Document:

<PAGE>   1
                                                                   EXHIBIT 10.46

                                 PROMISSORY NOTE

$500,000.00                                                 Norwich, Connecticut
                                                               April 4, 2000

         FOR VALUE RECEIVED, GUNTHER INTERNATIONAL, LTD., a Delaware corporation
("Maker") promises to pay to the order of GUNTHER PARTNERS, LLC ("Payee") at 667
Madison Ave., 7th Floor, New York, New York 10021, or at such other place as
Payee may designate in writing, the principal sum of FIVE HUNDRED THOUSAND
DOLLARS ($500,000) together with interest on the unpaid balance of the Note from
the date hereof until paid, at a fixed rate of eight percent (8%) per annum and
together with all costs of collection, including reasonable attorney's fees,
incurred in any action to collect this Note.

         All principal, accrued interest, and any other amounts owed under this
Note shall be due and payable in full ON DEMAND by Payee at any time after May
4, 2000.

         Maker shall have the right, at any time and from time to time, to
prepay the principal amount of this Note, in whole or in part, without premium
or penalty.

         Presentment, notice of dishonor, and protest are hereby waived.

         Any notice to Maker shall be given by mailing such notice by regular
mail, addressed to Maker at One Winnenden Road, Norwich, Connecticut 06360-1570
or to such other address as Maker may designate by notice to Payee. Any notice
to Payee shall be given by mailing such notice by regular mail, at the address
stated in the first paragraph of this Note, or at such other address as may have
been designated by notice to Maker.

         The word "Maker" shall include the successors and assigns of Maker
named herein and the word "Payee" shall include the successors and assigns of
Payee named herein. This Note shall be construed in accordance with the laws of
the State of Connecticut.

                                        GUNTHER INTERNATIONAL, LTD.

                                        By:    /s/ Marc I. Perkins
                                               Name: Marc I. Perkins
                                               Title: Chief Executive Officer
                                               Hereunto Duly Authorized<PAGE>   1
                                                                   Exhibit 10.47

                               THOMAS M. STEINBERG
                             Tisch Family Interests
                          667 Madison Avenue, 7th Floor
                               New York, NY 10021

Mr. Marc I. Perkins, CEO
Gunther International, Ltd.
One Winnenden Rd.
Norwich, CT 06360

Dear Mr. Perkins:

In accordance with a $500,000 promissory note dated April 4, 2000 by and between
Gunther Partners, LLC (the "Lender") and Gunther International, Ltd. (the
"Company"), the Lender has the right to demand payment at any time after May 4,
2000.

In the event the Company is unable to meet the payment obligation upon demand,
in accordance with the promissory note, the Lender will extend the payment term
until a time as the Company's cash flows will permit payment, but no later than
April 1, 2001.

In addition, the Lender will commit to lending the Company an additional
$500,000 in the event the Company's cash flows, in the opinion of management and
the Lender, require such an amount. It would be expected that the terms of any
additional funding are on a basis similar to previous debt agreements between
the parties. This commitment expires April 1, 2001.

Both parties agree that any deferred payment or additional funding are on an
"as-needed" basis and any commitments herein expire on April 1, 2001.

Sincerely,

/s/ Thomas M. Steinberg

Thomas M. Steinberg
President
Tisch Family InterestsEXHIBIT 10.19

                         OFFICER INCENTIVE COMPENSATION

Phillip A. Staden, shall receive additional compensation as a participant in the
"2000 Officers Incentive Compensation Plan" which plan is defined as follows:

*Incentive compensation in the form of a cash bonus shall be paid based on
consolidated audited pre-tax earnings, which for the purpose of this plan, will
be pre-tax earnings as determined in accordance with generally accepted
accounting principles and shall be net of a deduction for a provision for
officers incentive compensation to be paid under this plan.

*Total incentive compensation shall be calculated as follows:
     Incentive compensation for, Phillip A. Staden, shall equal five percent
     (5%) of consolidated pre-tax earnings in excess of eight percent (8%) of
     consolidated stockholders' equity fiscal year end. The incentive is subject
     to a maximum of fifty percent (50%) of compensation.<PAGE> 1
Borrower:   MITY-LITE, Inc.       Lender: ZIONS FIRST NATIONAL BANK
            1301 WEST 400 NORTH           CENTRAL UTAH COMMERCIAL BANKING CTR
            OREM, UT 84057                #1 SOUTH MAIN STREET
                                          PO BOX 25822
                                          SALT LAKE CITY, UT 84125
------------------------------------------------------------------------------
Principal Amount: $4,000,000.00  Initial Rate: 9.500%  Date of Note: 5/26/00

PROMISE TO PAY.  MITY-LITE, INC., ML INC., BRODA ENTERPRISES, INC AND DO
GROUP, INC. (Referred to in this Note individually and collectively as
"Borrower") jointly and severally promise to pay to ZIONS FIRST NATIONAL BANK
("Lender"), or order, in lawful money of the United States of America, the
principal amount of Four Million & 00/100 Dollars ($4,000,000.00) or so much
as may be outstanding, together with interest on the unpaid outstanding
principal balance of each advance.  Interest shall be calculated from the date
of each advance until repayment of each advance.

PAYMENT.  Borrower will pay this loan in one payment of all outstanding
principal plus all accrued unpaid interest beginning July 1, 2000, and all
subsequent interest payments are due on the same day of each month after that.
The annual interest rate for this Note is computed on a 365/360 basis; that
is, by applying the ratio of the annual interest rate over a year of 360 days,
multiplied by the outstanding principal balance, multiplied by the actual
number of days the principal balance is outstanding.  Borrower will pay Lender
at Lender's address shown above or at such other place as Lender may designate
in writing.  Unless otherwise agreed or required by applicable law, payments
will be applied first to any unpaid collection costs and any late charges,
then to any unpaid interest, and any remaining amount to principal.

VARIABLE INTEREST RATE.  The interest rate on this Note is subject to change
from time to time based on changes in an index which is the ZIONS FIRST
NATIONAL BANK PRIME RATE (the "Index").  "PRIME RATE" MEANS AN INDEX WHICH IS
DETERMINED DAILY BY THE PUBLISHED COMMERCIAL LOAN VARIABLE RATE INDEX HELD BY
ANY TWO OF THE FOLLOWING BANKS: CHASE MANHATTAN BANK, WELLS FARGO BANK N.A.,
AND BANK OF AMERICA, N.A. IN THE EVENT NO TWO OF THE ABOVE BANKS HAVE THE SAME
PUBLISHED RATE, THE BANK HAVING THE MEDIAN RATE WILL ESTABLISH LENDERS' PRIME
RATE.  IF, FOR ANY REASON BEYOND THE CONTROL OF LENDER, ANY OF THE
AFOREMENTIONED BANKS BECOMES UNACCEPTABLE AS A REFERENCE FOR THE PURPOSE OF
DETERMINING THE PRIME RATE USED HEREIN, LENDER MAY, FIVE DAYS AFTER POSTING
NOTICE IN LENDERS OFFICES, SUBSTITUTE ANOTHER COMPARABLE BANK FOR THE ONE
DETERMINED UNACCEPTABLE.  AS USED IN THIS PARAGRAPH, "COMPARABLE BANK" SHALL
MEAN ONE OF THE TEN LARGEST COMMERCIAL BANKS HEADQUARTERED IN THE UNITED
STATES OF AMERICA.  THIS DEFINITION OF PRIME RATE IS TO BE STRICTLY
INTERPRETED AND IS NOT INTENDED TO SERVE ANY PURPOSE OTHER THAN PROVIDING AN
INDEX TO DETERMINE THE VARIABLE INTEREST RATE USED HEREIN.  IT IS NOT THE
LOWEST RATE AT WHICH LENDER MAY MAKE LOANS TO ANY OF ITS CUSTOMERS, EITHER NOW
OR IN THE FUTURE..  Lender will tell Borrower the current index rate upon
Borrower's request.  Borrower understands that Lender may make loans based on
other rates as well.  The interest rate change will not occur more often than
each DAY.  The index currently is 9.500% per annum.  The interest rate to be
applied to the unpaid principal balance of this Note will be at a rate equal
to the index, resulting in an initial rate of 9.500% annum.  NOTICE: Under no
circumstances will the interest rate of this Note be more than the maximum
rate allowed by applicable law.
<PAGE> 2
PREPAYMENT.  Borrower may pay without penalty all or a portion of the amount
owed earlier than it is due.  Early payments will not, unless agreed to by
Lender in writing, relieve Borrower of Borrower's obligation to continue to
make payments of accrued unpaid interest.  Rather, they will reduce the
principal balance due.

DEFAULT.  Borrower will be in default if any of the following happens: (a)
Borrower fails to make any payment when due.  (b) Borrower breaks any promise
Borrower has made to Lender, or Borrower fails to comply with or to perform
when due any other term, obligation, covenant, or condition contained in this
Note or any agreement related to this Note, or in any other agreement or loan
Borrower has with Lender.  (c) Borrower defaults under any loan, extension of
credit, security agreement, purchase or sales agreement, or any other
agreement, in favor of any other creditor or person that may materially affect
any of Borrower's property or Borrower's ability to repay this Note or perform
Borrower's obligations under this Note or any of the Related Documents.  (d)
Any representation or statement made or furnished to Lender by Borrower or on
Borrower's behalf is false or misleading in any material respect either now or
at the time made or furnished.  (e) Borrower becomes insolvent, a receiver is
appointed for any part of Borrower's property, Borrower makes an assignment
for the benefit of creditors, or any proceeding is commenced either by
Borrower or against Borrower under any bankruptcy or insolvency laws.  (f) Any
creditor tries to take any of Borrower's property on or in which Lender has a
lien or security interest.  This includes a garnishment of any of Borrower's
accounts with Lender.  (g) Any guarantor dies or any of the other events
described in this default section occurs with respect to any guarantor of this
Note.  (h) A material adverse change occurs in Borrower's financial condition,
or Lender believes the prospect of payment or performance of the indebtedness
is impaired.  (i) Lender in good faith deems itself insecure.

If any default, other than a default in payment, is curable and if Borrower
has not been given a notice of a breach of the same provision of this Note
within the preceding twelve (12) months, it may be cured (and no event of
default will have occurred) if Borrower, after receiving written notice from
Lender demanding cure of such default: (a) cures the default within fifteen
(15) days; or (b) if the cure requires more than fifteen (15) days,
immediately initiates steps which Lender deems in Lender's sole discretion to
be sufficient to cure the default and thereafter continues and completes all
reasonable and necessary steps sufficient to produce compliance as soon as
reasonably practical.

LENDER'S RIGHTS.  Upon default, Lender may declare the entire unpaid principal
balance on this Note and all accrued unpaid interest immediately due, without
notice, and then Borrower will pay that amount.  Upon default, including
failure to pay upon final maturity, Lender, at its option, may also, if
permitted under applicable law, increase the variable interest rate on this
Note to 3.000 percentage points over the index.  The interest rate will not
exceed the maximum rate permitted by applicable law.  Lender may hire or pay
someone else to help collect his Note if Borrower does not pay.  Borrower also
will pay Lender that amount.  This includes, subject to any limits under
applicable law, Lender's reasonable attorneys' fees and Lender's legal
expenses whether or not there is a lawsuit, including reasonable attorneys'
fees and legal expenses for bankruptcy proceedings (including efforts to
modify or vacate any automatic stay or injunction), appeals, and any
anticipated post-judgment collection services.  If not prohibited by
applicable law, Borrower also will pay any court costs, in addition to all
other sums provided by law.  This Note has been delivered to Lender and
accepted by the Lender in the State of Utah.  If there is a lawsuit, Borrower
agrees upon Lender's request to submit to the jurisdiction of the courts of
<PAGE> 3
SALT LAKE County, the State of Utah.  Subject to the provisions on
arbitration, this Note shall be governed by and construed in accordance with
the laws of the State of Utah.

RIGHT OF SETOFF.  Borrower grants to Lender a contractual security interest
in, and hereby assigns, conveys, delivers, pledges, and transfers to Lender
all Borrower's right, title and interest in and to, Borrower's accounts with
Lender (whether checking savings, or some other account), including without
limitation all accounts held jointly with someone else and all accounts
Borrower may open in the future, excluding however all IRA and Keogh accounts,
and all trust accounts for which the grant of a security interest would be
prohibited by law.  Borrower authorizes Lender, to the extent permitted by
applicable law, to charge or setoff all sums owing on this Note against any
and all such accounts.

LINE OF CREDIT.  This Note evidences a revolving line of credit.  Advances
under this Note may be requested orally by Borrower or as provided in this
paragraph.  Lender may, but need not, require that all oral requests be
confirmed in writing.  All communications, instructions, or directions by
telephone or otherwise to Lender are to be directed to Lender's office shown
above.  The following party or parties are authorized as provided in this
paragraph to request advances under the line of credit until Lender receives
from Borrower at Lender's address shown above written notice of revocation of
their authority: GREGORY L. WILSON, PRESIDENT; BRADLEY T. NIELSON, COO & CFO;
PAUL KILLPACK, TREASURER; AND GREGORY DYE, SECRETARY.  ADVANCE REQUEST LIMITED
TO THE OFFICERS HEREIN LISTED OF MITY-LITE, INC.  Borrower agrees to be liable
for all sums either: (a) advanced in accordance with the instructions of an
authorized person or (b) credited to any of Borrower's accounts with Lender.
The unpaid principal balance owing on this Note at any time may be evidence by
endorsements on this Note or by Lender's accounts with Lender.  The unpaid
principal balance owing on this Note at any time may be evidenced by
endorsements on this Note or by Lender's internal records, including daily
computer print-outs.  Lender will have no obligation to advance funds under
this Note if: (a) Borrower or any guarantor is in default under the terms of
this Note or any agreement that Borrower or any guarantor has with Lender,
including any agreement made in connection with the signing of this Note; (b)
Borrower or any guarantor ceases doing business or is insolvent; (c) any
guarantor seeks, claims or otherwise attempts to limit, modify or revoke such
guarantor's guarantee of this Note or any other loan with Lender; (d) Borrower
has applied funds providing pursuant to this Note for purposes other than
those authorized by Lender; or (e) Lender in good faith deems itself insecure
under this Note or any other agreement between Lender and Borrower.

ARBITRATION DISCLOSURES:

1.  ARBITRATION IS FINAL AND BINDING ON THE PARTIES AND SUBJECT TO ONLY VERY
LIMITED REVIEW BY A COURT.

2.  IN ARBITRATION THE PARTIES ARE WAIVING THEIR RIGHT TO LITIGATE IN COURT,
INCLUDING THEIR RIGHT TO A JURY TRIAL.

3.  DISCOVERY IN ARBITRATION IS MORE LIMITED THAN DISCOVERY IN COURT.

4.  ARBITRATORS ARE NOT REQUIRED TO INCLUDE FACTUAL FINDINGS OR LEGAL
REASONING IN THEIR AWARDS.  THE RIGHT TO APPEAL OR TO SEEK MODIFICATION OF
ARBITRATORS' RULINGS IS VERY LIMITED.

5.  A PANEL OF ARBITRATORS MIGHT INCLUDE AN ARBITRATOR WHO IS OR WAS
AFFILIATED WITH THE BANKING INDUSTRY.
<PAGE> 4
6.  IF YOU HAVE QUESTIONS ABOUT ARBITRATION, CONSULT YOUR ATTORNEY OR THE
AMERICAN ARBITRATION ASSOCIATION.

  (a) Any claim or controversy ("Dispute") between or among the parties and
their assigns, including but not limited to Disputes arising out of or
relating to this agreement, this arbitration provision ("arbitration clause"),
or any related agreements or instruments relating hereto or delivered in
connection herewith ("Related Documents'), and including but not limited to a
Dispute based on or arising from an alleged tort, shall at the request of any
party be resolved by binding arbitration in accordance with the applicable
arbitration rules of the American Arbitration Association (the
"Administrator").  The provisions of this arbitration clause shall survive any
termination, amendment, or expiration of this agreement or Related Documents.
The provisions of this arbitration clause shall supersede any prior
arbitration agreement between or among the parties.  If any provision of this
arbitration clause should be determined to be unenforceable, all other
provisions of this arbitration clause shall remain in full force and effect.

  (b) The arbitration proceedings shall be conducted in Salt Lake City, Utah,
at a place to be determined by the Administrator.  The Administrator and the
arbitrator(s) shall have the authority to the extent practicable to take any
action to require the arbitration proceeding to be completed and the
arbitrator(s)' award issued within one hundred fifty (150) days of the filing
of the Dispute with the Administrator.  The arbitrator(s) shall have the
authority to impose sanctions on any party that fails to comply with time
periods imposed by the Administrator or the arbitrator(s), including the
sanction of summarily dismissing any Dispute or defense with prejudice.  The
arbitrator(s) shall have the authority to resolve any Dispute regarding the
terms of this agreement, this arbitration clause or Related Documents,
including any claim or controversy regarding the arbitrability of any Dispute.
All limitations periods applicable to any Dispute or defense, whether by
stature or agreement, shall apply to any arbitration proceeding hereunder and
the arbitrator(s) shall have the authority to decide whether any Dispute or
defense is barred by a limitations period and, if so, to summarily enter an
award dismissing any Dispute or defense on that basis.  The doctrines of
compulsory counterclaim, res judicata, and collateral estoppel shall apply to
any arbitration proceeding hereunder so that a party must state as a
counterclaim in the arbitration proceeding any claim or controversy which
arises out of the transaction or occurrence that is the subject matter of the
Dispute.  The arbitrator(s) may in the arbitrator(s)' discretion and at the
request of any party: (1) consolidate in a single arbitration proceeding any
other claim or controversy involving another party that is substantially
related to the Dispute where that other party is bound by an arbitration
clause with the Lender, such as borrowers, guarantors, sureties, and owners of
collateral; (2) consolidate in a single arbitration proceeding any other claim
or controversy that is substantially similar to the Dispute; and (3)
administer multiple arbitration claims or controversies as class actions in
accordance with the provisions of Rule 23 of the Federal Rules of Civil
Procedure.

  (c) The arbitrator(s) shall be selected in accordance with the rules of the
Administrator from panels maintained by the Administrator.  A single
arbitrator shall have expertise in the subject matter of the Dispute.  Where
three arbitrators conduct an arbitration proceeding, the Dispute shall be
decided by a majority vote of the three arbitrators, at least one of whom must
have expertise in the subject matter of the Dispute and at least one of whom
must be a practicing attorney.  The arbitrator(s) shall award to the
prevailing party recovery of all costs and fees (including attorneys' fees and
costs, arbitration administration fees and costs, and arbitrator(s)' fees)./
<PAGE> 5
The arbitrator(s), either during the pendency of the arbitration proceeding or
as part of the arbitration award, also may grant provisional or ancillary
remedies, including but not limited to an award of injunctive relief,
foreclosure, sequestration, attachment, replevin, garnishment, or the
appointment of a receiver.

  (d) Judgement upon an arbitration award may be entered in any court having
jurisdiction, subject to the following limitation: the arbitration award is
binding upon the parties only if the amount doe not exceed Four Million
Dollars ($4,000,000.00); if the award exceeds that limit, either party may
demand the right to a court trial.  Such a demand must be filed with the
Administrator within thirty (30) days following the date of the arbitration
ward; if such demand is not made within that time period, the amount of the
arbitration award shall be binding.  The computation of the total amount of an
arbitration award shall include amounts awarded for attorneys' fees and costs,
arbitration administration fees and costs, and arbitrator(s)' fees.

  (e) No provision of this arbitration clause, nor the exercise of any rights
hereunder, shall limit the right of any party to: (1) judicially or non-
judicially foreclose against any real or personal property collateral or other
security; (2) exercise self-help remedies, including but not limited to
repossession and setoff rights; or (3) obtain from a court having jurisdiction
thereover any provisional or ancillary remedies, including but not limited to
injunctive relief, foreclosure, sequestration, attachment, replevin,
garnishment, or the appointment of a receiver.  Such rights can be exercised
at any time, before or during the initiation of an arbitration proceeding,
except to the extent such action is contrary to the arbitration award.  The
exercise of such rights shall not continue a waiver of the right to submit any
Dispute to arbitration, and any claim or controversy related to the exercise
of such rights shall be a Dispute to be resolved under the provisions of this
arbitration clause.  Any party may initiate arbitration with the
Administrator; however, if any party initiates litigation and another party
disputes any allegation in that litigation, the disputing party upon the
request of the initiation party must file a demand for arbitration with the
Administrator and pay the Administrator's filing fee.  The parties may serve
by mail a notice an initial motion for an order of arbitration.

  (f) Notwithstanding the applicability of any other law to this agreement,
the arbitration clause, or Related Documents between or among the parties, the
Federal Arbitration Act, 9 U.S. C. Section 1 et seq., shall apply to the
construction and interpretation of this arbitration clause.

PRIOR NOTE.  THIS IS A RENEWAL OF THE PROMISSORY NOTE FROM MITY-LITE, INC. TO
LENDER DATED NOVEMBER 18, 1988 IN THE ORIGINAL PRINCIPAL AMOUNT OF
$3,000,000.00.

GENERAL PROVISIONS.  Lender may delay or forgo enforcing any of its rights or
remedies under this Note without losing them.  Each Borrower and agrees that,
with or without notice to Borrower, Lender may with respect to any other
Borrower (a) make one or more additional secured or unsecured loans or
otherwise extend additional credit; (b) alter, compromise, renew, extend,
accelerate, or otherwise change one or more times the time for payment or
other terms any indebtedness, including increases and decreases of the rate of
interest on the indebtedness; (c) exchange, enfore, waive, subordinate, fail
or decide not to perfect, and release any security, with or without the
substitution of new collateral; (d) apply such security and direct the order
or manner of sale thereof, including without limitation, any nonjudicial sale
permitted by the terms of the controlling secuirty agreements, as Lender in
its discretion may determine; (e) release, substitute, agree not to sue, or
<PAGE> 6
deal with any one or more of Borrower's sureties, endorsers, or other
guarantors on any terms or in any manner Lender may choose; and (f) determine
how, when and what application of payments and credits shall be made on any
other indebtedness owing by such other borrower.  Borrower and any other
person who signs, guarantees or endorses this Note, to the extent allowed by
law, waive presentment, demand for payment, protest and notice of dishonor.
Upon any change in the terms of this Note, and unless otherwise expressly
stated in writing, no party who signs this Note, whether as maker, guarantor,
accommodation maker or endorser, shall be released from liability.  All such
parties agree that Lender may renew or extend (repeatedly and for any length
of time) this loan, or release any party or guarantor or collateral; or
impair, fail to realize upon of perfect Lender's security interest in the
collateral; and take any other action deemed necessary by Lender without the
consent of or notice to anyone.  All such parties also agree that Lender may
modify this loan without the consent of or notice to anyone other than the
party with whom the modification is made.  The obligations under this Note are
joint and several.

     PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE
PROVISIONS OF THIS NOTE, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS.
EACH BORROWER AGREES TO THE TERMS OF THE NOTE AND ACKNOWLEDGES RECEIPT OF A
COMPLETED COPY OF THE NOTE.

BORROWER:

MITY-LITE, INC.

     /s/ Gregory L. Wilson
By:  GREGORY L. WILSON, PRESIDENT

     /s/ Gregory Dye
     GREGORY DYE, SECRETARY

ML, INC., Co-Borrower

     /s/ Bradley T Nielson
     BRADLEY T NIELSON, PRESIDENT

BRODA ENTERPRISES, INC, Co-Borrower

     /s/ David Heap
     DAVID HEAP, PRESIDENT

DO GROUP, INC., Co-Borrower

     /s/ Gregory L. Wilson
     GREGORY L. WILSON, PRESIDENT

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