Document:

Exhibit 10.21 to Image Sensing Systems, Inc. Form S-1

Exhibit 10.21

 

PROMISSORY NOTE

(Line of Credit)

 

	
            $5,000,000.00
 	
            Milwaukee, Wisconsin
 

 

FOR VALUE RECEIVED and to evidence disbursements to the undersigned of sums pursuant to a certain Loan Agreement dated even date between the undersigned and the payee hereof (the “Loan Agreement”), the undersigned promises to pay to the order of ASSOCIATED BANK, NATIONAL ASSOCIATION, at its office at 401 East Kilbourn Avenue, Milwaukee, Wisconsin, the sum of Five Million Dollars ($5,000,000.00) lawful money of the United States of America, or so much as may be outstanding,  together with interest on the sum owing and unpaid thereon from time to time, all in accordance with the terms, provisions, agreements and conditions of said Loan Agreement, all of which by this reference are incorporated herein as though herein set forth at length.

 

In the event of default, then the outstanding balance of the principal as well as the unpaid interest thereon, at the option of the holder, shall become due and payable immediately without notice regardless of the date of maturity. Failure at any time to exercise this option shall not constitute a waiver of the right to exercise the same at any other time.

 

All makers, endorsers, sureties and guarantors hereof waive presentment, protest, demand and notice of dishonor, and agree, that without affecting the liability of any of them, the holder may, without notice renew or extend the time for payment, accept partial payment, release or impair any collateral security for the payment of this note, or agree not to sue any party liable on it.

 

This Note is subject to the terms and conditions of the aforesaid Loan Agreement.

 

WAIVER OF JURY TRIAL:  BORROWER AND BANK HEREBY JOINTLY AND SEVERALLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING RELATING TO THIS NOTE, THE LOAN AGREEMENT AND TO ANY OF THE DOCUMENTS RELATING THERETO, THE OBLIGATIONS HEREUNDER OR THEREUNDER, ANY COLLATERAL SECURING THE OBLIGATIONS, OR ANY TRANSACTION ARISING THEREFROM OR CONNECTED THERETO. BORROWER AND BANK EACH REPRESENTS TO THE OTHER THAT THIS WAIVER IS KNOWINGLY, WILLINGLY AND VOLUNTARILY GIVEN.

 

Executed as of the 1st day of May, 2008.

 

	
             
 	
            IMAGE SENSING SYSTEMS, INC.
 
	
             
 	
            A Minnesota corporation
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:  
 	
            /s/ Gregory R. L. Smith
 
	
             
 	
             
 	
            Gregory R. L. Smith, Treasurer and Chief Financial OfficerExhibit 10.22 to Image Sensing Systems, Inc. Form S-1

Exhibit 10.22

 

PROMISSORY NOTE

(Loan)

 

	
            $3,000,000.00
 	
            Milwaukee, Wisconsin
 

 

FOR VALUE RECEIVED and to evidence disbursements to the undersigned of sums pursuant to a certain Loan Agreement dated even date between the undersigned and the payee hereof (the “Loan Agreement”), the undersigned promises to pay to the order of ASSOCIATED BANK, NATIONAL ASSOCIATION, at its office at 401 East Kilbourn Avenue, Milwaukee, Wisconsin, the sum of Three Million Dollars ($3,000,000.00) lawful money of the United States of America, or so much as may be outstanding,  together with interest on the sum owing and unpaid thereon from time to time, all in accordance with the terms, provisions, agreements and conditions of said Loan Agreement, all of which by this reference are incorporated herein as though herein set forth at length.

 

In the event of default, then the outstanding balance of the principal as well as the unpaid interest thereon, at the option of the holder, shall become due and payable immediately without notice regardless of the date of maturity. Failure at any time to exercise this option shall not constitute a waiver of the right to exercise the same at any other time.

 

All makers, endorsers, sureties and guarantors hereof waive presentment, protest, demand and notice of dishonor, and agree, that without affecting the liability of any of them, the holder may, without notice renew or extend the time for payment, accept partial payment, release or impair any collateral security for the payment of this note, or agree not to sue any party liable on it.

 

This Note is subject to the terms and conditions of the aforesaid Loan Agreement.

 

WAIVER OF JURY TRIAL:  BORROWER AND BANK HEREBY JOINTLY AND SEVERALLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING RELATING TO THIS NOTE, THE LOAN AGREEMENT AND TO ANY OF THE DOCUMENTS RELATING THERETO, THE OBLIGATIONS HEREUNDER OR THEREUNDER, ANY COLLATERAL SECURING THE OBLIGATIONS, OR ANY TRANSACTION ARISING THEREFROM OR CONNECTED THERETO. BORROWER AND BANK EACH REPRESENTS TO THE OTHER THAT THIS WAIVER IS KNOWINGLY, WILLINGLY AND VOLUNTARILY GIVEN.

 

Executed as of the 1st day of May, 2008.

 

	
             
 	
            IMAGE SENSING SYSTEMS, INC.
 
	
             
 	
            A Minnesota corporation
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:  
 	
            /s/ Gregory R. L. Smith
 
	
             
 	
             
 	
            Gregory R. L. Smith, Treasurer and Chief Financial OfficerMarch 31 2008 Exhibit 10.1

Exhibit 10.1

BOYD GAMING CORPORATION 2002 STOCK INCENTIVE PLAN

Notice of Restricted Stock Unit Award

You (the "Grantee") have been granted an award of Restricted Stock Units (the "Award"), subject to the
terms and conditions of this Notice of Restricted Stock Unit Award (the "Notice"), the Boyd Gaming Corporation 2002 Stock Incentive
Plan, as amended from time to time (the "Plan") and the Restricted Stock Unit Agreement (the "Agreement") attached
hereto, as follows.  Unless otherwise provided herein, the terms in this Notice shall have the same meaning as those defined in the Plan.

	
Award Number:
	
___________________________

	
Date of Award:
	
___________________________

	
Total Number of Restricted Stock

Units Awarded (the "Units"):
	

   ___________________________

	
Vesting Schedule:
	
Subject to the Grantee's Continuous Service, the Units shall vest as follows:  

The Units shall vest fully on the fifth (5th) anniversary of the Date of Award.

Notwithstanding the previous sentence, the Units shall vest fully on the twentieth (20th) consecutive trading day of a 20-day
period beginning on or after October 16, 2009 on which the closing price of a Share (adjusted for changes in capitalization as
provided in Section 10 of the Plan) is on each day of the period at least 150% of the closing price of a Share on
April 15, 2008. 

IN WITNESS WHEREOF, the Company and the Grantee have executed this Notice and agree that the Award is to be governed by the terms
and conditions of this Notice, the Plan, and the Agreement.
Boyd Gaming Corporation,

a Nevada corporation

By: __________________________________

       Title: ___________________________

                                                    1

Grantee Acknowledges and Agrees:

The Grantee acknowledges receipt of a copy of the Plan and the Agreement and represents that he or she is familiar with the terms and
provisions thereof, and hereby accepts the Award subject to all of the terms and provisions hereof and thereof.  The Grantee has reviewed this
Notice, the Agreement and the Plan in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Notice and fully
understands all provisions of this Notice, the Agreement and the Plan.  The Grantee further agrees and acknowledges that this Award is a non-
elective arrangement pursuant to Section 409A of the Code.

The Grantee further acknowledges that, from time to time, the Company may be in a "blackout period" and/or subject to
applicable federal securities laws that could subject the Grantee to liability for engaging in any transaction involving the sale of the Company's
Shares.  The Grantee further acknowledges and agrees that, prior to the sale of any Shares acquired under this Award, it is the Grantee's
responsibility to determine whether or not such sale of Shares will subject the Grantee to liability under insider trading rules or other applicable
federal securities laws.

The Grantee understands that the Award is subject to the Grantee's consent to access this Notice, the Agreement, the Plan and the Plan
prospectus (collectively, the "Plan Documents") in electronic form via email or on the Company's intranet.  By signing below (or by
providing an electronic signature) and accepting the grant of the Award, the Grantee: (i) consents to access electronic copies (instead of
receiving paper copies) of the Plan Documents via email or the Company's intranet; (ii) represents that the Grantee has access to the
email and the Company's intranet; (iii) acknowledges receipt of electronic copies, or that the Grantee is already in possession of paper
copies, of the Plan Documents; and (iv) acknowledges that the Grantee is familiar with and accepts the Award subject to the terms and
provisions of the Plan Documents.

The Grantee hereby agrees that all questions of interpretation and administration relating to this Notice, the Plan and the Agreement shall be
resolved by the Administrator in accordance with Section 8 of the Agreement.  The Grantee further agrees to the venue selection and
waiver of a jury trial in accordance with Section 9 of the Agreement.  The Grantee further agrees to notify the Company upon any change
in his or her residence address indicated in this Notice.

	
 ______________________________ 
Date 
	
 ______________________________ 

  Grantee's Signature

                 ______________________________ 

       Grantee's Printed Name

                 ______________________________ 

       Address

                 ______________________________ 

       City, State & Zip

                                                    2

Award Number:  __________________

BOYD GAMING CORPORATION 2002 STOCK INCENTIVE PLAN

RESTRICTED STOCK UNIT AGREEMENT

	   Issuance of Units.  Boyd Gaming Corporation, a Nevada corporation (the "Company"), hereby issues to the
Grantee (the "Grantee") named in the Notice of Restricted Stock Unit Award (the "Notice") an award (the
"Award") of the Total Number of Restricted Stock Units Awarded set forth in the Notice (the "Units"), subject to the Notice,
this Restricted Stock Unit Agreement (the "Agreement") and the terms and provisions of the Boyd Gaming Corporation 2002 Stock
Incentive Plan, as amended from time to time (the "Plan"), which is incorporated herein by reference.  Unless otherwise provided
herein, the terms in this Agreement shall have the same meaning as those defined in the Plan.

	   Transfer Restrictions.  The Units may not be transferred in any manner other than by will or by the laws of descent and
distribution.

	   Conversion of Units and Issuance of Shares.

	   General.  Subject to Sections 3(b) and 3(c), one share of Common Stock shall be issuable for each Unit subject to the Award
(the "Shares") upon the vesting date.  Immediately thereafter, or as soon as administratively feasible, the Company will transfer the
appropriate number of Shares to the Grantee after satisfaction of any required tax or other withholding obligations.  If the Grantee's Continuous
Service terminates prior to the vesting date, the Units shall expire and not be converted.  Effective upon the consummation of a Corporate
Transaction in which the Award is not Assumed, the Award shall terminate.  Any fractional Unit remaining after the Award is settled in Shares
shall be discarded and shall not be converted into a fractional Share.

	   Delay of Conversion.  The conversion of the Units to Common Stock under Section 3(a), above, shall be delayed in the event the
Company reasonably anticipates that the issuance of Common Stock would constitute a violation of federal securities laws or other Applicable
Law.  If the conversion of the Units to Common Stock is delayed by the provisions of this Section 3(b), the conversion of the Units to
Common Stock shall occur at the earliest date at which the Company reasonably anticipates issuing the Common Stock will not cause a violation
of federal securities laws or other applicable law.  For purposes of this Section 3(b), the issuance of Common Stock that would cause
inclusion in gross income or the application of any penalty provision or other provision of the Code is not considered a violation of Applicable
Law.

	   Delay of Issuance of Shares.  The Company shall have the authority to delay the issuance of any shares of Common Stock under
this Section 3 to the extent it deems necessary or appropriate to comply with Section 409A(a)(2)(B)(i) of the Code (relating to payments
made to certain "specified employees" of certain publicly-traded companies); in such event, any shares of Common Stock to which
the Grantee would otherwise be entitled during the six (6) month period following the date of the Grantee's termination of Continuous Service will
be issued on the first business day following the expiration of such six (6) month period.

                                                    1

	   Right to Shares.  The Grantee shall not have any right in, to or with respect to any of the Shares (including any voting rights or
rights with respect to dividends paid on the Common Stock) issuable under the Award until the Award is settled by the issuance of such Shares to
the Grantee.

	   Tax Liability.

	   Tax Liability.  The Grantee is ultimately liable and responsible for all taxes owed by the Grantee in connection with the Award and
any Shares issued pursuant to it, regardless of any action the Company or any Related Entity takes with respect to any tax withholding
obligations that arise in connection with the Award.  Neither the Company nor any Related Entity makes any representation or undertaking
regarding the treatment of any tax withholding in connection with the grant or settlement of the Award or the subsequent sale of Shares issuable
pursuant to the Award.  The Company does not commit and is under no obligation to structure the Award to reduce or eliminate the Grantee's tax
liability.

	   Payment of Withholding Taxes.  Prior to any event in connection with the Award that the Company determines may result in any tax
withholding obligation, whether United States federal, state, local or non-U.S., including any employment tax obligation (the "Tax
Withholding Obligation"), the Grantee must arrange for the satisfaction of the minimum amount of such Tax Withholding Obligation in a
manner acceptable to the Company.

	   By Share Withholding.  Unless the Grantee determines to satisfy the Tax Withholding Obligation by some other means in
accordance with clause (ii) below, the Company shall withhold from those Shares issuable to the Grantee the whole number of Shares sufficient
to satisfy the minimum applicable Tax Withholding Obligation.  The Grantee acknowledges that the withheld Shares may not be sufficient to
satisfy the Grantee's minimum Tax Withholding Obligation.  Accordingly, the Grantee agrees to pay to the Company or any Related Entity as
soon as practicable, including through additional payroll withholding, any amount of the Tax Withholding Obligation that is not satisfied by the
withholding of Shares described above.

	   By Check, Wire Transfer or Other Means.  At any time not less than five (5) business days (or such fewer number of business days
as determined by the Administrator) before any Tax Withholding Obligation arises, the Grantee may elect to satisfy the Grantee's Tax
Withholding Obligation by delivering to the Company an amount that the Company determines is sufficient to satisfy the Tax Withholding
Obligation by (x) wire transfer to such account as the Company may direct, (y) delivery of a certified check payable to the Company,
or (z) such other means as specified from time to time by the Administrator.

	Notwithstanding the foregoing, the Company or a Related Entity also may satisfy any Tax Withholding Obligation by offsetting any amounts
(including, but not limited to, salary, bonus and severance payments) payable to the Grantee by the Company and/or a Related Entity.

                                                    1

	Entire Agreement; Governing Law.  The Notice, the Plan and this Agreement 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 Grantee with respect
to the subject matter hereof, and may not be modified adversely to the Grantee's interest except by means of a writing signed by the Company
and the Grantee.  These agreements are to be construed in accordance with and governed by the internal laws of the State of Nevada without
giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of
Nevada to the rights and duties of the parties.  Should any provision of the Notice or this Agreement be determined to be illegal or unenforceable,
the other provisions shall nevertheless remain effective and shall remain enforceable.

	   Construction.  The captions used in the Notice and this Agreement are inserted for convenience and shall not be deemed a part of
the Award for construction or interpretation.  Except when otherwise indicated by the context, the singular shall include the plural and the plural
shall include the singular.  Use of the term "or" is not intended to be exclusive, unless the context clearly requires otherwise.

	   Administration and Interpretation.  Any question or dispute regarding the administration or interpretation of the Notice, the Plan or
this Agreement shall be submitted by the Grantee or by the Company to the Administrator.  The resolution of such question or dispute by the
Administrator shall be final and binding on all persons.

	   Venue and Waiver of Jury Trial.  The parties agree that any suit, action, or proceeding arising out of or relating to the Notice, the
Plan or this Agreement shall be brought in the United States District Court for the District of Nevada (or should such court lack jurisdiction to hear
such action, suit or proceeding, in a Nevada state court in Clark County, Nevada) and that the parties shall submit to the jurisdiction of such court.
The parties irrevocably waive, to the fullest extent permitted by law, any objection the party may have to the laying of venue for any such suit,
action or proceeding brought in such court.  THE PARTIES ALSO EXPRESSLY WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A JURY
TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING.  If any one or more provisions of this Section 9 shall for any reason be held
invalid or unenforceable, it is the specific intent of the parties that such provisions shall be modified to the minimum extent necessary to make it
or its application valid and enforceable.

	   Notices.  Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal
delivery, upon deposit for delivery by an internationally recognized express mail courier service or upon deposit in the United States mail by
certified mail (if the parties are within the United States), with postage and fees prepaid, addressed to the other party at its address as shown in
these instruments, or to such other address as such party may designate in writing from time to time to the other party.

	   Amendment to Meet the Requirements of Section 409A.  The Grantee acknowledges that the Company, in the exercise of its
sole discretion and without the consent of the Grantee, may amend or modify this Agreement in any manner and delay the issuance of any
Shares issuable pursuant to this Agreement to the minimum extent necessary to meet the

                                                    3

requirements of Section 409A of the Code as
amplified by any Treasury regulations or guidance from the Internal Revenue Service as the Company deems appropriate or
advisable.

END OF AGREEMENT

 

 

 

 

 

 

                                                    4

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