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                                                                   EXHIBIT 10.24

                              THORATEC CORPORATION

                            GRANTOR TRUST AGREEMENT

         This Grantor Trust Agreement (the "Trust Agreement") is made this 21st
day of November, 2003 by and between Thoratec Corporation ("the Company") and
Wachovia Bank, National Association ("the Trustee").

                                    RECITALS

         (A)      WHEREAS, the Company has adopted the nonqualified deferred
compensation plans and agreements (the "Arrangements") including the Thoratec
Deferred Compensation Plan to which this Trust is attached (any other
Arrangements to which the terms of this Trust apply shall specifically so
provide and shall be attached to this Trust);

         (B)      WHEREAS, the Company has incurred or expects to incur
liability under the terms of such Arrangements with respect to the individuals
participating in such Arrangements (the "Participants and Beneficiaries");

         (c)      WHEREAS, the Company hereby establishes a Trust (the "Trust")
and shall contribute to the Trust assets that shall be held therein, subject to
the claims of the Company's creditors in the event of the Company's Insolvency,
as herein defined, until paid to Participants and their Beneficiaries in such
manner and at such times as specified in the Arrangements and in this Trust
Agreement;

         (D)      WHEREAS, it is the intention of the parties that this Trust
shall constitute an unfunded arrangement and shall not affect the status of the
Arrangements as unfunded plans, each maintained for the purpose of providing
deferred compensation for a select group of management or highly compensated
employees for purposes of Title I of the Employee Retirement Income Security Act
of 1974; and

         (E)      WHEREAS, it is the intention of the Company to make
contributions to the Trust to provide itself with a source of funds (the "Fund")
to assist it in satisfying its liabilities under the Arrangements.

         NOW, THEREFORE, the parties do hereby establish the Trust and agree
that the Trust shall be comprised, held and disposed of as follows:

SECTION 1.        ESTABLISHMENT OF THE TRUST

         (a)      The Trust is intended to be a Grantor Trust, of which the
Company is the Grantor, within the meaning of subpart E, part I, subchapter J,
chapter 1, subtitle A of the Internal Revenue Code of 1986, as amended, and
shall be construed accordingly.

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         (b)      The Company shall be considered the Grantor for the purposes
of the Trust.

         (c)      The Trust hereby established is irrevocable.

         (d)      The Company hereby deposits with the Trustee in the Trust one
thousand dollars and zero cents ($1,000.00) which shall become the principal of
the Trust to be held, administered and disposed of by the Trustee as provided in
this Trust Agreement.

         (e)      The principal of the Trust, and any earnings thereon shall be
held separate and apart from other funds of the Company and shall be used
exclusively for the uses and purposes of Participants and general creditors as
herein set forth. Participants and their Beneficiaries shall have no preferred
claim on, or any beneficial ownership interest in, any assets of the Trust. Any
rights created under the Arrangements and this Trust Agreement shall be
unsecured contractual rights of Participants and their Beneficiaries against the
Company. Any assets held by the Trust will be subject to the claims of the
general creditors of the Company under federal and state law in the event the
Company is Insolvent, as defined in Section 3(a) herein.

         (f)      The Company, in its sole discretion, may at any time, or from
time to time, make additional deposits of cash or other property acceptable to
the Trustee in the Trust to augment the principal to be held, administered and
disposed of by the Trustee as provided in this Trust Agreement. Prior to a
Change in Control, neither the Trustee nor any Participant or Beneficiary shall
have any right to compel additional deposits.

         (g)      In addition to the Initial Contribution, the Company shall
make such other contributions as shall from time to time be authorized by due
corporate action. Any such payments made by the Company may be in cash, by
letter of credit or, prior to the date as of which a Change in Control occurs,
in such property (including, without limitation, securities issued by the
Company) as the Company may determine. The Company shall keep accurate books and
records with respect to the interest of each Executive in any Plan and shall
provide copies of such books and records to the Trustee at any time as the
Trustee shall request.

         (h)      As of the closing of a Change in Control, as defined herein,
the Company shall, as soon as possible, make a contribution to the Trust in an
amount that is sufficient (taking into account the Trust assets, if any,
resulting from prior contributions) to fund the Trust in an amount equal to no
less than 100% but no more than 120% of the Required Funding and Expense
Reserve. The Required Funding shall be equal to the amount necessary to pay each
Participant or Beneficiary the benefits to which Participants or their
Beneficiaries would be entitled pursuant to the terms of the Arrangements as of
the date on which the Change in Control occurred. The Expense Reserve shall be
equal to the lesser of: 1) the estimated trustee and record-keeper expenses and
fees for one year or 2) seventy-five thousand dollars ($75,000). Annually, the
Company shall recalculate the Required Funding and Expense Reserve as of

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December 31 of the preceding year and, if the assets of the trust are less than
the sum of the Required Funding and Expense Reserve, the Company shall make a
contribution to the Trust in an amount equal to no less than 100% but no more
than 120% of the Required Funding and Expense Reserve.

SECTION 2.        PAYMENTS TO PARTICIPANTS AND THEIR BENEFICIARIES

         (a)      Prior to a Change in Control, distributions from the Trust
shall be made by the Trustee to Participants and Beneficiaries at the direction
of the Company except as may otherwise be provided herein. Prior to a Change in
Control, the entitlement of a Participant or his or her Beneficiaries to
benefits under the Arrangements shall be determined by the Committee or
Committees appointed by the Company under the Arrangements, and any claim for
such benefits shall be considered and reviewed under the procedures set out in
the Arrangements unless the Trustee determines, in its sole and absolute
discretion, that there has been a Failure to Pay.

         (b)      The Company may make payment of benefits directly to
Participants or their Beneficiaries as they become due under the terms of the
Arrangements. The Company shall notify the Trustee of its decision to make
payment of benefits directly prior to the time amounts are payable to
Participants or their Beneficiaries. In addition, if the principal of the Trust,
and any earnings thereon, are not sufficient to make payments of benefits in
accordance with the terms of the Arrangements, the Company shall make the
balance of each such payment as it falls due in accordance with the
Arrangements. The Trustee shall notify the Company when principal and earnings
are not sufficient. Nothing in this Agreement shall relieve the Company of its
liabilities to pay benefits due under the Arrangements except to the extent such
liabilities are actually satisfied by application of assets of the Trust.

         (c)      The Company shall deliver to the Trustee a schedule of
benefits due under the Arrangements on an annual basis. Before a Change in
Control, the Company shall deliver on updated schedule of benefits due under the
Arrangements. After a Change in Control, the Trustee shall pay benefits due in
accordance with such schedule. After a Change in Control, the Committee or
Committees appointed by the Company shall continue to make the determination of
benefits due to Participants or their Beneficiaries and shall provide the
Trustee with an updated schedule of benefits due; provided however, a
Participant or the Beneficiaries of a deceased Participant may make application
to the Trustee for an independent decision as to the amount or form of their
benefits due under the Arrangements. In making any determination required or
permitted to be made by the Trustee under this Section, the Trustee shall, in
each such case, reach its own independent determination, in its absolute and
sole discretion, as to the Participant's or Beneficiary's entitlement to a
payment hereunder

         (d)      Notwithstanding anything herein to the contrary, upon the
occurrence of a Failure to Pay, each Participant covered by the situation
described in clause (i) of the

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definition of Failure to Pay, or each of the Participants in the event of a
situation described in clause (ii) of that definition, as the case may be, shall
be entitled to receive from the Trust the payments described by the underlying
Arrangement, as determined by the Trustee, in its sole and absolute discretion.

         (e)      In making its determination under part (c) or part (d) of this
Section 2, the Trustee may consult with and make such inquiries of such persons,
including the Participant or Beneficiary, the Company, legal counsel, actuaries
or other persons, as the Trustee may reasonably deem necessary. Any reasonable
costs incurred by the Trustee in arriving at its determination shall be
reimbursed by the Company and, to the extent not paid by the Company within a
reasonable time, shall be charged to the Trust. The Company waives any right to
contest any amount paid over by the Trustee hereunder pursuant to a good faith
determination made by the Trustee notwithstanding any claim by or on behalf of
the Company (absent a manifest abuse of discretion by the Trustee) that such
payments should not be made.

         (f)      The Trustee agrees that it will not itself institute any
action at law or at equity, whether in the nature of an accounting,
interpleading action, request for a declaratory judgment or otherwise,
requesting a court or administrative or quasi-judicial body to make the
determination required to be made by the Trustee under this Section 2 in the
place and stead of the Trustee. The Trustee may (and, if necessary or
appropriate, shall) institute an action to collect a contribution due the Trust
following a Change in Control or in the event that the Trust should ever
experience a shortfall in the amount of assets necessary to make payments
pursuant to the terms of the Arrangements.

         (g)      In the event any Participant or his or her Beneficiary is
determined to be subject to federal income tax on any amount to the credit of
his or her account under any Arrangement prior to the time of payment hereunder,
whether or not due to the establishment of or contributions to this Trust, a
portion of such taxable amount equal to the federal, state and local taxes
(excluding any interest or penalties) owed on such taxable amount, shall be
distributed by the Trustee as soon thereafter as practicable to such Participant
or Beneficiary. The Company shall promptly reimburse the Trust for any such
distribution in an amount certified by the Trustee to be needed for the
Participant's benefits. For these purposes, a Participant or Beneficiary shall
be deemed to pay state and local taxes at the highest marginal rate of taxation
in the state in which the Participant resides or is employed (or both) where a
tax is imposed and federal income taxes at the highest marginal rate of
taxation, net of the maximum reduction in federal income taxes which could be
obtained from deduction of such state and local taxes. Such distributions shall
be at the direction of the Company or the Trustee, or upon proper application of
the Participant or Beneficiary; provided that the actual amount of the
distribution shall be determined by the Company prior to a Change in Control and
the Trustee following a Change in Control. An amount to the credit of a
Participant's Account shall be determined to be subject to federal income tax
upon the earliest of: (a) a

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final determination by the United States Internal Revenue Service addressed to
the Participant or his Beneficiary which is not appealed to the courts; (b) a
final determination by the United States Tax Court or any other federal court
affirming any such determination by the Internal Revenue Service; or (c) an
opinion by the Company's tax counsel, addressed to the Company and the Trustee,
to the effect that by reason of Treasury Regulations, amendments to the Internal
Revenue Code, published Internal Revenue Service rulings, court decisions or
other substantial precedent, amounts to the credit of Participants hereunder are
subject to federal income tax prior to payment.

SECTION 3.        TRUSTEE RESPONSIBILITY REGARDING PAYMENTS TO THE TRUST
                  BENEFICIARY WHEN THE COMPANY IS INSOLVENT

         (a)      The Trustee shall cease payment of benefits to Participants
and their Beneficiaries if the Company is Insolvent. The Company shall be
considered "Insolvent" for purposes of this Trust Agreement if (i) the Company
is unable to pay its debts as they become due, or (ii) the Company is subject to
a pending proceeding as a debtor under the United States Bankruptcy Code.

         (b)      At all times during the continuance of this Trust, the
principal and income of the Trust shall be subject to claims of general
creditors of the Company under federal and state law as set forth below.

                  (1)      The Board of Directors and the Chief Executive
Officer of the Company shall have the duty to inform the Trustee in writing that
the Company is Insolvent. If a person claiming to be a creditor of the Company
alleges in writing to the Trustee that the Company has become Insolvent, the
Trustee shall determine whether the Company is Insolvent and, pending such
determination, the Trustee shall discontinue payment of benefits to Participants
or their Beneficiaries.

                  (2)      Unless the Trustee has actual knowledge that the
Company is Insolvent, or has received notice from the Company or a person
claiming to be a creditor alleging that the Company is Insolvent, the Trustee
shall have no duty to inquire whether the Company is Insolvent. The Trustee may
in all events rely on such evidence concerning the Company's solvency as may be
furnished to the Trustee and that provides the Trustee with a reasonable basis
for making a determination concerning the Company's solvency.

                  (3)      If at any time the Trustee has determined that the
Company is Insolvent, the Trustee shall discontinue payments to Participants or
their Beneficiaries and shall hold the assets of the Trust for the benefit of
the Company's general creditors. Nothing in this Trust Agreement shall in any
way diminish any rights of Participants or their Beneficiaries to pursue their
rights as general creditors of the Company with respect to benefits due under
the Arrangements or otherwise.

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                  (4)      The Trustee shall resume the payment of benefits to
Participants or their Beneficiaries in accordance with Section 2 of this Trust
Agreement only after the Trustee has determined that the Company is not
Insolvent (or is no longer Insolvent).

         (c)      Provided that there are sufficient assets, if the Trustee
discontinues the payment of benefits from the Trust pursuant to Section 3(b)
hereof and subsequently resumes such payments, the first payment following such
discontinuance shall include the aggregate amount of all payments due to
Participants or their Beneficiaries under the terms of the Arrangements for the
period of such discontinuance, less the aggregate amount of any payments made to
Participants or their Beneficiaries by the Company in lieu of the payments
provided for hereunder during any such period of discontinuance.

SECTION 4.        PAYMENTS WHEN A SHORTFALL OF THE TRUST ASSETS OCCURS

         (a)      If there are not sufficient assets for the payment of current
and expected future benefits pursuant to Section 2 or Section 3(c) hereof and
the Company does not otherwise make such payments within a reasonable time after
demand from the Trustee, the Trustee shall allocate the Trust assets among the
Participants or their Beneficiaries in the following order of priority:

                  (1)      first, among vested Participants (including partially
vested Participants, and regardless of whether they are actively employed) and
their Beneficiaries in proportion to their vested benefits; and

                  (2)      second, among non-vested and partially vested
Participants (regardless of whether they are actively employed) and their
Beneficiaries in proportion to their unvested benefits.

         (b)      Within each category, assets shall be allocated pro-rata with
respect to the total present value of benefits expected for each Participant or
Beneficiary within the category, and payments to each Participant or Beneficiary
shall be made to the extent of the assets allocated to each Participant or
Beneficiary.

         (c)      Upon receipt of a contribution from the Company necessary to
make up for a shortfall in the payments due, the Trustee shall resume payments
to all the Participants and Beneficiaries under the Arrangements. Following a
Change in Control, the Trustee shall have the right and duty to compel a
contribution to the Trust from the Company to make-up for any shortfall.

SECTION 5.        PAYMENTS TO THE COMPANY

         (a)      Except as provided in Section l(h), Section 3 and Section 5(b)
hereof, the Company shall have no right or power to direct the Trustee to return
to the Company or to divert to others any of the Trust assets before all payment
of benefits have been made to Participants and their Beneficiaries pursuant to
the terms of the Arrangements.

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         (b)      In the event that the Committee, prior to a Change in Control,
or the Trustee in its sole and absolute discretion, after a Change in Control,
determines that the Trust assets exceed 120 percent of the anticipated benefit
obligations and administrative expenses that are to be paid under the
Arrangements, the Trustee, at the written direction of the Committee, prior to a
Change in Control, or the Trustee in its sole and absolute discretion, after a
Change in Control, shall distribute to the Company such excess portion of Trust
assets.

SECTION 6.        INVESTMENT AUTHORITY

         (a)      The Trustee shall not be liable in discharging its duties
hereunder, including without limitation its duty to invest and reinvest the
Fund, if it acts for the exclusive benefit of the Participants and their
Beneficiaries, in good faith and as a prudent person would act in accomplishing
a similar task and in accordance with the terms of this Trust Agreement and any
applicable federal or state laws, rules or regulations.

         (b)      Subject to investment guidelines agreed to in writing from
time to time by the Company and the Trustee prior to a Change in Control, the
Trustee shall have the power in investing and reinvesting the Fund in its sole
discretion:

                  (1)      To invest and reinvest in any United States Treasury
security, investment grade corporate and United States government agency debt
instrument, money market-fund eligible commercial paper debt instrument or money
market fund of the Trustee, or an affiliate of the Trustee, without being
limited to the classes or property in which the trustees are authorized to
invest by any law or any rule of court of any state and without regard to the
proportion any such property may bear to the entire amount of the Fund;

                  (2)      To commingle for investment purposes all or any
portion of the Fund with assets of any other similar trust or trusts established
by the Company with the Trustee for the purpose of safeguarding deferred
compensation or retirement income benefits of its employees and/or directors;

                  (3)      To retain any property at any time received by the
Trustee;

                  (4)      To participate in any plan of reorganization,
consolidation, merger, combination, liquidation or other similar plan relating
to property held by it and to consent to or oppose any such plan or any action
thereunder or any contract, lease, mortgage, purchase, sale or other action by
any person;

                  (5)      To deposit any property held by it with any
protective, reorganization or similar committee, to delegate discretionary power
thereto, and to pay part of the expenses and compensation thereof any
assessments levied with respect to any such property to deposited;

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                  (6)      To extend the time of payment of any obligation held
by it;

                  (7)      To hold uninvested any moneys received by it, without
liability for interest thereon, but only in anticipation of payments due for
investments, reinvestments, expenses or disbursements;

                  (8)      To exercise all voting or other rights with respect
to any property held by it and to grant proxies, discretionary or otherwise;

                  (9)      To employ suitable contractors and counsel, who may
be counsel to the Company or to the Trustee, and to pay their reasonable
expenses and compensation from the Fund to the extent not paid by the Company;

                  (10)     To register investments in its own name or in the
name of a nominee; to hold any investment in bearer form; and to combine
certificates representing securities with certificates of the same issue held by
it in other fiduciary capacities or to deposit or to arrange for the deposit of
such securities with any depository, even though, when so deposited, such
securities may be held in the name of the nominee of such depository with other
securities deposited therewith by other persons, or to deposit or to arrange for
the deposit of any securities issued or guaranteed by the United States
government, or any agency or instrumentality thereof, including securities
evidenced by book entries rather than by certificates, with the United States
Department of the Treasury or a Federal Reserve Bank, even though, when so
deposited, such securities may not be held separate from securities deposited
therein by other persons; provided, however, that no securities held in the Fund
shall be deposited with the United States Department of the Treasury or a
Federal Reserve Bank or other depository in the same account as any individual
property of the Trustee, and provided, further, that the books and records of
the Trustee shall at all tunes show that all such securities are part of the
Trust Fund;

                  (11)     To settle, compromise or submit to arbitration any
claims, debts or damages due or owing to or from the Trust, respectively, to
commence or defend suits or legal proceedings to protect any interest of the
Trust, and to represent the Trust in all suits or legal proceedings Subject to
Section 2(g) in any court or before any other body or tribunal; provided,
however, that the Trustee shall not be required to take any such action unless
it shall have been indemnified by the Company to its reasonable satisfaction
against liability or expenses it might incur therefrom;

                  (12)     To hold and retain policies of life insurance,
annuity contracts, and other property of any kind which policies are contributed
to the Trust by the Company or any subsidiary of the Company or are purchased by
the Trustee;

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                  (13)     To hold any other class of assets which may be
contributed by the Company and that is deemed reasonable by the Trustee, unless
expressly prohibited herein; and

                  (14)     Generally, to do all acts, whether or not expressly
authorized, that the Trustee may deem necessary or desirable for the protection
of the Fund.

         (c)      Notwithstanding any other provision of this Section 6, prior
to a Change in Control:

                  (1)      Grantor shall have the right, subject to this
Section, to direct the Trustee with respect to the investment of all or any
portion of the assets of the Trust. Grantor may also at any time prior to a
Change in Control direct the Trustee to segregate all or a portion of the Trust
in a separate investment account or accounts and appoint one or more investment
managers to direct the investment and reinvestment of each such investment
account or accounts.

                  (2)      It shall be the duty of the Trustee to act strictly
in accordance with each direction issued to Trustee by Grantor or an investment
manager appointed by Grantor. The Trustee shall be under no duty to question any
such direction, to review any securities or other property acquired by it
pursuant to such directions or to make any recommendations with respect to such
securities or other property.

                  (3)      Notwithstanding the foregoing, the Trustee, without
obtaining prior approval or direction, shall invest cash balances held by it
from time to time in short term cash equivalents including, but not limited to,
any short term mutual fund established and maintained by the Trustee subject to
the instrument establishing such trust fund, U.S. Treasury Bills, commercial
paper (including such forms of commercial paper as may be available through the
Trustee's Trust Department), certificates of deposit (including certificates
issued by the Trustee in its separate corporate capacity), and similar type
securities, with a maturity not to exceed one year; and, furthermore, sell such
short term investments as may be necessary to carry out the instructions of
Grantor or an investment manager regarding more permanent type investment and
directed distributions.

                  (4)      The Trustee shall neither be liable nor responsible
for any loss resulting to the Trust by reason of any sale or purchase of an
investment directed by Grantor or Grantor's investment manager nor by reason of
the failure to take any action with respect to any investment which was acquired
pursuant to any such direction in the absence of further directions of Grantor
or its investment manager.

                  (5)      Notwithstanding anything in this Agreement to the
contrary, the Trustee shall be indemnified as permitted by applicable law and
saved harmless by Grantor from and against any and all personal liability to
which the Trustee may be subjected by carrying out any directions of Grantor or
its investment manager issued

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pursuant hereto or for failure to act in the absence of directions of Grantor or
its investment manager including all expenses reasonably incurred in its defense
in the event Grantor fails to provide such defense; provided, however, the
Trustee shall not be so indemnified if it participates knowingly in, or
knowingly undertakes to conceal, an act or omission of Grantor or its investment
manager, having actual knowledge that such act or omission is a breach of a
fiduciary duty; provided further, however, that the Trustee shall not be deemed
to have knowingly participated in or knowingly undertaken to conceal an act or
omission of Grantor or its investment manager with knowledge that such act or
omission was a breach of fiduciary duty by merely complying with directions of
Grantor or its investment manager or for failure to act in the absence of
directions of Grantor or its investment manager. The Trustee may rely upon any
order, certificate, notice, direction or other documentary confirmation
purporting to have been issued by Grantor or its investment manager which the
Trustee believes to be genuine and to have been issued by Grantor or its
investment manager. The Trustee shall not be charged with knowledge of the
termination of the appointment of its investment manager until it receives
written notice thereof from Grantor

         (d)      Following a Change in Control, the Trustee shall have the sole
and absolute discretion in the management of the Trust assets and shall have all
the powers set forth under Section 6(b). In investing the Trust assets, the
Trustee shall consider:

                  (1)      the needs of the Arrangements;

                  (2)      the need for matching of the Trust assets with the
liabilities of the Arrangements; and

                  (3)      the duty of the Trustee to act solely in the best
interests of the Participants and their Beneficiaries.

         (e)      The Trustee shall have the right, in its sole discretion, to
delegate its investment responsibility to an investment manager who may be an
affiliate of the Trustee. In the event the Trustee shall exercise this right,
the Trustee shall remain, at all times responsible for the acts of an investment
manager.

         (f)      The Company shall have the right at any time, and from tune to
time in its sole discretion, to substitute assets (other than securities issued
by the Trustee or the Company) of equal fair market value for any asset held by
the Trust. This right is exercisable by the Company in a nonfiduciary capacity
without the approval or consent of any person in a fiduciary capacity; provided,
however, that, following a Change in Control, no such substitution shall be
permitted unless the Trustee determines that the fair market values of the
substituted assets are equal.

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SECTION 7.        INSURANCE CONTRACTS

         (a)      To the extent that the Trustee is directed by the Company
prior to a Change in Control to invest part or all of the Trust Fund in
insurance contracts, the type and amount thereof shall be specified by the
Company. The Trustee shall be under no duty to make inquiry as to the propriety
of the type or amount so specified.

         (b)      Each insurance contract issued shall provide that the Trustee
shall be the owner thereof with the power to exercise all rights, privileges,
options and elections granted by or permitted under such contract or under the
rules of the insurer. The exercise by the Trustee of any incidents of ownership
under any contract shall, prior to a Change in Control, be subject to the
direction of the Company. After a Change in Control, the Trustee shall have all
such rights.

         (c)      The Trustee shall have no power to name a beneficiary of the
policy other than the Trust, to assign the policy (as distinct from conversion
of the policy to a different form) other than to a successor Trustee, or to loan
to any person the proceeds of any borrowing against an insurance policy held in
the Trust Fund.

         (d)      No insurer shall be deemed to be a party to the Trust and an
insurer's obligations shall be measured and determined solely by the terms of
contracts and other agreements executed by the insurer.

SECTION 8.        DISPOSITION OF INCOME

         (a)      Prior to a Change in Control, all income received by the
Trust, net of expenses and taxes, may be returned to the Company or accumulated
and reinvested within the Trust at the direction of the Company.

         (b)      Following a Change in Control, all income received by the
Trust, net of expenses and taxes payable by the Trust, shall be accumulated and
reinvested within the Trust.

SECTION 9.        ACCOUNTING BY THE TRUSTEE

         The Trustee shall keep accurate and detailed records of all
investments, receipts, disbursements, and all other transactions required to be
made, including such specific records as shall be agreed upon in writing between
the Company and the Trustee. Within forty-five (45) days following the close of
each calendar year and within forty-five (45) days after the removal or
resignation of the Trustee, the Trustee shall deliver to the Company a written
account of its administration of the Trust during such year or during the period
from the close of the last preceding year to the date of such removal or
resignation setting forth all investments, receipts, disbursements and other
transactions effected by it, including a description of all securities and
investments purchased and sold with the cost or net proceeds of such purchases
or sales (accrued interest paid or

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receivable being shown separately), and showing all cash, securities and other
property held in the Trust at the end of such year or as of the date of such
removal or resignation, as the case may be. The Company may approve such account
by an instrument in writing delivered to the Trustee. In the absence of the
Company's filing with the Trustee objections to any such account within one
hundred eighty (180) days after its receipt, the Company shall be deemed to have
so approved such account. In such case, or upon the written approval by the
Company of any such account, the Trustee shall, to the extent permitted by law,
be discharged from all liability to the Company for its acts or failures to act
described by such account. The foregoing, however, shall not preclude the
Trustee from having its accounting settled by a court of competent jurisdiction.
The Trustee shall be entitled to hold and to commingle the assets of the Trust
in one Fund for investment purposes but at the direction of the Company prior to
a Change in Control, the Trustee shall create one or more sub-accounts.

SECTION 10.       RESPONSIBILITY OF THE TRUSTEE

         (a)      The Trustee shall act with the care, skill, prudence and
diligence under the circumstances then prevailing that a prudent person acting
in like capacity and familiar with such matters would use in the conduct of an
enterprise of a like character and with like aims, provided, however, that the
Trustee shall incur no liability to any person for any action taken pursuant to
a direction, request or approval given by the Company which is contemplated by,
and in conformity with, the terms of the Arrangements or this Trust and is given
in writing by the Company. In the event of a dispute between the Company and a
party, the Trustee may apply to a court of competent jurisdiction to resolve the
dispute, subject, however to Section 2(f) hereof.

         (b)      The Company hereby indemnifies the Trustee against losses,
liabilities, claims, costs and expenses in connection with the administration of
the Trust, unless resulting from the gross negligence or misconduct of Trustee.
To the extent the Company fails to make any payment on account of an indemnity
provided in this paragraph 10(b), in a reasonably timely manner, the Trustee may
obtain payment from the Trust. If the Trustee undertakes or defends any
litigation arising in connection with this Trust or to protect a Participant's
or Beneficiary's rights under the Arrangements, the Company agrees to indemnify
the Trustee against the Trustee's costs, reasonable expenses and liabilities
(including, without limitation, attorneys' fees and expenses) relating thereto
and to be primarily liable for such payments. If the Company does not pay such
costs, expenses and liabilities in a reasonably timely manner, the Trustee may
obtain payment from the Trust.

         (c)      Prior to a Change in Control, the Trustee may consult with
legal counsel (who may also be counsel for the Company generally) with respect
to any of its duties or obligations hereunder. Following a Change in Control the
Trustee shall select independent legal counsel and may consult with counsel or
other persons with respect to

                                       12
<PAGE>

its duties and with respect to the rights of Participants or their Beneficiaries
under the Arrangements.

         (d)      The Trustee may hire agents, accountants, actuaries,
investment advisors, financial consultants or other professionals to assist it
in performing any of its duties or obligations hereunder and may rely on any
determinations made by such agents and information provided to it by the
Company.

         (e)      The Trustee shall have, without exclusion, all powers
conferred on the Trustee by applicable law, unless expressly provided otherwise
herein.

         (f)      Notwithstanding any powers granted to the Trustee pursuant to
this Trust Agreement or to applicable law, the Trustee shall not have any power
that could give this Trust the objective of carrying on a business and dividing
the gains therefrom, within the meaning of section 301.7701-2 of the Procedure
and Administrative Regulations promulgated pursuant to the Internal Revenue
Code.

SECTION 11.       COMPENSATION AND EXPENSES OF THE TRUSTEE

         The Trustee's compensation shall be as agreed in writing from time to
time by the Company and the Trustee. The Company shall pay all administrative
expenses and the Trustee's fees and shall promptly reimburse the Trustee for any
fees and expenses of its agents. If not so paid, the fees and expenses shall be
paid from the Trust.

SECTION 12.       RESIGNATION AND REMOVAL OF THE TRUSTEE

         (a)      Prior to a Change in Control, the Trustee may resign at any
time by written notice to the Company, which shall be effective sixty (60) days
after receipt of such notice unless the Company and the Trustee agree otherwise.
Following a Change in Control, the Trustee may resign only after the appointment
of a successor Trustee.

         (b)      The Trustee may be removed by the Company on sixty days (60)
days notice or upon shorter notice accepted by the Trustee prior to a Change in
Control. Subsequent to a Change in Control, the Trustee may only be removed by
the Company with the consent of a Majority of the Participants.

         (c)      If the Trustee resigns within two years after a Change in
Control, as defined herein, the Company, or if the Company fails to act within a
reasonable period of time following such resignation, the Trustee, shall apply
to a court of competent jurisdiction for the appointment of a successor Trustee
which satisfies the requirements of Section 13 or for instructions.

         (d)      Upon resignation or removal of the Trustee and appointment of
a successor Trustee, all assets shall subsequently be transferred to the
successor Trustee. The transfer

                                       13
<PAGE>

shall be completed within sixty (60) days after receipt of notice of
resignation, removal or transfer, unless the Company extends the time limit.

         (e)      If the Trustee resigns or is removed, a successor shall be
appointed by the Company with the consent of a Majority of Participants if a
Change in Control has occurred, in accordance with Section 13 hereof, by the
effective date of resignation or removal under paragraph(s) (a) or (b) of this
section. If no such appointment has been made, the Trustee may apply to a court
of competent jurisdiction for appointment of a successor or for instructions.
All expenses of the Trustee in connection with the proceeding shall be allowed
as administrative expenses of the Trust.

SECTION 13.       APPOINTMENT OF SUCCESSOR

         (a)      If the Trustee resigns or is removed in accordance with
Section 12 hereof, the Company may appoint, subject to Section 12, any third
party legally permitted to act as Trustee pursuant to the terms of this
Agreement with a net worth exceeding $1,000,000,000 to replace the Trustee upon
resignation or removal. The successor Trustee shall have all of the rights and
powers of the former Trustee, including ownership rights in the Trust. The
former Trustee shall execute any instrument necessary or reasonably requested by
the Company or the successor Trustee to evidence the transfer.

         (b)      The successor Trustee need not examine the records and acts of
any prior Trustee and may retain or dispose of existing Trust assets, subject to
Section 8 and 9 hereof. The successor Trustee shall not be responsible for and
the Company shall indemnify and defend the successor Trustee from any claim or
liability resulting from any action or inaction of any prior Trustee or from any
other past event, or any condition existing at the time it becomes successor
Trustee.

SECTION 14.       AMENDMENT OR TERMINATION

         (a)      This Trust Agreement may be amended by a written instrument
executed by the Trustee and the Company, except as otherwise provided in this
Section 14. Notwithstanding the foregoing, no such amendment shall conflict with
the terms of the Arrangements or shall make the Trust revocable.

         (b)      Following a Change in Control, the Trust shall not terminate
until the date on which Participants and their Beneficiaries have received all
of the benefits due to them under the terms and conditions of the Arrangements.

         (c)      Upon written approval of all Participants or Beneficiaries
entitled to payment of benefits pursuant to the terms of the Arrangements, the
Company may terminate this Trust prior to the time all benefit payments under
the Arrangements have been made. All assets in the Trust at termination shall be
returned to the Company.

                                       14
<PAGE>

         (d)      This Trust Agreement may not be amended by the Company
following a Change in Control without the written consent of a Majority of the
Participants.

SECTION 15.       DEFINITIONS

         (a)      For purposes of this Trust, the following terms shall be
defined as set forth below:

                  (1)      Failure to Pay shall mean that the circumstances
described in either (i) or (ii) have occurred:

                           i.       Any Plan Participant shall have notified the
Trustee and the Company in writing that the Company shall have failed to pay to
the Participant, when due, either directly or by direction to the Trustee in
accordance with the terms of this Trust, at least 75% of any and all amounts
which the Participant was entitled to receive at any time in accordance with the
terms of any Plan, the payment schedule or this Trust Agreement and that such
amount remains unpaid. Such notice must set forth the amount, if any, which was
paid to the Participant, and the amount which the Participant believes he or she
was entitled to receive under the Plans, the payment and this Trust Agreement.
If the failure to make such payment shall have continued for a period of 30 days
after receipt of such notice by the Trustee and by the Company, and during such
30-day period the Company shall have failed to prove, by clear and convincing
evidence as determined by the Trustee in its sole and absolute discretion, that
such amount was in fact paid or was not due and payable; or

                           ii.      More than two Plan Participants shall have
notified the Trustee and the Company in writing, either individually or jointly,
that they have not been paid, when due, amounts to which they are entitled under
the Plans payment, and that such amount remains unpaid. Each such notice must
set forth the amount, if any, which was paid to the Participant, and the amount
which the Participant believes he or she was entitled to receive under the
Plans, the payment and this Trust Agreement. Within 15 days after receipt of
each such notice, the Trustee shall determine, on a preliminary basis, whether
any failure to pay such Participants has resulted in a failure to pay when due,
directly or by direction, at least 75% of the aggregate amount due to all
Participants under all the Plans, the schedule and this Trust Agreement in any
two-year period, and that such amount remains unpaid. If the Trustee determines
that such a failure has occurred, then it shall so notify the company and the
Participants in writing within the same 15 day period. Within a period of 20
days after receipt of such notice from the Trustee, the Company shall have
failed to prove by clear and convincing evidence, in the sole and absolute
discretion of the Trustee, that such amount was paid or was not due and payable.

                  (2)      Potential Change in Control shall be triggered upon
the date that a transaction is discussed by the Company's Board of Directors or
made known publicly

                                       15
<PAGE>

that, if consummated, would result in a Change in Control. In the event that the
transaction is not consummated or if two (2) years have transpired since the
Potential Change in Control was triggered without a Change in Control occurring,
the Potential Change in Control shall be deemed void.

                  (3)      Change in Control. For purposes of this Trust, Change
in Control is defined in the Thoratec Deferred Compensation Plan.

                  (4)      Majority of Participants shall mean participants
whose vested rights under the Arrangements exceed 50% of the vested rights of
all Participants.

         (b)      Prior to a Change in Control or Potential Change in Control,
the Committee, as defined in the Thoratec Corporation Deferred Compensation
Plan, shall have the specific authority to determine whether a Potential Change
in Control or Change in Control will occur based upon a contemplated
transaction, and to determine whether the Potential Change in Control is void
under the guidance of this Section 15 and shall be required to give the Trustee
notice of a Potential Change in Control, a Change in Control, or a void
Potential Change in Control. The Trustee shall be entitled to rely upon such
notice, but if the Trustee receives notice of a Change in Control from another
source, or if no determination is made prior to a Change in Control, the Trustee
shall make its own independent determination.

SECTION 16.       MISCELLANEOUS

         (a)      Any provision of this Trust Agreement prohibited by law shall
be ineffective to the extent of any such prohibition, without invalidating the
remaining provisions hereof.

         (b)      The Company hereby represents and warrants that all of the
Arrangements have been established, maintained and administered in accordance
with all applicable laws, including without limitation, ERISA. The Company
hereby indemnifies and agrees to hold the Trustee harmless from all liabilities,
including attorney's fees, relating to or arising out of the establishment,
maintenance and administration of the Arrangements. To the extent the Company
does not pay any of such liabilities in a reasonably timely manner, the Trustee
may obtain payment from the Trust.

         (c)      Benefits payable to Participants and their Beneficiaries under
this Trust Agreement may not be anticipated, assigned (either at law or in
equity), alienated, pledged, encumbered or subjected to attachment, garnishment,
levy, execution or other legal or equitable process.

         (d)      This Trust Agreement shall be governed by and construed in
accordance with the laws of North Carolina.

                                       16
<PAGE>

         IN WITNESS WHEREOF, this Grantor Trust Agreement has been executed on
behalf of the parties hereto on the day and year first above written.

THORATEC CORPORATION                    WACHOVIA BANK, NATIONAL ASSOCIATION

By:                                     By:
    --------------------------              --------------------------
Its: PRESIDENT AND CEO                  ITS: SENIOR VICE PRESIDENT

                                       17exv10w26

 

Exhibit 10.26

COMMERCIAL LEASE

This
Commercial Lease, executed September  ____, 2003, by and between ROSEVILLE
PROPERTIES MANAGEMENT
 COMPANY, a Minnesota corporation, as the duly authorized agent
for COMMERS-KLODT PARTNERSHIP, a Minnesota partnership (“Landlord”) and
INTERNATIONAL TECHNIDYNE CORPORATION, a Delaware corporation (“Tenant”).

DEFINITIONS:

“Building”
– That certain Building on real property located in the City of
Roseville, County of Ramsey, State of Minnesota, and commonly addressed as
Roseville Business Commons II located at 2640 - 52 Patton Road, Roseville,
Minnesota 55113 (See Exhibit A).

“Demised Premises” - That certain portion of the Building, consisting of
approximately 35,040 square feet as measured from the outside walls of the
Demised Premises to the center of the partition wall (see Exhibit B). The
Demised Premises includes a non-exclusive easement for access to Common Areas
as defined below, and all licenses and easements appurtenant to the Demised
Premises. Unless otherwise stated, Tenant shall accept the Demised Premises in
an “as is” condition.

“Common
Areas” – The term “Common Area” refers to all areas used non-exclusively
by Tenant and other Tenants in the Building, including, but not limited to,
corridors, lavatories, driveways, truck docks, parking lots and landscaped
areas. Common Areas are available to Tenant and its employees, agents,
customers, and invitees for reasonable use in common with other lessees, their
employees, agents, customers and invitees, subject to reasonable rules and
regulations set forth by Landlord.

“Property”
– All that certain real estate legally described on Exhibit
A-l attached hereto and incorporated herein, on which the Building is
located.

In consideration for the Base Rent, Additional Rent and any additional
compensation(s) outlined in this Lease, Landlord leases to Tenant the Demised
Premises under the following conditions:

1.0 TERM OF LEASE AND POSSESSION:

Landlord gives and Tenant takes possession of Demised Premises for the term of
five (5) years, beginning on the earlier of (i) January 1, 2004, or (ii) the
date on which Tenant shall commence business operations at and from the Demised
Premises (the “Commencement Date”); provided, however, that the Commencement
Date shall in no event be earlier than ten (10) days after Landlord shall
provide to Tenant the “Delivery Notice”, as defined below, and ending on a date
five (5) years thereafter, unless terminated earlier as provided herein.
Landlord shall deliver possession of the Demised Premises to Tenant in the
condition required by this Lease on or before a date thirty (30) days after
satisfaction or waiver of the Tenant contingencies set forth in Section 39.0
hereof (the “Scheduled Delivery Date”). The Demised Premises shall be delivered
in substantially the same condition as that existing on the date of execution
of this Lease, reasonable wear and tear excepted with a current certificate of
occupancy in effect if required. Delivery of the Demised Premises shall occur at
such time as Landlord shall make the Demised Premises available to Tenant in
the condition required under this Lease. The rentals herein reserved shall
commence on the Commencement Date. Landlord shall have no responsibility or
liability for loss or damage to fixtures, facilities or equipment installed or
left on the Demised Premises. After the Commencement Date, the parties agree to
execute a memorandum confirming the Commencement Date and the Expiration Date.
Landlord shall deliver a written termination of the existing lease with
Diametrics Medical, Inc. effective as of the Commencement Date. In the event
that the Commencement

 

 

Date has not occurred within ninety (90) days of the expiration of
the Tenant Contingencies as set forth in Section 39.0, Tenant may
terminate this Lease by giving written notice of its election to do
so to Landlord, which shall be effective ten (10) days after the
delivery of such notice, unless Landlord shall deliver the Demised
Premises during such 10-day period.

1.1 RENEWAL OPTIONS

Tenant shall have the right to extend the Term of this Lease for
two (2) Renewal Terms of three (3) years each exercisable by
written notice given by Tenant not less than 180 days prior to
the end of the then current Term provided that no default on the
part of the Tenant, of which Tenant has received written notice
and allowed a cure period equal to the longer or the applicable
cure period provided for under this Lease or fifteen days, shall
exist at the time that such notice is given or at the
commencement of such renewal term. The Base Rent payable during
each Renewal Term shall be one hundred and five percent (105%)
of that payable during the preceding Term.

2.0 BASE RENT:

Landlord is
due and Tenant shall pay Landlord, Base Rent as scheduled:

	 	 	 	 	 
	Months 1 through 12
	 	$24,090.00 per month
	Months 13 through 24
	 	$24,692.00 per month
	Months 25 through 36
	 	$25,309.00 per month
	Months 37 through 48
	 	$25,941.00 per month
	Months 49 through 60
	 	$26,598.00 per month
	First Renewal Term
	 	$27,927.90 per month
	Second Option Period
	 	$29,324.30 per month

Base Rent due for any partial month at the beginning or end of the term of this
Lease (the “Lease Term” shall be prorated based on the number of days in such
month falling within the Lease Term.

3.0 ADDITIONAL RENT:

Tenant shall reimburse to Landlord monthly, throughout the Term of Lease and
any extension of this Lease, the following Additional Rent to the extent
allocable to the Demised Premises:

Common Area Maintenance (CAM) expenses, Real Estate Taxes/Assessments, any
Utilities not paid directly by Tenant, and any Miscellaneous Charges or
Reimbursements

Landlord may estimate annual CAM and Real Estate Taxes/Assessments expenses as
a basis for reimbursement for any calendar year and invoice in monthly
installments (see Exhibit C). During the Term of Lease and/or any extension of
this Lease, Landlord, within 120 days of each calendar year end, will provide
to Tenant a written statement of actual CAM and Real Estate Taxes/Assessments
expenses, along with reasonable backup information with respect thereto. If
Tenant has underpaid its share of any of these expenses, at Landlord’s
election, Tenant shall reimburse Landlord as invoiced, which amounts shall be
paid within thirty (30) days of receipt of such invoice. If Tenant has overpaid
its share of any of these expenses, Landlord will credit such amount against
the most current monthly invoice. If the Term of Lease includes less than the
full calendar year, any reimbursements) will be prorated based on time of
occupancy for such year. Upon prior written notice to Landlord, Tenant shall
have the opportunity to

2

 

audit the actual CAM and Real Estate Taxes/Assessments expenses statement
for a period of 180 days upon receipt of said Statement. Tenant waives
its rights to audit the actual CAM and Real Estate Taxes/Assessments
expenses upon the failure of the Tenant to exercise such rights during
said 120 day period. In the event that Tenant has been overcharged by
three percent (3%) or more, Landlord shall reimburse Tenant, along with
the amount of such over charge, the reasonable cost of such audit.

Tenant’s share of all Additional Rent will be determined by the Tenant’s
leased share (Demised Premises) of the total building square footage
along with Tenant’s proportionate share of any rooms considered common
area to the building (expenses will be calculated on an annual basis
divided by building square footage to obtain an annual cost per square
foot.)

Landlord,
at its election, may invoice for reimbursement(s) of any
Utility usage not paid directly by Tenant.

3.1 COMMON AREA MAINTENANCE EXPENSES (CAM):

Common Area Maintenance (CAM) shall include the reasonable expenses
incurred in connection with maintenance, repair, replacement
(amortized over the useful life of replacements having a cost in
excess of Three Thousand Dollars) and care of all lighting,
plumbing, roofs (i.e., including ordinary roof repairs, but
excluding replacement of the roof or any material portion thereof),
parking surfaces, landscaped areas, signs, snow removal,
non-structural repair and maintenance of the exterior of the
Building, costs of equipment purchased and used for such purposes
(amortized over its useful life), cleaning and cleaning supplies
for the common areas, insurance premiums, management fee not to
exceed 5% of gross collected rents, and wages and fringe benefits
of personnel employed for such work on site Additionally, during
the term of this Lease, any extension and/or renewal of this Lease,
CAM expenses shall include the annual cost or portion allocable to
the Building (i.e. amortized over the useful life thereof) of any
capital improvements made to the Building by Landlord which result
in a reduction of expenses (but only to the extent of such
reduction or reasonable estimate thereof) or required under any
governmental law or regulation by reason of the Tenant’s particular
needs and use of the Demised Premises. Those items set forth, on
Exhibit D attached hereto and incorporated herein shall be excluded
from CAM.

3.2 REAL ESTATE TAXES AND ASSESSMENTS:

Real Estate Taxes and Assessments shall mean all Real Estate Taxes,
all assessments and any taxes in lieu thereof payable during each
calendar year during the term of this Lease, which may be levied
upon or assessed against the Building. In the event the taxing
authorities additionally include in such real estate and
assessments the value of any improvements made by Tenant, or of
machinery, equipment, fixtures, inventory or other personal
property or assets of Tenant, then Tenant shall pay all the taxes
attributable to such items. Upon Tenant’s request, Landlord will
furnish a copy of the Real Estate Tax statement

3.3 UTILITIES

Landlord shall provide mains and conduits to supply water, gas,
electricity and sanitary sewage to the Building. Tenant shall pay,
when due, all charges for sewer and water usage, garbage/refuse
disposal/removal and recycling, electricity, gas and other fuels,
telephone/communication services and/or other utility services or
energy source furnished to the Demised Premises during the term of
this Lease, or any extension and/or renewal of this Lease. If
Tenant’s usage of any utility is deemed disproportionate as
determined by Landlord, Landlord may elect to submeter and bill
Tenant accordingly. Landlord accepts no responsibility for any

3

 

disruption of any utility service due to accident,
natural causes or circumstances beyond Landlord’s
control and/or the utility provider’s inability to
deliver said service .

3.4 MISCELLANEOUS CHARGES AND REIMBURSEMENTS

Miscellaneous Charges and Reimbursements shall include,
without limitation, service requests facilitated by Landlord
at the direction of Tenant, Tenant improvement
reimbursements, notes due Landlord and any other
miscellaneous charge due Landlord

4.0 COVENANT TO PAY RENT:

With exception of the limited right of offset set forth in Section
22, the covenants of Tenant to pay the Base Rent and the Additional
Rent are each independent of any other covenant, condition, provision
or agreement contained in this Lease. All rents are due and payable
as invoiced on the first of the each month during the Term of Lease
and any extensions of the Lease to Landlord at:

2575 North Fairview Avenue, Suite 250

Roseville, Minnesota 55113

or such other address as Landlord shall designate to Lessee in writing.

5.0 OVERDUE PAYMENTS:

All base rent and additional rent under this Lease and any extension
shall be due on the first of each calendar month, unless otherwise
specified. Service charges shall be imposed after the tenth day of
each calendar month in the amount five percent (5%) of the delinquent
payment.

6.0 USE:

The Demised Premises shall be used and occupied by Tenant solely for
the purposes of general office, showroom, warehouse and light
manufacturing (collectively, the “Permitted Uses”) and Tenant agrees
that such use shall be in compliance with all applicable laws,
ordinances and governmental regulations affecting the Building and
Premises. Tenant shall immediately discontinue any use of the Demised
Premises which is not in compliance with any applicable laws,
ordinances or governmental regulations. The Demised Premises shall
not be used in such manner that, in accordance with any requirement
of law or of any public authority, Landlord shall be obliged on
account of the purpose or manner of said specific use by Tenant (as
opposed to office, showroom, warehouse or light manufacturing use
generally) to make any addition or alteration to or in the Building.
Tenant shall occupy the Demised Premises, conduct its business and
control its agents, employees, invitees and visitors in such a way as
is lawful, and will not permit or create any nuisance, unusual or
unreasonable noise, noxious odor, or otherwise unreasonably interfere
with, annoy or disturb any other tenant in the Building in its normal
business operations or Landlord in its management of the Building.
Tenant’s use of the Demised Premises shall conform to all the
Landlord’s rules and regulations relating to the use of the Building
so long as such rules and regulations (i) are binding on all tenants
of the Building, (ii) are not enforced in a discriminatory manner,
and (iii) do not materially reduce Tenant’s rights hereunder or
increase Tenant’s liabilities hereunder. Outside storage on the
Building of any type of equipment, property or materials owned or
used on the Premises by Tenant or its customers and suppliers shall
not be permitted, unless otherwise stated.

4

 

7.0 SECURITY AND DAMAGE DEPOSIT: INTENTIONALLY DELETED

OMISSION OR INCLUSION OF THIS PROVISION SHALL DEPEND UPON THE FINANCIAL
STATEMENTS OF THE TENANT AND EXISTENCE OR NON EXISTENCE OF GUARANTEES BY
THE PARENT CORPORATION.

8.0
CARE AND REPAIR OF DEMISED PREMISES:

Tenant shall, at all times throughout the Term of Lease and any
extensions, and at its sole expense except to the extent either (i)
caused by the negligence of Landlord, its agents, employees or
contractors or (ii) otherwise expressly allocated to Landlord hereunder,
keep and maintain the Demised Premises in a clean, safe, sanitary and
first class condition and in compliance with all applicable laws, codes,
ordinances, rules and regulations. Tenant’s obligations hereunder shall
include without limitation, the maintenance, repair, replacement, if
necessary of all interior walls, partitions, doors and windows,
including the regular painting thereof, all exterior entrances, windows,
doors and docks, the replacement of all broken glass, of any
fixture/equipment/component of heating, ventilation, air conditioning
(HVAC) systems, all lighting systems, plumbing systems and electrical
systems located within the Demised Premises. Landlord shall repair
and/or replace the HVAC systems as necessary so that they are in proper
working order on the Commencement Date. Landlord shall warrant the
condition of the generic HVAC systems serving the Building generally for
one (1) year after the Commencement Date. Thereafter, Tenant shall
obtain and maintain at all times during the term of this Lease a
maintenance contract with an HVAC contractor acceptable to Landlord in
its reasonable discretion for the regular maintenance of all heating,
ventilating and air conditioning equipment exclusively serving the
Demised Premises (collectively, the “HVAC Equipment” and shall cause all
regularly scheduled maintenance under such contract to be performed. In
the event that an HVAC rooftop unit or ceiling hung unit heater of a
generic type which serves the building generally (as opposed to HVAC
components which have been installed in connection with the specific
needs of the Tenant’s business operations) requires replacement or
extraordinary repair, the cost of such replacement or extraordinary
repair shall be shared between Landlord and Tenant, Tenant’s share to be
based on the ratio of the number of months remaining in the then current
term of the Lease to the estimated useful life of the replacement unit
or extraordinary repair, as the case may be, unless caused by the misuse
or neglect of Tenant. The useful life of any replacement of the HVAC
Equipment will be deemed to be fifteen (15) years for a roof top unit
and ten (10) years for a ceiling hung unit heater. If Tenant exercises a
renewal option, Tenant shall pay to Landlord on the first (1st) day of
such extension or renewal term an additional portion of the cost of such
extraordinary repair or replacement of the HVAC Equipment based upon a
fraction, the numerator of which is the number of calendar months in
such extension or renewal term, and the denominator of which the number
of calendar months in the full useful life of such extraordinary repair
or replacement of the HVAC Equipment, as determined above. With the
exception of HVAC Equipment, when used in this provision, the term
“repairs” shall include replacements, and all such repairs or
replacements made by the Tenant shall be of equal quality to the
original equipment or work. The Tenant shall keep and maintain all
portions of the Demised Premises and the sidewalk adjoining the same in
a clean and orderly condition, free of accumulation of dirt, rubbish,
snow and ice, regardless of any CAM performed by Landlord. Tenant shall
maintain a minimum temperature in the Demised Premises of 40 degrees
during the Lease Term.

If Tenant fails, refuses or neglects to maintain or repair the Demised
Premises as required in this Lease, and such failure continues for a
period of thirty (30) days after written notice shall have been given
Tenant (provided, however, that in the event of a bona fide emergency,
Landlord shall only be required to provide such notice as is practicable
under the circumstances), in accordance with Article 17.0 of this Lease,
Landlord may make such repairs or replacements without liability to
Landlord for any loss or damage that may accrue’to Tenant’s merchandise,
fixtures or other property or to Tenant’s business by reason thereof, and
upon completion thereof, Tenant shall pay to Landlord all costs plus 10%
for

5

 

overhead incurred by Landlord in making such repairs or
replacements. Landlord shall perform any such work in a manner
intended to minimize any interference with the conduct of Tenant’s
business.

Landlord shall maintain and repair, at its expense and not
reimbursable as CAM, (i) the structural portions of the Building,
(ii) all utility lines serving the Demised Premises and located
outside of the Demised Premises, and (iii) the exterior walls of
the Building, unless such repairs are required as a result of the
negligence or otherwise wrongful acts of Tenant, its employs,
agents, assigns, invitees or contractors in which event the costs
thereof shall be borne by Tenant and payable by Tenant to Landlord.

The Landlord shall be responsible for all outside maintenance of
the Demised Premises, including grounds and parking areas, and
including the prompt removal of any accumulated snow and ice in the
Common Areas. All such maintenance which is the responsibility of
the Landlord shall be provided as reasonably necessary to the
comfortable use and occupancy of Demised Premises during business
hours, except Sundays and holidays. Landlord shall be obligated to
exert all reasonable efforts to perform its obligations under this
Lease, but not be liable for damages arising from its performance
or non-performance of repairs or maintenance arising due to causes
beyond its control.

9.0 HAZARDOUS MATERIALS:

Tenant shall not (either with or without negligence) cause or
permit the escape, disposal or release of any biologically or
chemically active or other hazardous substances, or materials in
the Building or on or under the Property in violation of applicable
environmental laws, rules or regulations. Tenant shall not allow
the storage or use of such substances or materials in any manner
not sanctioned by law or by the highest standards prevailing in the
industry for the storage and use of such substances or materials,
nor allow to be brought into the Project any such materials or
substances except in the ordinary course of Tenant’s business.
Tenant shall upon request of the Landlord provide a listing of the
hazardous substances or materials used or stored by Tenant within
the Demised Premises. Without limitation, hazardous substances and
materials shall include those described in the Comprehensive
Environmental Response, Compensation and Liability Act of 1980, as
amended, 42 U.S.C. Section 9601 et seq., the Resource Conservation
and Recovery Act, as amended, 42 U.S.C. Section 6901 et seq., any
applicable state or local laws and the regulations adopted under
these acts. In addition, Tenant shall execute affidavits,
representations and the like from time to time at Landlord’s
request concerning Tenant’s best knowledge and belief regarding the
presence of hazardous substances or materials (i) on the Demised
Premises. In all events, Tenant shall indemnify Landlord from any
release of hazardous materials on the Demised Premises occurring
while Tenant is in possession or (ii) elsewhere if, in either case,
such release is caused by Tenant or persons acting under Tenant.
The within covenants shall survive the expiration or earlier
termination of the lease term.

Tenant shall indemnify and hold Landlord harmless from any
liability, damages, claims, causes of action, charges or other
expenses (including without limitation reasonable attorneys’ fees)
paid, incurred or asserted against Landlord by reason of Tenant’s
failure to perform its obligations under this Section 9.0.

Landlord represents and warrants to Tenant with respect to those
portions of the Building and the Property and the Demised Premises
(with the exception of anything caused by or arising from the
activities of Diametrics Medical, Inc. or its agents or employees)
that, (i) as of the Commencement Date, there will be no hazardous
substances and materials, including without limitation
asbestos-containing  materials and polychlorinated biphenyls,
except such materials as are used in strict accordance with all
applicable environmental laws or regulations (“Environmental Laws”)
by other tenants of the Building, (ii) except for hazardous
substances or materials which are the responsibility of Tenant
under this Section 9.0, Landlord shall promptly remove or otherwise
remediate in accordance with all applicable Environmental Laws,
any hazardous substances or materials located, stored, disposed of
or otherwise released on or about the Building or the Property in
violation of Environmental Laws. Landlord shall

6

 

indemnify and hold Tenant harmless from any liability, damages, claims,
causes of action, charges or other expenses (including without
limitation reasonable attorneys fees) paid, incurred or asserted against
Tenant by reason of the presence, storage, disposal or release within
those portions of the Building which do not include the Demised Premises
or on or about the Property of any such hazardous substances or
materials, including hazardous substances or materials located within
the Demised Premises or brought onto, disposed of or released by Tenant,
its agents, employees and contractors.

10.0 PUBLIC LIABILITY INSURANCE:

Tenant shall during the term hereof keep in full force and effect at its
own expense a policy or policies of public liability insurance with
respect to the Demised Premises and the business of Tenant, on terms and
with companies approved in writing by Landlord, in which both Tenant and
Landlord shall be covered by being named as insured parties with
combined coverage limits of liability not less than $1,000,000. Such
policy or policies shall provide that ten (10) days written notice must
be given to Landlord prior to cancellation thereof. Tenant shall furnish
evidence satisfactory to Landlord at the time this Lease is executed
that such coverage is in full force and effect.

11.0 SIGNAGE AND DISPLAYS:

Upon occupancy, building exterior signage, building directories and/or
pylon signage shall be approved, installed and provided for by Landlord
in compliance with city ordinances and building signage criteria. Any
changes, modifications and/or maintenance of initial signage shall be at
Tenant’s sole cost and expense with approval of Landlord. Additional
signage, lettering, picture, notice or advertisement installed on or in
any part of the Premises and visible from the exterior of the Building,
or visible from the exterior of the Demised Premises, shall be approved
by Landlord and shall be installed at Tenant’s sole cost and expense.
Said signs are to be maintained by Landlord at Tenant’s expense.
Landlord may remove any unauthorized signs without any liability to
Landlord and may charge the expense incurred by such removal to Tenant.

12.0 ALTERATIONS, INSTALLATION, FIXTURES:

Unless otherwise stated, Tenant shall not make any alterations, additions
or improvements in or to the Demised Premises or add, disturb or in any
way change any plumbing or wiring without the prior written consent of
the Landlord, which consent shall not unreasonably be withheld, delayed
or conditioned. Notwithstanding the foregoing to the contrary, Tenant may
redecorate or otherwise perform cosmetic alterations of the Demised
Premises, or make other non-structural alternations which do not
materially increase the cost of restoration of the Demised Premises upon
the expiration of the Term of this Lease having an aggregate cost of less
than $25,000 (either in a single improvement or a series of related
improvements), upon prior written notice to Landlord, but without the
necessity of obtaining Landlord’s consent. Tenant shall promptly provide
lien waivers or other satisfactory evidence of payment to Landlord upon
completion. In the event alterations are required by any governmental
agency by reason of the use and occupancy of the Demised Premises by
Tenant (as opposed to office, showroom, warehouse and light manufacturing
use generally), Tenant shall make such alterations at its own cost and
expense after first obtaining Landlord’s written approval of plans and
specifications and furnishing such indemnification as Landlord may
reasonably require against liens, costs, damages and expenses arising out
of such alterations. Tenant shall warrant to Landlord that all such
alterations, additions, or improvements shall be in strict compliance
with all relevant laws, ordinances, governmental regulations and
insurance requirements. Construction of such alterations or additions
shall commence only upon Tenant obtaining and exhibiting to Landlord the
requisite approvals, licenses and permits And mechanic lien waivers or
other evidence of payment acceptable to Landlord. Unless otherwise agreed
to, all

7

 

alterations, installations, physical additions or improvements to the
Demised Premises, excluding attached equipment and/or fixtures installed
by Tenant which can be removed without permanent damage to the Demised
Premises (collectively, “Tenant’s Property”) made by Tenant shall at
once become the property of Landlord and shall be surrendered to
Landlord upon the termination of this Lease.

13.0 ACCESS TO DEMISED PREMISES:

Tenant,
agrees to permit Landlord and the authorised representatives of
Landlord to enter the Demised
Premises upon reasonable prior notice (except in the event of a bona
fide emergency) at all times during usual business hours for the purpose
of inspecting the same and making any necessary repairs to the Demised
Premises and performing any work therein that may be necessary to comply
with any laws, ordinances, rules, regulations or requirements of any
public authority or of the Board of Fire Underwriters or any similar
body or that Landlord may deem necessary to prevent waste or
deterioration in connection with the Demised Premises. Nothing herein
shall imply any duty upon the part of Landlord to do any such work
which, under any provision of this Lease, Tenant is required to perform
and the performance thereof by Landlord shall not constitute a waiver of
the Tenant’s default to perform the same. Landlord may, during the
progress of any work in the Demised Premises or Building, keep and store
upon the Demised Premises or Building all necessary materials, tools,
and equipment Any such work shall be performed in a manner intended to
minimize interference with the conduct of Tenant’s business at and from
the Demised Premises.

Landlord reserves the right to enter upon the Demised Premises (a) at
any time in the event of an emergency and (b) at reasonable hours on
reasonable prior notice to exhibit the Demised Premises to prospective
purchasers or investors or lenders; and to exhibit the Demised Premises
to prospective tenants during the last one hundred twenty (120) days of
the term of this Lease, all without hindrance by Tenant,

14.0 REMOVAL OF FIXTURES

Notwithstanding anything contained elsewhere in this Lease, upon the
request of Landlord the Tenant shall promptly remove at its sole expense
all fixtures, equipment and alterations made by Tenant with notice from
Landlord that such future removal would be required, simultaneously with
vacating the Demised Premises and Tenant shall promptly restore the
Demised Premises to the condition that existed immediately prior to said
fixtures, equipment and alterations having been made.

15.0 ASSIGNMENT OR SUBLETTING:

Tenant agrees to use the Demised Premises throughout the entire term
hereof for the purpose herein specified and for no other purposes, and,
except as to an “Intracorporate Transfer” (as defined below), not to
transfer or assign this Lease or sublet said Demised Premises, or any
part thereof, whether by voluntary act, operation of law, or otherwise,
without obtaining the prior consent of Landlord in each instance. Tenant
shall seek such consent of Landlord by a written request therefor,
setting forth such information as Landlord may reasonably deem
necessary. Landlord agrees not to withhold, delay or condition consent
unreasonably. Consent by Landlord to any assignment of this Lease or to
any subletting of the Demised Premises shall not be a waiver of
Landlord’s right under this Article as to any subsequent assignment or
subletting. Landlord’s rights to assign this Lease are and shall remain
unqualified. No such assignment or subleasing shall relieve the Tenant
from any of Tenant’s obligations in this Lease contained, nor shall any
assignment or sublease or other transfer of this Lease be effective
unless the assignee, subtenant or transferee shall at the time of such
assignment, sublease or transfer, assume in writing for the benefit of
Landlord, its successors or assigns, all of the terms, covenants, and
conditions of this Lease thereafter to be performed by Tenant and shall
agree in writing to be bound thereby. Should Tenant sublease in
accordance with the terms of this Lease, fifty percent (50%) of any

8

 

increase in aggregate rental received by Tenant over the per square foot rental
rate which is being paid by Tenant shall be forwarded to and retained by
Landlord, which increase shall be in addition to the Base Rent and Additional
Rent due Landlord under this Lease.

Notwithstanding the foregoing to the contrary, Tenant shall have the right,
upon notice to but without the consent of Landlord, to assign this Lease or
sublet the Demised Premises to a corporation, person or entity which: (i) is a
corporation, person or entity in which Tenant, Tenant’s parent or an affiliate
of Tenant owns, or the shareholders of Tenant or Tenant’s parent corporation
own, in excess of fifty percent (50%) of the outstanding capital stock or
ownership interest; or (ii) as a result of a consolidation, merger or other
reorganization with Tenant and/or Tenant’s parent corporation; or (iii)
acquires or is acquiring all or substantially all of the outstanding capital
stock or assets of Tenant or Tenant’s parent; or (iv) as a result of a change
of the domicile of Tenant or the reincorporation of Tenant in another
jurisdiction, shall own all or substantially all of the assets of Tenant
(collectively, an “Intracorporate Transfer”).

Any
assignment or subletting pursuant to (i) – (iv) above, inclusive, shall be
subject to the following conditions: (a) Tenant shall remain fully liable
during the unexpired term of this Lease, including any exercised renewal or
extension options; (b) the assignee or subtenant pursuant to (ii) or (iii)
shall assume the obligations of Tenant under this Lease without thereby
releasing the Tenant; and (c) any such assignment or subletting shall be
subject to all of the terms, covenants and conditions of this Lease.

16.0 SUCCESSORS AND ASSIGNS:

The terms, covenants and conditions hereof shall be binding upon and inure to
the successors and assigns of the parties hereto,

17.0 NOTICES:

Any notice required or permitted under this Lease shall be deemed sufficiently
given or secured if sent by registered or certified return receipt mail to
Tenant at the Demised Premises, Attn: President, and at
                  ,
Attn: President, and to Landlord at the address then fixed for the
payment of rent as provided in Article 4.0 of this Lease and either party may
by like written notice at any time designate a different address to which
notices shall subsequently by sent or rent to be paid

18.0 SURRENDER:

On the Expiration Date or upon the termination hereof upon a day other than the
Expiration Date, Tenant shall peaceably surrender the Demised Premises in the
condition in which the Demised Premises were delivered to Tenant as set forth
in Section 1.0 hereof, reasonable wear and tear. Permitted alternations and
insured casualty only excepted; warehouse area in broom clean condition;
office/restroom area vacuumed and cleaned. On or before the Expiration Date or
upon termination of this Lease on a day other than the Expiration Date, Tenant
shall, at its expense, remove all trade fixtures, personal property and
equipment and signs from the Demised Premises and any property not removed
shall be deemed to have been abandoned. Any damage caused in the removal of
such items shall be repaired by Tenant and at its expense. All alterations,
additions, improvements and fixtures (other than Tenant’s Property) which shall
have been made or installed by Landlord or Tenant upon the Demised Premises and
all floor covering so installed shall remain upon and be surrendered with the
Demised Premises as a part thereof, without disturbance, molestation or injury,
and without charge, at the expiration or termination of this Lease If the
Demised Premises are not surrendered on the Expiration Date or the date of
termination, Tenant shall indemnify Landlord against loss or liability or
claims made by any succeeding Tenant resulting from such delay. Tenant shall
promptly surrender all keys for the Demised Premises to

9

 

Landlord at the place then fixed for payment of rent and shall
inform Landlord of combinations of any locks and safes on the
Demised Premises.

19.0 HOLDING OVER:

In the event of a holding over by Tenant after expiration or termination
of this Lease without the consent in writing of Landlord, Tenant shall
be deemed a Tenant at sufferance and shall pay rent for such occupancy
at the rate of 150% of the last-current aggregate Base and Additional
Rent, prorated for the entire holding over period. Except as otherwise
agreed, any holding over with the written consent of Landlord shall
constitute Tenant a month-to-month lease. Upon entry into a lease
renewal following the payment of Holdover Rent, the Landlord shall
refund such holdover rent.

20.0 MINIMUM TEMPERATURE:

Tenant shall maintain a minimum temperature in the Demised Premises
of 40 degrees during the Lease Term.

21.0 DEFAULT OF TENANT:

	 	a.	 	In the event of any failure of Tenant to pay any
rental due hereunder within ten (10) days after the same becomes
due or any failure to perform any other terms, conditions or
covenants of this Lease to be observed or performed by Tenant
for more than thirty (30) days after written notice of such
failure shall have been given to Tenant, or if Tenant or an
agent of Tenant shall intentionally falsify any report required
to be furnished to Landlord pursuant to the terms of this Lease,
or if Tenant or any guarantor of this Lease shall become
bankrupt or insolvent, or file any debtor proceedings or any
person shall take or have against Tenant or any guarantor of
this Lease in any court pursuant to any statute either of the
United States or of any state a petition in bankruptcy or
insolvency or for reorganization or for the appointment of a
receiver or trustee of all or a portion of Tenant’s or any such
guarantor’s property, or if Tenant or any such guarantor’s
property, or if Tenant or any such guarantor makes an assignment
for the benefit of creditors, or if Tenant shall suffer this
Lease to be taken under any writ of execution, then in any such
event Tenant shall be in default hereunder, and Landlord, in
addition to other rights or remedies it may have, shall have,
upon receipt of an order so stating from a court of competent
jurisdiction, the immediate right of re-entry and may in such
event remove all persons and property from the Demised Premises
and such property may be removed and stored in a public
warehouse or elsewhere at the cost of, and for the account of
Tenant, without being guilty of trespass.
	 
	 	b.	 	Should Landlord elect to re-enter the Demised
Premises, as herein provided, or should it take possession of
the Demised Premises pursuant to legal proceedings, it may
either terminate this Lease or it may from time to time, without
terminating this Lease, make such alterations and repairs as may
be necessary in order to relet the Demised Premises, and relet
the Demised Premises or any part thereof for such term or terms
(which may be for a term extending beyond the term of this
Lease) and at such rental or rentals and upon such other terms
and conditions as Landlord in its sole discretion may deem
advisable. In such event Landlord shall undertake reasonable
efforts to mitigate damages, it being understood and agreed that
reasonable efforts by the Landlord do not include the
expenditure of funds by Landlord for which reimbursement by
Tenant has not been made or assured or the reletting of the
Demised Premises in lieu of other

10

 

	 	 	 	available premises owned by the Landlord or its owners and affiliates. Upon
each such subletting all rentals received by the Landlord from such reletting
shall be applied first to the payment of any indebtedness other than rent due
hereunder from Tenant to Landlord; second, to the payment of that portion of
any costs and expenses of such reletting amortized over the initial term of the
successor lease which is allocable to the remainder of the remaining Term of
this Lease, including reasonable brokerage fees and reasonable attorney’s fees
and costs of alterations and repairs made to the Demised Premises in connection
with such reletting., third, to the payment of the rent due and unpaid
hereunder, and the residue, if any shall be held by Landlord and applied in
payment of future rent as the same may become due and payable hereunder. If
such rentals received from such reletting during any month be less than that to
be paid during that month by Tenant hereunder, Tenant, upon demand, shall pay
any such deficiency to Landlord. No such re-entry or taking possession of the
Demised Premises by Landlord shall be construed as an election on its part to
terminate this Lease unless a written notice of such intention be given to
Tenant or unless the termination thereof be decreed by a court of competent
jurisdiction. Notwithstanding any such reletting without termination, Landlord
may at any time after such re-entry and reletting elect to terminate this Lease
for such previous breach. Should Landlord at any time terminate this Lease for
any such breach, in addition to any other remedies it may have, it may recover
from Tenant all damages (excluding indirect or consequential damages) it may
incur by reason of such breach, including the cost of recovering the Demised
Premises, reasonable attorney’s fees and costs incurred in enforcing Landlord’s
remedies hereunder, the unamortized portion of any leasehold improvements made
by Landlord for Tenant and including the worth at the time of such termination
of the excess, if any, of the amount of rent and charges equivalent to rent
reserved in this Lease for the remainder of the stated term over the then
reasonable rental value of the Demised Premises for the remainder of the stated
term, all of which amounts shall be immediately due and payable from Tenant to
Landlord subject to a reasonable present value discount at the “prime” or
“reference” rate then announced at Wells Fargo Bank, N.A., Minneapolis office,
or its successors and assigns (the “Prime Rate”).
	 
	 	c.	 	Landlord may, at its option, instead of exercising any other rights or
remedies available to it in this Lease or otherwise by law, statute or equity,
spend such money as is reasonably necessary to cure any default of Tenant
herein and the amount so spent, and costs incurred, including reasonable
attorney’s fees in curing such default, shall be paid by Tenant, as additional
rent, upon demand.
	 
	 	d.	 	In the event suit shall be brought for recovery of possession of the Demised
Premises, for the recovery of rent or any other amount due under the provisions
of this Lease, or because of the breach of any other covenant herein contained
on the part of the Tenant to be kept or performed, and a breach shall be
established, Tenant shall pay to Landlord all reasonable expenses incurred
therefor, including reasonable attorney’s fees and costs, together with
interest on all such expenses at the rate of four percent (4%) per annum in
excess of the Prime Rate (the “Default Rate”) from the date of such breach of
the covenants of this Lease.
	 
	 	e.	 	In the event of a default by Tenant hereunder, except as otherwise expressly
provided herein, Tenant waives any demand for possession of the Demised
Premises, and any demand for payment of rent and any notice of intent to
re-enter the Demised Premises, or of intent to terminate this Lease, other than
the notices above provided in this Article, and any other notice or demand
prescribed by any applicable statutes or laws.

11

 

	 	f.	 	No remedy herein or elsewhere in this Lease or otherwise by
law, statute or equity, conferred upon or reserved to Landlord
or Tenant shall be exclusive of any other remedy, but shall be
cumulative, and may be exercised from time to time and as
often as the occasion may arise.

22.0 DEFAULT OF LANDLORD:

The failure of Landlord to perform or observe any of the covenants,
provisions or conditions contained in this Lease on its part to be
performed or observed within thirty (30) days after written notice of
default shall be considered a “Landlord Default” for purposes of this
Lease. In the event of a Landlord Default, Tenant may, in addition to
any other rights and remedies allowed by applicable law, and except as
otherwise expressly set forth herein, cause such default to be cured and
deduct from its next due installments of Rent hereunder, all reasonable
costs and expenses incurred by Tenant in doing so. Notwithstanding the
foregoing to the contrary, in the event that Landlord shall, within
thirty (30) days after receipt of any notice of default from Tenant,
provide notice to Tenant that Landlord in good faith disputes that
Landlord is in default in the performance of any obligation hereunder (a
“Dispute Notice”), Tenant shall not offset or deduct any amounts from
any installments of Rent unless and until such bona fide dispute shall
have been resolved in Tenant’s favor under a “reference proceeding” in
accordance with the provisions set forth below.

Such reference proceeding shall be conducted in accordance with the
procedures set forth below for a determination which will be binding
upon the parties, and subject to an appeal only to the extent a binding
arbitrator’s award would be appealable under the rules of the American
Arbitration Association (“AAA”). The parties agree specifically as to
the following:

	 	(i)	 	Within fifteen (150) business days after service of a Dispute
Notice, the parties will
agree upon a single neutral referee from among a pool of
mediators and other “neutrals” provided by the Ramsey
County Bar Association who will then try all issues,
whether of fact or law, and then report a finding
judgment thereon. If the parties are unable to agree upon
a referee, either party may seek appointment of a referee
by a judge of the Ramsey County District Court.
	 
	 	(ii)	 	The compensation of the referee shall be such
charge as is customarily charged by the referee for like
services. The cost of such proceedings will initially be
borne equally by the parties. However, the prevailing party
in such proceedings shall be entitled, in addition to all
other costs, to recover its contribution for the cost of the
reference as an item of damages and/or recoverable costs.
	 
	 	(iii)	 	If a reporter is requested by either party, then a reporter
will be present at all
proceedings, and the fees of such report shall be borne by
the party requesting such reporter. Such fees will be an
item of recoverable costs. Only a party will be authorized
to request a reporter.
	 
	 	(iv)	 	The referee will apply the substantive law
of Minnesota in deciding the issues to be heard.
	 
	 	(v)	 	Notice of any motions before the referee will
be given, and all matters shall be set at the convenience of
the referee.
	 
	 	(vi)	 	The parties agree that they will in good faith
endeavor to cause any such dispute to be decided within three
(3) months. The date of hearing for any proceeding will be
determined by agreement of the parties and the referee, or if
the parties cannot agree, then by the referee.

12

 

	 	(vii)	 	The referee shall have the power to make a determination
as to the existence of a default on the part of the Landlord, the
reasonable costs to cure such default and Tenant’s right to
recover the cost of cure from the Landlord. Consequential and
incidental damages shall not be recoverable in these proceedings.

23.0 EMINENT DOMAIN:

In the event of any eminent domain of condemnation proceeding or private sale
in lieu thereof in respect to the Building during the term thereof, the
following provisions shall apply:

	 	a.	 	If the whole of the Building shall be acquired or condemned by
eminent domain for any public or quasi-public purpose, the term of
this lease shall cease and terminate as of the date possession shall
be taken in such proceedings and all rentals shall be paid up to that
date.
	 
	 	b.	 	If any part constituting less than the whole of the Building
shall be acquired or condemned as aforesaid, and in the event that
such partial taking or condemnation shall materially affect the
Demised Premises so as to render the Demises Premises unsuitable for
the business of the Tenant, in the reasonable opinion of Tenant, then
the term of this Lease shall cease and terminate as of the date
possession shall be taken by the condemning authority and rent shall
be paid to the date of such termination.
	 
	 	 	 	In the event of a partial taking or condemnation of the Building which
shall not materially affect the Demised Premises so as to render the
Demised Premises unsuitable for the business of the Tenant, in the
reasonable opinion of the Tenant, this Lease shall continue in full
force and effect with a proportionate abatement of the Base Rent and
Additional Rent based on the portion, if any of the Demised Premises
taken. Landlord reserves the right, at its option, to restore the
building and the Demised Premises to substantially the same condition as
they were prior to such condemnation. In such event, Landlord shall give
written notice to Tenant, within 30 days following the date possession
shall be taken by the condemning authority, of Landlord’s intention to
restore. Upon Landlord’s notice of election to restore, Landlord shall
commence restoration and shall restore the Building and the Demised
Premises with reasonable promptness, subject to delays beyond Landlord’s
control and delays in the making of condemnation or sale proceeds
adjustments by Landlord; and Tenant shall have no right to terminate
this Lease except as provided above. Upon completion of such
restoration, the rent shall be equitably adjusted based upon the
portion, if any, of the Demised Premises restored.
	 
	 	c.	 	Except as set forth in subsection (d) below, in the event of any
condemnation or taking as aforesaid, whether whole or partial, the
Tenant shall not be entitled to any part of the award paid for such
condemnation and Landlord is to receive the full amount of such award,
the Tenant hereby expressly waiving any right to claim to any part
thereof.
	 
	 	d.	 	Although all damages in the event of any condemnation shall
belong to the Landlord whether such damages are awarded as
compensation for diminution in value of the leasehold or to the fee of
the Demised Premises, Tenant shall have the right to claim and recover
from the condemning authority, but not from Landlord, such
compensation as may be separately awarded or recoverable by Tenant in
Tenant’s own right on account of any and all damage to Tenant’s
business by reason of the condemnation and for or on account of any
cost or loss to which Tenant might be put in removing Tenant’s
merchandise, furniture, fixtures, leasehold

13

 

	 	 	 	improvements and equipment, or for moving expenses. However, Tenant shall
have no claim against Landlord or make any claim with the condemning
authority for the loss of its leasehold estate, any unexpired term or
loss of any possible renewal or extension of said lease or loss of any
possible value of said lease, any unexpired term, renewal or extension of
said lease.

24.0 RULES AND REGULATIONS. INTENTIONALLY OMITTED

25.0 CONDITION AFFECTING HEALTH AND SAFETY:

In the event that any condition not caused by Tenant, its employees, agents or
contractors, exists or arises in the Building or on the Property which has been
determined by a qualified third party to constitute a material risk to the
health or safety of Tenant’s employees, invitees or licensees and Tenant has
provided Landlord with written notice of such condition and the third party
opinion with respect thereto and, as a result thereof, Tenant, in its
reasonable business discretion, elects to cease the use of that portion of the
Demised Premises which has been determined by such third party to constitute
such risk. Base and Additional Rent shall abate equitably until Landlord shall
correct such condition. In addition, if Landlord fails to correct such
condition within one hundred eighty (180) days after written notice thereof
from Tenant, Tenant shall have the right to terminate this Lease by written
notice to Landlord.

26.0 DAMAGE OR DESTRUCTION:

In the event of any damage or destruction to the Premises by fire or other
cause during the term hereof, the following provisions shall apply:

	 	a.	 	If the Building is damaged by fire or any other cause to such
extent that the cost of restoration, as reasonably estimated by
Landlord, will equal or exceed thirty percent (30%) of the replacement
value of the Building (exclusive of foundations) just prior to the
occurrence of the damage, then Landlord may, not later than the
sixtieth (60th) day following the damage, give Tenant written notice of
Landlord’s election to terminate this Lease.
	 
	 	b.	 	If the cost of restoration as estimated by Landlord will equal or
exceed fifty percent (50%) of said replacement value of the Building
and if the Demised Premises are not suitable as a result of said damage
for the purposes for which they are demised hereunder, in the
reasonable opinion of Tenant, then Tenant may, no later than the
sixtieth (60th) day following the damage, give Landlord a written
notice of election to terminate this Lease.
	 
	 	c.	 	If the cost of restoration as reasonably estimated by Landlord
shall amount to less than thirty percent (30%) of said replacement
value of the Building, or if, despite the cost, Landlord does not elect
to terminate this Lease, Landlord shall restore the Building and the
Demised Premises with reasonable promptness, subject to delays beyond
Landlord’s control and delays in the making of insurance adjustments by
Landlord; and Tenant shall have no right to terminate this Lease except
as herein provided. Landlord shall not be responsible for restoring or
repairing leasehold improvements of the Tenant Notwithstanding the
foregoing to the contrary, if Landlord fails to complete such
restoration and provide to Tenant a Certificate of Occupancy with
respect to the Demised Premises issued by the City of Roseville,
Minnesota within one hundred eighty (180) days after the date of such
damage, Tenant shall have the option to terminate this Lease by written
notice to Landlord (a “Tenant Termination Notice”); provided, however,
that such Tenant Termination Notice shall not effective if Landlord
completes the

14

 

	 	 	 	required restoration work and delivers to Tenant the required Certificate
of Occupancy within thirty (30) days after the date of the Tenant
Termination Notice.
	 
	 	d.	 	In the event of either of the elections to terminate, this Lease
shall be deemed to terminate on the date of the receipt of the notice
of election and all rentals shall be paid up to that date. Tenant shall
have no claim against Landlord for the value of any unexpired term of
this Lease.
	 
	 	e.	 	In any case where damage to the Building shall materially affect
the Demised Premises so as to render them unsuitable in whole or in
part for the purposes for which they are demised hereunder, then,
unless such destruction was wholly or partially caused by the
negligence or breach of the terms of this Lease by Tenant, its
employees, contractors or licensees, in which case there shall be no
abatement of rent, a portion of the rent based upon the amount of the
extent to which the Demised Premises are rendered unsuitable shall be
abated until repaired or restored.

27.0 CASUALTY INSURANCE:

	 	a.	 	Landlord shall at all times during the term of this Lease, at its
expense, maintain a policy or policies, of insurance with premiums paid
in advance issued by an insurance company licensed to do business in
the State of Minnesota insuring the Building against loss or damage by
fire, explosion or other insurable hazards and contingencies for the
full replacement value, provided that Landlord shall not be obligated
to insure any furniture, equipment, machinery, goods or supplies not
covered by this Lease which Tenant may bring upon the Demised Premises
or any additional improvements which Tenant may construct or install on
the Demised Premises.
	 
	 	b.	 	Tenant shall not knowingly carry any stock of goods or do anything
in or about the Demised Premises which will in any way impair or
invalidate the obligation of the insurer under any policy of insurance
required by this Lease and will in any event remove any such goods or
case any such activity within fifteen (15) days after receipt of notice
from Landlord with respect thereto.
	 
	 	c.	 	Landlord hereby waives and releases all claims, liabilities and
causes of action against Tenant and its agents, servants and employees
for loss of damage to, or destruction of, the Building or any portion
thereof, including the buildings and other improvements situated
thereon, resulting from fire, explosion or the other perils included in
standard extended coverage insurance, whether caused by the negligence
of any of said persons or otherwise. Likewise, Tenant hereby waives and
releases all claims, liabilities and causes of action against Landlord
and its agents, servants and employees for loss of damage to, or
destruction of, any of the improvements, fixtures, equipment, supplies,
merchandise and other property, whether that of Tenant or of others in,
upon or about the Premises resulting from fire, explosion or the other
perils included in standard coverage insurance, whether caused by the
negligence of any of said persons or otherwise. The waiver shall remain
in force whether or not the Lessee’s insurer shall consent thereto.
	 
	 	d.	 	In the event that the use of the Demised Premises by Tenant
increases the premium rate for insurance carried by Landlord on the
improvements of which the Demised Premises are a part, Tenant shall pay
Landlord, upon demand, the amount of such premium increase. Landlord
represents that the use of the Demised Premises by the prior tenant
thereof did not cause such increase in Landlord’s insurance premiums.
If Tenant installs any electrical equipment that

15

 

	 	 	 	overloads the power lines to the building or its wiring, Tenant
shall, at its own expense, make whatever changes are necessary to
comply with the requirements of the insurance underwriter,
insurance rating bureau and governmental authorities having
jurisdiction.

28.0 COVENANTS TO HOLD HARMLESS:

Unless the liability for damage or loss is caused by the negligence of
Landlord, its agents, employees or contractors, Tenant shall hold
harmless Landlord from any liability for damages to any person or
property in or upon the Demised Premises and the Building, including the
person and property of Tenant and its employees and all persons in the
Building at its or their invitation or sufferance, and from all damages
resulting from Tenant’s failure to perform the covenants of this Lease.
Unless the liability for damage or loss is caused by the negligence of
Tenant, its agents, employees or contractors, Landlord shall hold
harmless Tenant from any liability for damages to any person or property
in or upon the Building (excluding the Demised Premises) or the Property,
including the person and property of Landlord and its employees and all
persons in the Building or on the Property. All property kept, maintained
or stored on the Demised Premises shall be so kept, maintained or stored
at the sole risk of Tenant. Tenant agrees to pay all sums of money in
respect of any labor, service, materials, supplies or equipment furnished
or alleged to have been furnished to Tenant in or about the Demised
Premises, and not furnished on order of Landlord, which may be secured by
any mechanic’s materialmen’s or other lien to be discharged at the time
performance of any obligation secured thereby matures, provided that
Tenant may contest such lien, but if such lien is reduced to final
judgment and if such judgment or process thereon is not stayed, or if
stayed and said stay expires, then and in each such event, Tenant shall
forthwith pay and discharge said judgment. Landlord shall have the right
to post and maintain on the Demised Premises, notices of
non-responsibility under the laws of the State of Minnesota.

29.0 NON-LIABILITY:

Except as otherwise expressly provided herein, (i) Landlord shall not be
liable for any damage to property of Tenant or of others located on the
Premises, nor for the loss or damage to any property of Tenant or of
others by theft or otherwise, (ii) Landlord shall not be liable for any
injury or damage to persons or property resulting from fire, explosion,
falling plaster, steam, gas, electricity, water, rain or snow or leaks
from any part of the Premises or from the pipes, appliances, or plumbing
works or from the roof, street or subsurface or from any other place or
by dampness or by any other cause of whatsoever nature; and (iii)
Landlord shall not be liable for any such damage caused by other Tenants
or persons in the Premises, occupants or adjacent property, of the
buildings, or the public or caused by operations in construction of any
private, public or quasi-public work Landlord shall not be liable for any
latent defect in the Demised Premises. All property of Tenant kept or
stored on the Demised Premises shall be so kept or stored at the risk of
Tenant only and Tenant shall hold Landlord harmless from any claims
arising out of damage to the same, including subrogation claims by
Tenant’s insurance carrier.

30.0 SUBORDINATION:

This Lease shall be subordinated to any mortgage that may now exist
or that may hereafter be placed upon the Demised Premises and to any
and all advances made thereunder, and to the interest upon the
indebtedness evidenced by such mortgages, and to all renewals,
replacements and extensions thereof, so long as such holder shall
agree in writing that it shall not disturb the possession and other
rights of Tenant under this Lease so long as Tenant is not in default
hereunder beyond any applicable cure periods. In the event of
execution by Landlord after the date of this Lease of any such
mortgage, renewal, replacement or extension, Tenant agrees to execute
a subordination agreement (an “SNDA”) with the holder thereof which
agreement shall provide that:

16

 

	 	a.	 	Such holder shall not disturb the possession and other rights of
Tenant under this Lease so long as Tenant is not in default hereunder
beyond any applicable cure periods;
	 
	 	b.	 	In the event of acquisition of title to the Demised Premises by
such holder, such holder shall accept the Tenant as Tenant of the
Demised Premises under the terms and conditions of this Lease and shall
perform all the obligations of Landlord hereunder; and
	 
	 	c.	 	The Tenant shall recognize such holder as Landlord hereunder.

As a condition to Tenant’s obligations hereunder, Landlord shall cause an SNDA
meeting the foregoing requirements and otherwise being acceptable to Tenant in
its commercially reasonable discretion to be executed by any party currently
holding a mortgage encumbering the Building or any other portion of the
Property within ninety (90) days of the date hereof.

Tenant shall, upon receipt of a request from Landlord therefor, execute and
deliver to Landlord or to any proposed holder of a mortgage or trust deed or to
any proposed purchaser of the Premises an Estoppel Letter containing customary
disclosures.

31.0 ATTORNMENT:

In the event of a sale or assignment of Landlord’s interest in the Building or
this Lease, or if the Building comes into custody or possession of a mortgagee
or any other party whether because of a mortgage foreclosure, or otherwise,
Tenant shall attorn to such assignee or other party and recognize such party as
Landlord hereunder; provided, however, Tenant’s peaceable possession will not
be disturbed so long as Tenant faithfully performs its obligations under this
Lease. Tenant shall execute, on demand, any attornment agreement required by
any such party to be executed, containing such provisions as such party may
reasonably require so long as the transferee shall assume in writing the
obligations of Landlord hereunder. Landlord shall have no further obligations
under this Lease after any such assignment.

32.0 NOVATION IN THE EVENT OF SALE:

In the event of the sale of the Demised Premises, Landlord shall be and hereby
is relieved of all of the covenants and obligations created hereby accruing
from and after the date of sale, so long as the purchaser shall assume and
agree to carry out all the covenants and obligations of Landlord herein.
Notwithstanding the foregoing provisions of this Section 30.0, Landlord, in the
event of a sale of the Demised Premises, shall cause to be included in this
agreement of sale and purchase a covenant whereby the purchaser of the Demised
Premises assumes and agrees to carry out all of the covenants and obligations
of Landlord herein.

The Tenant agrees at any time and from time to time (but not more often than
twice per year) upon not less than ten (10) days prior written request by the
Landlord to execute, acknowledge and deliver to the Landlord a statement in
writing certifying that this Lease is unmodified and in full force and effect
as modified and stating the modifications, and the dates to which the basic
rent and other charges have been paid in advance, if any, it being intended
that any such statement delivered pursuant to this paragraph may be relied upon
by any prospective purchaser of the fee or mortgagee or assignee or any
mortgage upon the fee of the Demised Premises.

17

 

33.0 QUIET ENJOYMENT:

Landlord warrants that it has full right to execute and to perform this Lease
and to grant the estate demised, and that Tenant, upon payment of the rents and
other amounts due and the performance of all the terms, conditions, covenants
and agreements on Tenant’s part to be observed and performed under this Lease,
may peaceably and quietly enjoy the Demised Premises for the business uses
permitted hereunder, subject, nevertheless, to the terms and conditions of this
Lease.

34.0 RECORDING:

Tenant shall not record this Lease without the written consent of Landlord.
However, upon the request of either party hereto, the other party shall join in
the execution of the Memorandum lease for the purposes of recordation. Said
Memorandum lease shall describe the parties, the Demised Premises and the term
of the Lease and shall incorporate this Lease by reference. This Article 34.0
shall not be construed to limit Landlord’s right to file this Lease.

35.0 CONSENTS:

Whenever provision is made under this Lease for either party securing the
consent or approval by the other party, such consent or approval shall only be
in writing.

36.0 DEFAULT RATE:

Any sums due from either party to the other shall, if not paid within ten (10)
days of the date due, bear interest at the Default Rate from the date due to
the date paid.

37.0 GENERAL:

	 	a.	 	The Lease does not create the relationship of principal and agent
or of partnership or of joint venture or of any association between
Landlord and Tenant, the sole relationship between the parties hereto
being that of Landlord and Tenant.
	 
	 	b.	 	No waiver of any default of Tenant hereunder shall be implied from
any omission by Landlord to take any action on account of such default
if such default persists or is repeated, and no express waiver shall
affect any default other than the default specified in the express
waiver and that only for the time and to the extent therein stated. One
or more waivers by Landlord shall not then be construed as a waiver of
a subsequent breach of the same covenant, term or condition. The
consent or approval by Landlord of any act by Tenant requiring
Landlord’s consent or approval shall not waive or render unnecessary
Landlord’s consent to or approval of any subsequent similar act by
Tenant. No action required or permitted to be taken by or on behalf of
Landlord under the terms or provisions of this Lease shall be deemed to
constitute an eviction or disturbance of Tenant’s possession of the
Demised Premises. All preliminary negotiations are merged into and
incorporated in this Lease. The laws of the State of Minnesota shall
govern the validity, performance and enforcement of this Lease.
	 
	 	c.	 	This Lease and the exhibits, if any, attached hereto and forming a
part hereof, constitute the entire agreement between Landlord and
Tenant affecting the Demised Premises and there are no

18

 

	 	 	 	other agreements, either oral or written, between them other than herein
set forth. No subsequent alteration, amendment, change or addition to
this Lease shall be binding upon Landlord or Tenant unless reduced to
writing and executed in the same form and manner in which this Lease is
executed.
	 
	 	d.	 	If any agreement, covenant or condition of this Lease or the
application thereof to any person or circumstance shall, to any extent,
be invalid or unenforceable, the remainder of this Lease, or the
application of such agreement, covenant or condition to persons or
circumstances other than those as to which it is held invalid or
unenforceable, shall not be affected thereby and each agreement,
covenant or condition of this Lease shall be valid and be enforced to
the fullest extent permitted by law.
	 
	 	e.	 	The captions are inserted only as a matter of convenience and
for reference, and in no way define, limit or describe the scope of
this Lease nor the intent or any provision thereof.
	 
	 	f.	 	Submission of this instrument to Tenant or proposed Tenant or his
agents or attorneys for examination, review, consideration or signature
does not constitute or imply an offer to lease, reservation of space,
or option to lease, and this instrument shall have no binding legal
effect until execution hereof by both Landlord/Owner and Tenant or its
agents.

38.0 LITIGATION COSTS:

If either party hereto initiates litigation (including without limitation a
reference proceeding under Section 22 hereof) to enforce the provisions of this
Lease against the other party, the prevailing party in such litigation shall be
entitled to reimbursement from the non-prevailing party of all reasonable and
documented costs and expenses, including reasonable attorneys’ fees, paid or
incurred by the prevailing party in connection with such litigation. The term
“prevailing party” shall be defined to mean the party whose position in such
litigation is substantially upheld in a final, non-appealable judgment rendered
in such action.

39.0 TENANT CONTENCIES:

The obligations of Tenant hereunder shall be contingent upon the following:

	 	(i)	 	Tenant obtaining at Landlord’s costs (not to exceed
$2,000.00), a Phase I Environmental Site Assessment of the Building
and the Property prepared by an environmental consultant reasonably
acceptable to Tenant (the “Phase I Report”), and approval of such
Phase I Report by Tenant within thirty (30) days from the date
hereof; and
	 
	 	(ii)	 	Closing on the acquisition by Tenant of the Intermittent
Testing Business Assets of Diametrics Medical, Inc., a Minnesota
corporation within ninety (90) days of the date hereof.

In the event that either of the contingencies described above is not satisfied
within the applicable contingency period set forth above or, if no period is
specified by the Commencement Date, Tenant may terminate this Lease by written
notice to Landlord prior to the expiration of the applicable contingency
period.

19

 

40.0 TENANT IMPROVEMENT ALLOWANCE:

Landlord will provide a Fifty Thousand and 00/100 Dollar ($50,000.00) cash
allowance to Tenant for Tenant Improvements (the “Tenant Improvement
Allowance”). The Tenant Improvement Allowance shall be used to reimburse Tenant
for the cost of improvements to the Demised Premises which have been approved
by Landlord, either prior to or after the Commencement Date, upon presentation
of lien waivers all the work having a cost in excess of $1,000.00.

     IN WITNESS WHEREOF, the Landlord and the Tenant have executed this lease
in form and manner sufficient to bind them at law, as of the day and year first
above written,

	 	 	 
	LANDLORD:

	 	TENANT:
	ROSEVILLE PROPERTIES MANAGEMENT

COMPANY, as agent for COMMERS-KLODT

PARTNERSHIP

	 	INTERNATIONAL TECHNIDYNE CORPORATION

	 	 	 
	/s/ Daniel P. Commers
	 	/s/ Lawrence Cohen
	
 
	 	
 
	Signature
	 	Signature
	 	 	 
	DANIEL P. COMMERS
	 	LAWRENCE COHEN
	
 
	 	
 
	Name (Print)
	 	Name (Print)
	 	 	 
	President
	 	President
	
 
	 	
 
	Title
	 	Title
	 	 	 
	9/26/03
	 	Sept 26, 2003
	
 
	 	
 
	Date Signed
	 	Date Signed

20

 

 

 

EXHIBIT A-l

LEGAL

Lot
1, Block 1, Patton Business Second Addition, according to the recorded
plat thereof, Ramsey County, Minnesota.

 

 

 

 

2640-2680 Patton Road, Roseville Business Commons

2003 ESTIMATED COMMON AREA MAINTENANCE (CAM) EXPENSES

Bldg. SF: 77707

	 	 	 	 	 	 	 	 	 	 	 
	 	 	$/Year
	 	$/SF/Yr
	 	Rationale

	Property/Liability Insurance
	 	$	9,474	 	 	$	0.12	 	 	Annual premium
	Snow Removal
	 	$	5,500	 	 	$	0.07	 	 	Nov-March contract plus salt/sand
	Lawn Care/Irrigation Repairs
	 	$	4,000	 	 	$	0.05	 	 	April-October contract Plant replacement
	Roof Maintenance
	 	$	2,000	 	 	$	0.03	 	 	Repairs, inspection
	Parking Lot Maintenance
	 	$	600	 	 	$	0.01	 	 	Repairs, sweeping, striping
	Building Repairs
	 	$	800	 	 	$	0.01	 	 	Estimate
	Window Cleaning
	 	$	450	 	 	$	0.01	 	 	2x/year- exterior only
	Maintenance Labor
	 	$	1,540	 	 	$	0.02	 	 	Estimate 4 hrs./month @ $32/hrs.
	HVAC Scheduled Maintenance
	 	$	4,800	 	 	$	0.06	 	 	4x/year inspec/tilters + condens clean
	Maintenance Supplies
	 	$	350	 	 	$	0.00	 	 	Estimate
	Pest Control
	 	$	400	 	 	$	0.01	 	 	Contract service
	Exterior Lighting
	 	$	1,400	 	 	$	0.02	 	 	Estimate
	FireSprinkler Alarm Monitoring
	 	$	1,500	 	 	$	0.02	 	 	Monitor contract/phones/inspection &  extinguish
	Administration/Management Fees
	 	$	45,000	 	 	$	0.58	 	 	Estimate on % of collected rents
	 
	 	 	
 	 	 	 	
 	 	 	 
	TOTALS:
	 	$	77,814	 	 	$	1.00 /SF/Yr	 	 
	 
	 	 	
 	 	 	 	
 	 	 	 

***Sewer/Water billed quarterly

2003 Est. Property Tax: $1.97 /SF/Yr

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}]]