Document:

Exhibit
10.22

February 9, 2007

Riley Investment Partners Master Fund, L.P.

Riley Investment Management LLC

11000 Santa Monica Boulevard

Suite 810

Los Angeles, CA 90025

	
  

  	
  Re:

  	
  MAIR Holdings, Inc. Board of Directors

  

 

Ladies
and Gentlemen:

This letter is in response to your letter, dated January 12, 2006 (the “Special
Meeting Notice”), addressed to MAIR Holdings, Inc. ( “MAIR”), demanding that
MAIR call a special meeting of its shareholders and is intended to reflect our
recent discussions.

MAIR agrees that its Board of Directors (the “Board”) will act within
the next three business days to expand the size of the Board from seven members
to eight members and that John Ahn will be appointed to the Board to fill the
newly created vacancy.  In addition, John
Ahn will be appointed to the Nominating Committee of the Board.

MAIR agrees that for the first, next vacancy created on the Board
(whether by the resignation of a director or otherwise), the Board will work
with Mr. Ahn to appoint a director to fill the vacancy who is mutually
acceptable to Mr. Ahn and all other Board members.

By your execution of this letter, you agree that your demand for a
special meeting of MAIR’s shareholders and related matters as set forth in the
Special Meeting Notice is cancelled and withdrawn effective as of the date John
Ahn is appointed to the Board and the Nominating Committee.  You agree to waive any failure to call a
special meeting in the next three business days.  MAIR acknowledges that you maintain your right
to submit a new demand in the future and otherwise exercise your rights as
shareholders.

	
  

  	
   

  	
  Regards,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Paul F. Foley

  	
   

  
	
   

  	
   

  	
  Paul Foley

  
	
   

  	
   

  	
  President and Chief Executive Officer

  

 

 

	
  Accepted and agreed to:

  
	
  RILEY INVESTMENT MANAGEMENT, LLC

  
	
   

  
	
  By:

  	
  /s/ John Ahn

  	
   

  
	
   

  	
  John Ahn, Principal

  
	
   

  
	
   

  
	
  RILEY INVESTMENT PARTNERS MASTER FUND, L.P.

  
	
   

  
	
  By:

  	
  Riley Investment Management, LLC, its

  
	
   

  	
   General Partner

  
	
   

  
	
  By:

  	
  /s/ John Ahn

  	
   

  
	
   

  	
  John Ahn, Principal

  

 

 2EXHIBIT
10.1

AMENDMENT
NO. 4

TO

LOAN AND SECURITY AGREEMENT

AMENDMENT
NO. 4 to Loan and Security Agreement (this“Amendment”) is entered into this 9th day of February,
2007, by and among Silicon Valley Bank (“Bank”) and 3D Systems Corporation, a
Delaware corporation, and 3D Systems, Inc., a California corporation (jointly
and severally “Borrower”) whose address is 333 Three D Systems Circle, Rock
Hill, SC 29730.

RECITALS

A.            Bank and Borrower have entered into
that certain Loan and Security Agreement dated as of June 30, 2004, as amended
by that certain Amendment No. 1 to Loan and Security Agreement by and between
Bank and Borrower dated as of July 22, 2005, by that certain Amendment No. 2 to
Loan and Security Agreement by and between Bank and Borrower dated as of March
30, 2006 and by that certain Amendment No. 3 to Loan and Security Agreement by
and between Bank and Borrower dated as of January 19, 2007  (as the same may from time to time be further
amended, modified, supplemented or restated, the “Loan Agreement”).

B.            Bank has extended credit to Borrower
for the purposes permitted in the Loan Agreement.

C.            Borrower has requested that Bank
amend the Loan Agreement to make certain revisions to the Loan Agreement
as more fully set forth herein.

D.            Bank has agreed to so amend certain
provisions of the Loan Agreement, but only to the extent, in accordance with
the terms, subject to the conditions and in reliance upon the representations
and warranties set forth below.

AGREEMENT

NOW, THEREFORE, in consideration of the foregoing
recitals and other good and valuable consideration, the receipt and adequacy of
which is hereby acknowledged, and intending to be legally bound, the parties
hereto agree as follows:

1.             Definitions.  Capitalized terms used but not defined in this
Amendment shall have the meanings given to them in the Loan Agreement.

2.             Amendment to Loan Agreement.

2.1          Section 6.2 (Financial
Statements, Reports, Certificates). 
Notwithstanding anything to the contrary contained under Section 6.2,
Borrower will deliver to Bank on or before February 8, 2007, the quarterly
financial statement for its fiscal quarter ended September 30, 2006 and the
Compliance Certificate with respect to the fiscal quarter ended September 30,
2006.  Failure by Borrower to fulfill the
foregoing conditions subsequent shall constitute an Event of Default under the
Loan Agreement.

 1
 

 

3.             Limitation
of Amendment.

3.1          The amendment set
forth in Section 2, above, is effective for
the purposes set forth herein and shall be limited precisely as written and
shall not be deemed to (a) be a consent to any amendment, waiver or
modification of any other term or condition of any Loan Document, or
(b) otherwise prejudice any right or remedy which Bank may now have or may
have in the future under or in connection with any Loan Document.

3.2          This Amendment shall
be construed in connection with and as part of the Loan Documents and all
terms, conditions, representations, warranties, covenants and agreements set
forth in the Loan Documents, except as herein amended, are hereby ratified and
confirmed and shall remain in full force and effect.

4.             Representations
and Warranties.  To
induce Bank to enter into this Amendment, Borrower hereby represents and
warrants to Bank as follows:

4.1          Immediately after
giving effect to this Amendment (a) the representations and warranties
contained in the Loan Documents are true, accurate and complete in all material
respects as of the date hereof (except to the extent such representations and
warranties relate to an earlier date, in which case they are true and correct
as of such date), and (b) no Event of Default has occurred and is
continuing;

4.2          Borrower has the
power and authority to execute and deliver this Amendment and to perform its
obligations under the Loan Agreement, as amended by this Amendment;

4.3          The organizational
documents of Borrower delivered to Bank on January remain true, accurate and
complete and have not been amended, supplemented or restated and are and
continue to be in full force and effect;

4.4          The execution and
delivery by Borrower of this Amendment and the performance by Borrower of its
obligations under the Loan Agreement, as amended by this Amendment, have been
duly authorized;

4.5          The execution and
delivery by Borrower of this Amendment and the performance by Borrower of its
obligations under the Loan Agreement, as amended by this Amendment, do not and
will not contravene (a) any law or regulation binding on or affecting
Borrower, (b) any contractual restriction with a Person binding on Borrower,
(c) any order, judgment or decree of any court or other governmental or
public body or authority, or subdivision thereof, binding on Borrower, or
(d) the organizational documents of Borrower;

4.6          The execution and
delivery by Borrower of this Amendment and the performance by Borrower of its
obligations under the Loan Agreement, as amended by this Amendment, do not
require any order, consent, approval, license, authorization or validation of,
or filing, recording or registration with, or exemption by any governmental or
public body or authority, or subdivision thereof, binding on either Borrower,
except as already has been obtained or made; and

 2
 

 

4.7          This Amendment has
been duly executed and delivered by Borrower and is the binding obligation of
Borrower, enforceable against Borrower in accordance with its terms, except as
such enforceability may be limited by bankruptcy, insolvency, reorganization,
liquidation, moratorium or other similar laws of general application and
equitable principles relating to or affecting creditors’ rights.

5.             Integration.  This Amendment, the Loan Agreement and the
Loan Documents represent the entire agreement about this subject matter and
supersede prior negotiations or agreements. 
All prior agreements, understandings, representations, warranties, and
negotiations between the parties about the subject matter of this Amendment,
the Loan Agreement and the Loan Documents merge into this Amendment and the
Loan Documents.

6.             Counterparts.  This Amendment may be executed in any number
of counterparts and all of such counterparts taken together shall be deemed to
constitute one and the same instrument.

7.             Effectiveness.  This Amendment shall be deemed effective as
of February 1, 2007 upon (a) the due execution and delivery to Bank of this Amendment
by each party hereto, and (b) Bank’s receipt of the Acknowledgment of
Amendment and Reaffirmation of Guaranty substantially in the form attached
hereto as Schedule 1, duly executed and delivered by each Guarantor.

[Signature page
follows.]

 3
 

 

IN WITNESS WHEREOF,the parties hereto have caused this Amendment to be duly executed and
delivered as of the date first written above.

 

	
  BANK

  	
   

  	
  BORROWER

  
	
   

  	
   

  	
   

  
	
   Silicon Valley Bank  

  	
   

  	
  3D Systems Corporation 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Jack Garza

  	
   

  	
  By:

  	
  /s/ Fred R. Jones

  
	
   

  	
   

  	
   

  	
   

  
	
  Name: Jack Garza
  

  	
   

  	
  Name: Fred R. Jones  

  
	
   

  	
   

  	
   

  
	
  Title: Relationship
  Manager

  	
   

  	
  Title: Vice President and CFO 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  3D Systems, Inc

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Fred R. Jones

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Fred R. Jones 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title: Vice President and CFO

  

 

 

 4

 

Schedule 1

ACKNOWLEDGMENT
OF AMENDMENT

AND REAFFIRMATION OF GUARANTY

Section 1.              Guarantor
hereby acknowledges and confirms that it has reviewed and approved the terms
and conditions of the Fourth Amendment to Loan and Security Agreement dated as
February 9, 2007 (the “Amendment”).

Section 2.              Guarantor hereby consents to the
Amendment and agrees that the Guaranty relating to the Obligations of Borrower
under the Loan Agreement shall continue in full force and effect, shall be
valid and enforceable and shall not be impaired or otherwise affected by the
execution of the Amendment or any other document or instrument delivered in
connection herewith.

Section 3.              Guarantor represents and warrants
that, after giving effect to the Amendment, all representations and warranties
contained in the Guaranty are true, accurate and complete as if made the date
hereof.

Dated as of February 9, 2007

	
  GUARANTOR

  	
  3D Holdings LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Fred R. Jones

  
	
   

  	
  Name:

  	
  Fred R. Jones

  
	
   

  	
  Title:

  	
  Vice President and CFO

  

 

 

 

Schedule 1

ACKNOWLEDGMENT
OF AMENDMENT

AND REAFFIRMATION OF GUARANTY

Section 1.             Guarantor hereby acknowledges and
confirms that it has reviewed and approved the terms and conditions of the
Fourth Amendment to Loan and Security Agreement dated as February 9, 2007 (the “Amendment”).

Section 2.             Guarantor hereby consents to the
Amendment and agrees that the Guaranty relating to the Obligations of Borrower
under the Loan Agreement shall continue in full force and effect, shall be
valid and enforceable and shall not be impaired or otherwise affected by the
execution of the Amendment or any other document or instrument delivered in
connection herewith.

Section 3.             Guarantor represents and warrants
that, after giving effect to the Amendment, all representations and warranties
contained in the Guaranty are true, accurate and complete as if made the date
hereof.

Dated as of February 9, 2007

	
  GUARANTOR

  	
  3D Systems Asia Pacific Limited

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Fred R. Jones

  
	
   

  	
  Name:

  	
  Fred R. Jones

  
	
   

  	
  Title:

  	
  Vice President and CFO

  

 

 

Schedule 1

ACKNOWLEDGMENT
OF AMENDMENT

AND REAFFIRMATION OF GUARANTY

Section 1.             Guarantor hereby acknowledges and
confirms that it has reviewed and approved the terms and conditions of the
Fourth Amendment to Loan and Security Agreement dated as February 9, 2007 (the “Amendment”).

Section 2.             Guarantor hereby consents to the
Amendment and agrees that the Guaranty relating to the Obligations of Borrower
under the Loan Agreement shall continue in full force and effect, shall be
valid and enforceable and shall not be impaired or otherwise affected by the
execution of the Amendment or any other document or instrument delivered in
connection herewith.

Section 3.             Guarantor represents and warrants
that, after giving effect to the Amendment, all representations and warranties
contained in the Guaranty are true, accurate and complete as if made the date
hereof.

Dated as of February 9, 2007

	
  GUARANTOR

  	
  3D Capital Corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Fred R. Jones

  
	
   

  	
  Name:

  	
  Fred R. Jones

  
	
   

  	
  Title:

  	
  Vice President and CFO

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