver of any prior or subsequent breach of the same or any other
provision of this Agreement.

 

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5.8            
Integration. This Agreement, along with the Asset Purchase
Agreement and the agreements referenced therein, represents the entire
understanding of the Parties with respect to the subject matter hereof and
supersedes all previous representations, understandings or agreements, oral or
written.  Any modification to this Agreement must be in writing signed by
the Party against whom such modification is to be enforced.

5.9            
Authority. Each Party represents and warrants that the person signing
this Agreement on its behalf has full right, power and authority to bind such
Party and such execution of this Agreement has been duly authorized.

5.10          
Attorneys' Fees. If any action, at law or in equity, is necessary to
enforce or interpret this Agreement, the prevailing Party shall be entitled to
recover reasonable attorneys' and experts' fees, costs and necessary
disbursements from the non-successful Party in addition to any other relief to
which it may be entitled.

[SIGNATURES CONTAINED ON THE FOLLOWING PAGE]

 

 

 

 

 

 

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INTENDING TO BE LEGALLY BOUND, the parties have executed this
Agreement on and as of the Effective Date set forth above.

PRO-DEX, INC.                                                        INTRAVANTAGE,
INC.

By:  /s/ Patrick Johnson                                                 By:

 /s/ Daniel W. Larkin                      
 

        Its:
 President and C.E.O.                                             Its:
  President
and C.O.O.           
 

 

 

 

 

 

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EXHIBIT A

TO

ROYALTY AGREEMENT

Patents

Patents

1.         United States

Patent No. 5,927,976

Issued

2.         United States

Patent No. 6,626,887

Issued

Patent
Applications

3.         United States

Cont. Appl. No. 10/662,744

Pending

4.         Canada

Appl. No. 2253897

Pending

5.         Europe

Appl. No. 97933174.1

Pending

6.         Japan

Appl. No. 10546927

Pending

 

EXHIBIT B

TO

ROYALTY AGREEMENT

Asset Purchase Agreement

[Attached]SEVENTH SUPPLEMENTAL INDENTURE

     SEVENTH SUPPLEMENTAL INDENTURE (this "SUPPLEMENTAL INDENTURE"), dated as of
August 30, 2005,  among Columbus  McKinnon  Corporation,  a New York corporation
(the "COMPANY"), the Guarantors (as defined in the Indenture referred to herein)
and U.S. Bank Trust  National  Association,  formerly known as State Street Bank
and Trust Company,  N.A., as trustee under the Indenture  referred to below (the
"TRUSTEE").

                               W I T N E S S E T H

     WHEREAS,  the Company has heretofore  executed and delivered to the Trustee
an Indenture  (the "ORIGINAL  INDENTURE"),  dated as of March 31, 1998 providing
for the issuance of an aggregate  principal  amount of up to $300.0 million of 8
1/2% Senior Subordinated Notes due 2008 (the "NOTES");

     WHEREAS,  the Company,  the Guarantors and the Trustee amended the Original
Indenture by entering into a Supplemental  Indenture dated as of March 31, 1998,
a  Second  Supplemental  Indenture  dated  as of  February  12,  1999,  a  Third
Supplemental  Indenture  dated  as of  March  1,  1999,  a  Fourth  Supplemental
Indenture dated as of November 1, 1999, a Fifth Supplemental  Indenture dated as
of April 4, 2002, and a Sixth Supplemental Indenture, dated as of August 5, 2002
in order to add  certain  entities  as  guarantors  and to reflect the merger or
disposition of certain  Guarantors (the Original  Indenture,  as supplemented by
the First Supplemental Indenture,  the Second Supplemental Indenture,  the Third
Supplemental   Indenture,   the  Fourth   Supplemental   Indenture,   the  Fifth
Supplemental Indenture,  and the Sixth Supplemental Indenture, the "INDENTURE");
and

     WHEREAS,  Section 9.02 of the  Indenture  provides  that the  Company,  the
Guarantors  and the  Trustee  may amend or  supplement  the  Indenture  with the
consent of the Holders of at least a majority in  principal  amount of the Notes
then outstanding; and

     WHEREAS,  the Company,  the  Guarantors and the Trustee desire to amend the
Indenture  as set forth in  Sections 2 hereof to  eliminate  certain  provisions
including  substantially all of the material  restrictive  covenants and certain
events of default; and

     WHEREAS,  the Company has received  consents to the amendments  effected by
this Seventh  Supplemental  Indenture from the Holders of at least a majority in
principal amount of the Notes outstanding; and

     WHEREAS this Seventh Supplemental Indenture has been duly authorized by all
necessary corporate action on the part of the Company and the Guarantors; and

     WHEREAS, all conditions precedent provided for in the Indenture relating to
this Seventh Supplemental Indenture have been complied with;

<PAGE>

     NOW,  THEREFORE,  in  consideration of the foregoing and for other good and
valuable  consideration,  the  receipt  of which  is  hereby  acknowledged,  the
Company,  the  Guarantors  and the Trustee  mutually  covenant and agree for the
benefit of each other and for the equal and  ratable  benefit of the  Holders of
the Notes a s follows:

     1.  CAPITALIZED  TERMS.  Capitalized  terms used herein without  definition
shall have the meanings assigned to them in the Indenture.

     2. AMENDMENTS TO INDENTURE.

          a. Sections 4.03, 4.04, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.15
and 4.16 of the Indenture and all  references and  cross-references  thereto are
deleted in their entirety.

          b.  Section  5.01 of the  Indenture  is amended  and  restated  in its
entirety to read as follows:

               "SECTION 5.01. MERGER, CONSOLIDATION, OR SALE OF ASSETS.

                    Neither the Company nor any Guarantor  shall  consolidate or
               merge with or into (whether or not the Company or such  Guarantor
               is the surviving corporation),  or sell, assign, transfer, lease,
               convey or otherwise  dispose of all or  substantially  all of its
               properties  or assets  in one or more  related  transactions,  to
               another corporation, Person or entity unless the entity or Person
               formed by or surviving any such consolidation or merger (if other
               than the  Company or such  Guarantor)  or the entity or Person to
               which such sale, assignment, transfer, lease, conveyance or other
               disposition  shall have been made assumes all the  obligations of
               the Company or such Guarantor  under the Notes and this Indenture
               pursuant  to  a  supplemental  indenture  in  a  form  reasonably
               satisfactory to the Trustee."

          c.  Section  5.02 of the  Indenture  is amended  and  restated  in its
entirety to read as follows:

               "SECTION 5.02. SUCCESSOR CORPORATION SUBSTITUTED.

                    Upon any consolidation or merger,  or any sale,  assignment,
               transfer,  lease,  conveyance  or  other  disposition  of  all or
               substantially all of the assets of the Company in accordance with
               Section 5.01 hereof,  the  successor  corporation  formed by such
               consolidation  or into or with which the  Company is merged or to
               which such sale, assignment,  transfer, lease conveyance or other
               disposition is made shall succeed to, and be substituted  for (so
               that from and after the date of such consolidation, merger, sale,
               lease,  conveyance or other  disposition,  the provisions of this
               Indenture  referring to the "Company"  shall refer instead to the

<PAGE>

               successor  corporation and not to the Company),  and may exercise
               every right and power of the Company  under this  Indenture  with
               the same effect as if such successor Person had been named as the
               Company herein."

          d.  Section  11.05 of the  Indenture  is amended  and  restated in its
entirety to read as follows:

               "SECTION  11.05.  GUARANTORS  MAY  CONSOLIDATE,  ETC., ON CERTAIN
               TERMS.

                    No  Guarantor  may  consolidate  with or merge  with or into
               (whether or not such Guarantor is the surviving  Person)  another
               Person whether or not affiliated  with such Guarantor  unless the
               Person  formed by or surviving any such  consolidation  or merger
               (if  other  than  a  Guarantor  or the  Company)  unconditionally
               assumes  all the  obligations  of such  Guarantor,  pursuant to a
               supplemental   indenture   in  form  and   substance   reasonably
               satisfactory  to the Trustee under the Notes,  this Indenture and
               the  Subsidiary  Guarantee  on the  terms  set  forth  herein  or
               therein.

                    In  case  of  any  such   consolidation,   merger,  sale  or
               conveyance  and upon the assumption by the successor  Person,  by
               supplemental indenture, executed and delivered to the Trustee and
               satisfactory in form to the Trustee, of the Subsidiary  Guarantee
               endorsed upon the Notes and the due and punctual  performance  of
               all of the  covenants  and  conditions  of this  Indenture  to be
               performed by the Guarantor,  such successor  Person shall succeed
               to and be  substituted  for the Guarantor with the same effect as
               if it had been named herein as a Guarantor. Such successor Person
               thereupon  may  cause to be signed  any or all of the  Subsidiary
               Guarantees  to  be  endorsed  upon  all  of  the  Notes  issuable
               hereunder  which  theretofore  shall not have been  signed by the
               Company  and  delivered  to  the  Trustee.   All  the  Subsidiary
               Guarantees  so issued shall in all  respects  have the same legal
               rank  and  benefit  under  this   Indenture  as  the   Subsidiary
               Guarantees  theretofore and thereafter  issued in accordance with
               the  terms of this  Indenture  as though  all of such  Subsidiary
               Guarantees had been issued at the date of the execution hereof.

                    Notwithstanding   the  above,   nothing  contained  in  this
               Indenture or in any of the Notes shall prevent any  consolidation
               or merger of a  Guarantor  with or into the  Company  or  another
               Guarantor,  or  shall  prevent  any  sale  or  conveyance  of the
               property of a Guarantor  as an  entirety or  substantially  as an
               entirety to the Company or another Guarantor."

          e.  Sections  6.01  (f),  (g),  (h)  and (i)  and  any  references  or
cross-references thereto are deleted in their entirety.

<PAGE>

          f.  Section   8.04(d)  of  the   Indenture   and  any   references  or
cross-references thereto are deleted in its entirety.

          g. Section  8.04(e) is amended and restated in its entirety to read as
follows:

                    "(e) such Legal Defeasance or Covenant  Defeasance shall not
               result  in a breach or  violation  of,  or  constitute  a default
               under,  the Indenture or any material  agreement or instrument to
               which the  Company  or any of its  Subsidiaries  is a party or by
               which the Company or any of its Subsidiaries is bound;".

          h. A new Section 12.14 is added and shall read as follows:

               "SECTION 12.14. SATISFACTION AND DISCHARGE.

                    When (a) the Company delivers to the Trustee all outstanding
               Notes (other than Notes  replaced  pursuant to Section  2.07) for
               cancellation  or (b) all  outstanding  Notes have  become due and
               payable,  whether at maturity or on a redemption date as a result
               of the  mailing of a notice of  redemption  pursuant to Article 3
               hereof and the  Company  irrevocably  deposits  with the  Trustee
               funds  sufficient  to pay at  maturity  or  upon  redemption  all
               outstanding Notes, including interest thereon to maturity or such
               redemption  date (other than Notes  replaced  pursuant to Section
               2.07),  and if in either  case the  Company  pays all other  sums
               payable hereunder by the Company, then this Indenture shall cease
               to  be  of  further   effect.   The  Trustee  shall   acknowledge
               satisfaction  and  discharge  of this  Indenture on demand of the
               Company accompanied by an Officers' Certificate and an Opinion of
               Counsel and at the cost and expense of the Company.

                    Notwithstanding   the   above   paragraph,   the   Company's
               obligations in Sections 2.03,  2.04, 2.05, 2.06, 2.07, 2.08, 7.07
               and 7.08  shall  survive  until the Notes have been paid in full.
               Thereafter,  the  Company's  obligations  in  Section  7.07 shall
               survive.

     3. EFFECTIVENESS AND EFFECT.

          a. This Seventh  Supplemental  Indenture shall take effect on the date
hereof (the "EFFECTIVE DATE").

          b. As of the  Effective  Date,  the  Indenture  shall be modified  and
amended  in  accordance  with  the  provisions  of  this  Seventh   Supplemental
Indenture,  and all terms  and  conditions  of the  Indenture  and this  Seventh
Supplemental  Indenture  shall be read  together as though they  constitute  one
instrument, except that, in the case of conflict, the provisions of this
Seventh Supplemental Indenture shall control. All references to the Indenture in
the Indenture or in any other  agreement,  document or  instrument  delivered in
connection  therewith  or  pursuant  thereto  shall  be  deemed  to refer to the

<PAGE>

Indenture as amended by this Seventh Supplemental  Indenture.  The Indenture, as
modified and amended by this Seventh Supplemental  Indenture, is hereby ratified
and confirmed in all respects and shall be binding upon all Holders.

     4.  CONFLICT  WITH TRUST  INDENTURE  ACT. If any  provision of this Seventh
Supplemental Indenture limits, qualifies or conflicts with any provisions of the
TIA that is  required  under the TIA to be part of and govern any  provision  of
this Seventh Supplemental Indenture, the provisions of the TIA shall control. If
any provision of this Seventh  Supplemental  Indenture  modifies or excludes any
provision of the TIA that may be modified or excluded,  the provision of the TIA
shall be deemed to (a) be  applicable  to the Indenture as so modified or (b) be
excluded by this Seventh Supplemental Indenture, as the case may be.

     5.  SEVERABILITY.   In  the  event  that  any  provision  of  this  Seventh
Supplemental  Indenture shall be held to be invalid,  illegal or  unenforceable,
the validity,  legality and enforceability of the remaining provisions shall not
in any way be affected or impaired thereby.

     6.  SUCCESSORS.  All covenants and agreements in this Seventh  Supplemental
Indenture  of the  Company,  the  Guarantors  and the  Trustee  shall bind their
successors and assigns, whether so expressed or not.

     7. NEW YORK LAW TO GOVERN.  This Seventh  Supplemental  Indenture  shall be
governed by and construed in  accordance  with the internal laws of the State of
New York,  as applied to  contract  made and  performed  within the State of New
York, without regard to principles of conflicts of law.

     8. COUNTERPARTS.  The parties may sign any number of copies of this Seventh
Supplemental  Indenture.  Each signed copy shall be an original, but all of them
together represent the same agreement.

     9. EFFECT OF HEADINGS. The section headings herein are for convenience only
and shall not affect the construction hereof.

     10.  THE  TRUSTEE.  The  Trustee  shall not be  responsible  in any  manner
whatsoever  for or in respect of the  validity or  sufficiency  of this  Seventh
Supplemental Indenture o for or in respect of the recitals contained herein, all
of which recitals are made solely by the Company and the Guarantors. In entering
into this Seventh Supplemental  Indenture,  the Trustee shall be entitled to the
benefit of every provision of the Indenture relating to the conduct or affecting
the liability or affording protection to the Trustee,  whether or not explicitly
provided herein.

                            [Signature Pages Follow]

<PAGE>

     IN  WITNESS   WHEREOF,   the  parties   hereto  have  caused  this  Seventh
Supplemental  Indenture  to be duly  executed and  attested,  all as of the date
first written above.

                                  COLUMBUS McKINNON CORPORATION

                                  By:    /S/ Karen L. Howard
                                         -------------------
                                  Name:  Karen L. Howard
                                  Title: Vice President - Treasurer

                                  CRANE EQUIPMENT & SERVICE, INC.

                                  By:    /S/ Karen L. Howard
                                         -------------------
                                  Name:  Karen L. Howard
                                  Title: Vice President

                                  YALE INDUSTRIAL PRODUCTS, INC.

                                  By:    /S/ Karen L. Howard
                                         -------------------
                                  Name:  Karen L. Howard
                                  Title: Vice President

                                  AUDUBON EUROPE S.AR.L.

                                  By:    /S/ Timothy R. Harvey
                                         ---------------------
                                  Name:  Timothy R. Harvey
                                  Title: Manager

                                  By:    /S/ Romain Thillens
                                         -------------------
                                  Name:  Romain Thillens
                                  Title: Manager

<PAGE>

                                  U.S. BANK TRUST NATIONAL ASSOCIATION,
                                  as Trustee

                                  By:    /S/ Cheryl L. Clarke
                                         --------------------
                                  Name:  Cheryl L. Clarke
                                  Title: Assistant Vice President

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