Document:

EXHIBIT 10.5

QUALIFIED EXCHANGE ACCOMMODATION AGREEMENT

(REPLACEMENT PROPERTY HOLD)

EXCHANGE NO. 380271R-A

          THIS QUALIFIED EXCHANGE ACCOMMODATION AGREEMENT (“QEAA”) IS MADE AND ENTERED INTO AS OF MAY 5, 2006 BY AND BETWEEN NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION, A MINNESOTA CORPORATION (“EXCHANGOR”) AND NORTHERN TECHNOLOGIES HOLDING COMPANY, LLC, A MINNESOTA LIMITED LIABILITY COMPANY (“EAT”).

RECITALS

	
  
A.
  	
  
Exchangor presently owns   for investment purposes or for use in its trade or business certain property   (“Currently Held Property”) which Exchangor intends to identify as   relinquished property, and/or Exchangor has disposed of as relinquished   property certain property that Exchangor owned for investment purposes or   used in Exchangor’s trade or business (“Formerly Held Property”).
  
	
  
 
  	
  
 
  
	
  
B.
  	
  
Exchangor has transferred   or intends to transfer some or all of the identified Currently Held Property   and/or Formerly Held Property (the “Relinquished Property”) to one or more   third party buyers (the “Transferees”) pursuant to one or more purchase and   sale agreements to be entered into between Exchangor and the Transferee or   Transferees (each such agreement being referred to herein as a “Relinquished   Property Transfer Agreement”).    Exchangor has advised EAT that it intends to dispose of the   Relinquished Property through a qualified intermediary (the “QI”) within the   meaning of Treasury Regulation (“Treas. Reg.”) Section 1.1031(k)-1(g)(4) for   the purpose of effectuating a like-kind exchange (the “Exchange”) within the   meaning of Section 1031 of the Internal Revenue Code of 1986, as amended (the   “Code”).  Pursuant to the Exchange,   Exchangor and QI will enter
into an Exchange Agreement (the “Exchange   Agreement”).  First American Exchange   Company, LLC will act as the QI in connection with the Exchange.
  
	
   
  	
  
 
  
	
  
C.
  	
  
EAT is willing to   cooperate with and assist Exchangor and the QI in completing the Exchange   upon the terms and conditions provided herein.  To that end, EAT will act as an “Exchange Accommodation   Titleholder” as that term is defined in Internal Revenue Service Revenue   Procedure 2000-37, 2000-40 I.R.B. 1 (September 15, 2000)(“Rev. Proc.   2000-37”). Exchangor has entered into a purchase and sale agreement   (“Replacement Property Purchase Agreement”) to acquire replacement property   commonly known as 22 Village Parkway, Circle Pines and located in the County   of Anoka, State of Minnesota    (“Replacement Property”) more particularly described in Exhibit “A,”   attached hereto and made a part hereof, from the seller of such property   (“Seller”). Exchangor is contemporaneously herewith assigning Exchangor’s   rights under the Replacement Property Purchase Agreement to EAT pursuant
to   which assignment EAT will acquire from Seller the Replacement Property.
  
	
  
 
  	
  
 
  
	
  
D.
  	
  
EAT is also willing to   lease the Replacement Property to Exchangor or an affiliate thereof pursuant   to a lease in form and substance acceptable to EAT (“Lease”).  If improvements are to be constructed on   the Replacement Property, EAT is willing to enter into a Construction   Management Agreement in form and substance acceptable to EAT (the   “Construction Management Agreement”).    The Lease and/or Construction Management Agreement are to be executed   concurrently with the execution of this QEAA.  The improvements to be constructed on the Replacement Property   shall be referred to herein as the “Replacement Property Improvements.”  As used in this Agreement, the Replacement   Property shall include the Replacement Property Improvements that are   constructed on the Replacement Property by or on behalf of EAT during the   Parking Period, as defined below, in accordance with the Code and Rev. Proc
2000-37.
  

	
  
E.
  	
  
Subject to the terms of   this QEAA, EAT will: (1) to the extent required, borrow monies from a lender   or lenders pursuant to a credit agreement or agreements providing the terms   and conditions of the financing and/or from Exchangor pursuant to the terms   of a loan from Exchangor for the purpose of acquiring the Replacement   Property; (2) acquire title to the Replacement Property, and if applicable,   construct the Replacement Property Improvements on the Replacement Property;   and (3) enter into the Lease and/or the Construction Management Agreement.
  
	
  
 
  	
  
 
  
	
  
F.
  	
  
It is Exchangor’s intent   that the Replacement Property held by EAT represents replacement property in   an exchange that is intended to qualify for non-recognition of gain (in whole   or in part) under Section 1031 of the Code.    To effectuate the Exchange, Exchangor will:  (1) designate to QI the Replacement Property as “replacement   property” (within the meaning of Treas. Reg. § 1.1031(k)-1(a)); (2) assign   Exchangor’s rights under each Relinquished Property Transfer Agreement to QI   in order to allow QI to receive the net purchase price therefrom; (3) direct   the QI to obtain the right to acquire the Replacement Property from EAT; and   (4) direct QI to pay the purchase price for the Replacement Property and then   transfer, or cause the transfer of, title to and ownership of the Replacement   Property to Exchangor in order to complete the Exchange.
  

AGREEMENT

NOW THEREFORE, in consideration of the mutual premises set forth herein, the parties hereby agree as follows:

	
  
1.
  	
  
Acquisition and Ownership   of the Replacement Property by EAT.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
1.1.
  	
  
Assignment to EAT of   Replacement Property Purchase Agreement.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
1.1.1.
  	
  
Exchangor hereby assigns   to EAT Exchangor’s rights (but not its obligations) to acquire the   Replacement Property from the Seller pursuant to the terms of the Replacement   Property Purchase Agreement.  EAT   hereby accepts such assignment of Exchangor’s rights under the Replacement   Property Purchase Agreement.  In   addition, Exchangor shall obtain Seller’s written acknowledgment of the   notice of such assignment.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
1.1.2.
  	
  
Subject to the terms of   the Replacement Property Purchase Agreement, this QEAA and the assignment of   Replacement Property Purchase Agreement, EAT shall acquire title to the   Replacement Property.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
1.2.
  	
  
Compliance with Rev. Proc.   2000-37.  It is the intent of Exchangor and EAT in   entering into this QEAA to fully comply with all of the terms and conditions   of Rev. Proc. 2000-37.  Accordingly,   the parties agree to the following:
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
1.2.1.
  	
  
EAT shall acquire and hold   title to the Replacement Property for the benefit of Exchangor in order to enable   Exchangor to facilitate, under Section 1031 of the Code, and pursuant to Rev.   Proc. 2000-37, an exchange of the Relinquished Property for the Replacement   Property.
  

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1.2.2.
  	
  
To the extent consistent   with applicable law, Exchangor and EAT agree to report, or cause to be   reported, the acquisition, holding and disposition of the Replacement   Property consistently with the terms of Rev. Proc. 2000-37 for federal and   state income tax purposes, including, but not limited to treating EAT as the   beneficial owner of the Replacement Property for federal and state income tax   purposes from the date EAT acquires title thereto pursuant to the terms of   this QEAA until the Replacement Property is conveyed by EAT to Exchangor or   to another person in compliance with the terms of this QEAA.  In connection therewith, Exchangor shall   provide to EAT within thirty days after the completion of the Exchange all   information necessary to prepare such tax returns, including, without   limitation, a summary of the expenses for the Replacement Property, in a   format acceptable to EAT. Exchangor may use the form attached hereto as   Exhibit
“B” to report such information, or any other form reasonably   acceptable to EAT and Exchangor.  EAT   shall have no obligation to report any information on its tax return other   than what is supplied by Exchangor.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
1.2.3.
  	
  
Exchangor shall, on or   before the expiration of forty-five (45) days after the date on which EAT   first acquires title to the Replacement Property, identify the Currently Held   Properties and/or Formerly Held Properties, which may consist of one or more   real properties or interests therein owned by Exchangor, which are to be   exchanged by Exchangor for the Replacement Property.  Such identification shall be effectuated   by one or more written notices signed by Exchangor, which written notices   shall be hand delivered, mailed (certified, return receipt requested) or sent   by facsimile to QI before the expiration of such 45-day period referred to   above, and shall otherwise comply with the requirements of Treas. Reg.   §1.1031(k)-1(c) (to the extent such regulation is applicable to this   transaction under the terms of Rev. Proc. 2000-37).  Exchangor may, at any time prior to the expiration of such   45-day period, revoke identification and
(at the option of Exchangor)   identify one or more substitute Currently Held Properties or Formerly Held   Properties.  Any such revocation shall   be made pursuant to the Code and applicable regulations, and shall be   accomplished solely by written notice signed by Exchangor and hand delivered,   mailed (certified, return receipt requested) or sent by facsimile to QI   before the expiration of such 45-day period.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
1.2.4.
  	
  
Exchangor acknowledges   that Rev. Proc. 2000-37 requires that a safe harbor reverse and/or   improvement exchange be completed (including the transfer of the relinquished   property to a third party buyer and the transfer of the Replacement Property   to Exchangor) within 180 days from the date that EAT acquires title to the   Replacement Property (the “Parking Period”).    In no event shall EAT be required to hold title to the Replacement   Property longer than the Parking Period.    Exchangor also acknowledges that the Exchange must be completed prior   to the expiration of the “exchange period” as defined in Treas. Reg. Section   1.1031(k)-1(b).
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
1.3.
  	
  
Financing and Non-Recourse   Language.

 
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
 	
  1.3.1.

  	
  
The acquisition of the   Replacement Property, including the cost to design and construct any   Replacement Property Improvements which are undertaken by EAT pursuant to   Section 1.8 hereof, shall be funded as set forth below.

  

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1.3.1.1.
  	
  
Exchange Proceeds.    In the event there are funds being held by QI from the sale of   Relinquished Property, those funds, less fees and costs as provided in the   Exchange Agreement (the “Exchange Proceeds”) will be supplied by QI except to   the extent Exchangor elects to cause funds to be supplied by loans described   below in Sections 1.3.1.2 and 1.3.1.3.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
 
  	
  
1.3.1.2.
  	
  
Third Party Loans.    At Exchangor’s request, EAT shall borrow funds (the “Third Party   Loan”) from a lender or lenders (“Lender”) pursuant to and in accordance with   the terms and conditions acceptable to Exchangor and EAT, which terms shall   be as set forth in the credit agreement or agreements (“Credit Agreement”)   including refinancing, renewals, extensions and modifications thereof, all of   which shall be completely non-recourse to EAT and to the sole member of EAT   (with no carve-outs to the non-recourse provision) and shall permit transfer   of the Replacement Property to Exchangor.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
1.3.1.3.
  	
  
Exchangor Loan.    In the event the Exchange Proceeds and/or the Third Party Loan funds   are insufficient to acquire the Replacement Property and pay the items listed   below, Exchangor agrees to lend to EAT sufficient funds to enable EAT to   purchase the Replacement Property and pay any and all required closing costs,   loan fees and costs, transfer and mortgage taxes (including documentary stamp   taxes and intangible taxes), insurance premiums and other expenses incurred   by EAT and approved by Exchangor in connection with the purchase of the   Replacement Property by EAT, the holding costs thereof (to the extent not   paid by Exchangor as rent) and the construction of Replacement Property   Improvements.  Such loan (the   “Exchangor Loan”) shall be completely non-recourse to EAT and to the sole   member of EAT (with no carve-outs to the non-recourse provision) and shall be   evidenced by a non-recourse promissory note (the
“Exchangor Note”) in form   and substance acceptable to EAT.  The   Exchangor Loan shall also include any amounts funded under the loan described   in Section 1.3.4 below.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
1.3.2.
  	
  
No Obligation to Advance   Funds.  EAT shall have no obligation to advance   funds to acquire, own, manage, lease or transfer the Replacement Property or   construct the Replacement Property Improvements in excess of the aggregate of   any of the following that apply: (i) the Third Party Loan, (ii) the Exchangor   Loan and (iii) Exchange Proceeds.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
1.3.3.
  	
  
Non-Recourse.  Neither   EAT nor the sole owner of EAT shall have any personal liability in connection   with the Third Party Loan or the Exchangor Loan.  Any and all promissory notes, loan documents and other   agreements and documents to be signed by EAT in connection with the Third   Party Loan or the Exchangor Loan, or related to the ownership, maintenance or   operation of the Replacement Property or the construction of the Replacement   Property Improvements, shall contain non-recourse language as set forth in   Exhibit “C” attached hereto, without any exceptions or carve-outs to the   non-recourse language.
  

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1.3.4.
  	
  
Amortization of Principal.    If the Credit Agreement requires that EAT make any principal payments   to the Lender, Exchangor shall make such principal payments on behalf of EAT   directly to the Lender in a timely manner and each payment shall be accounted   for between Exchangor and EAT as an interest-free and unsecured loan from   Exchangor to EAT.  Neither EAT nor the   sole member of EAT shall have any obligation to repay the loan obligations   incurred by EAT, except as otherwise provided in this Section 1.3.4.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
1.4.
  	
  
Environmental Report.    Prior to the acquisition of the Replacement Property, Exchangor shall,   at Exchangor’s expense, provide EAT with a “Phase 1” environmental report on   the Replacement Property.  EAT’s   obligation to acquire title to the Replacement Property shall be subject to   its review and approval, in its sole discretion, of the “Phase 1” environmental   report of the Replacement Property.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
1.5.
  	
  
Lease and Construction   Management Agreement.  Simultaneously with and as a condition   concurrent with the acquisition of the Replacement Property, EAT and   Exchangor or an affiliate of Exchangor shall enter into the Lease and/or   Construction Management Agreement.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
1.6.
  	
  
Insurance.    Simultaneously with and as a condition concurrent with the acquisition   of the Replacement Property, Exchangor shall obtain commercial general   liability insurance, property insurance, builder’s risk insurance and other   insurance in accordance with the requirements of the Lease and/or the   Construction Management Agreement, or as otherwise approved by EAT, insuring   both Exchangor and EAT with respect to the Replacement Property.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
1.7.
  	
  
Title Insurance.    Simultaneously with and as a condition concurrent with the acquisition   of the Replacement Property, Exchangor shall cause a title insurance binder   (or if not available, a title insurance policy) to be issued to EAT in the   amount of the Purchase Price of the Replacement Property.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
1.8.
  	
  
Construction of   Replacement Property Improvements. If so requested by Exchangor, EAT shall construct the Replacement Property Improvements; provided that   the construction of the Replacement Property Improvements shall be performed   pursuant to the Construction Management Agreement and shall be managed by the   Construction Manager named in the Construction Management Agreement.   Construction shall commence as soon as reasonably possible after the   Replacement Property is acquired, all documents acceptable to EAT and   Exchangor are signed, financing acceptable to EAT and Exchangor has been   obtained, all permits and approvals have been obtained, insurance has been   obtained with EAT listed as an insured or additional insured, and all other   applicable terms and conditions of this QEAA have been fulfilled.  Notwithstanding anything in this QEAA or   any other document, agreement or instrument to the contrary, EAT is not   responsible for
monitoring the construction of the Replacement Property   Improvements, the ability to obtain tax credits or condominium status, or for   the performance or nonperformance by the architect or by the general   contractor or any of its subcontractors under the construction contract.  EAT is also not responsible for the   quality of workmanship or materials with respect to the Replacement Property   Improvements.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
1.9.
  	
  
Fees Payable to EAT.    Exchangor agrees to pay to EAT for its services hereunder the fees   (“Fee”) set forth in the Fee Schedule attached hereto as Exhibit “D.”
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
2.
  	
  
Exchange Cooperation.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
2.1.
  	
  
Transfer of Relinquished   Property and Replacement Property; QI Assignment
  

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2.1.1.
  	
  
At any time prior to the   expiration of the Parking Period, Exchangor shall have the right to purchase   the Replacement Property from EAT for the Purchase Price (as defined in   Section 2.2.1.1 hereof).  Exchangor   shall exercise its option to purchase the Replacement Property from EAT by   giving written notice thereof to EAT, provided that the closing date shall be   within the Parking Period. The transfer of ownership of the Replacement   Property shall be accomplished either by a deed to Exchangor or, at   Exchangor’s option, by an assignment of the sole membership interest in EAT   (provided that EAT is a single member limited liability company) to   Exchangor.  Exchangor’s obligation to   accept title to the Replacement Property at such closing shall be as provided   in Section 2.4 hereof.  Exchangor   acknowledges that the transfer of the Replacement Property to Exchangor   should occur only after the transfer of the Relinquished
Property to the   Transferees.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
2.1.2.
  	
  
Exchangor shall assign to   QI Exchangor’s rights under this QEAA to acquire the Replacement Property   pursuant to a form of QI Assignment described in Treas. Reg. §   1.1031(k)-1(g)(4)(v).  The QI   Assignment shall provide for EAT to deliver title to and ownership of the   Replacement Property (either by a deed or by the assignment of the sole   membership interest in EAT) directly to Exchangor without the need for QI to   take title thereto.  EAT will provide   a written acknowledgement of receiving notice of the QI Assignment.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
2.1.3.
  	
  
Exchangor shall also   assign to QI Exchangor’s rights (but not its obligations) under the   Relinquished Property Transfer Agreement to sell the Relinquished Property to   the Transferees pursuant to a form of QI Assignment described in Treas. Reg.   § 1.1031(k)-1(g)(4)(v).  The QI   Assignment shall provide for Exchangor to deliver title to and ownership of   the Relinquished Property directly to such Transferees without the need for   QI to take title thereto.  In   addition, Exchangor shall obtain such Transferee’s written acknowledgment of   the notice of such assignment.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
2.1.4.
  	
  
Exchangor shall direct QI   to use the Exchange Proceeds to acquire the Replacement Property from EAT for   an amount equal to the Purchase Price, as provided in Section 2.2, and shall   supply to QI any additional funds needed to make such purchase, in excess of   the funds and credits described in Section 2.2.2.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
2.1.5.
  	
  
Upon receipt of the   Purchase Price from QI, and consistent with the QI Assignment, EAT shall   deliver to QI or, upon the direction of QI, to Exchangor a conveyance of   title to the Replacement Property (“Replacement Property Deed”), or in the   alternative, the sole member of EAT shall deliver its one hundred percent   membership interest in EAT (“Assignment of Membership Interest”) to   Exchangor, using the form of assignment attached hereto as Exhibit “E.”
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
2.1.6.
  	
  
At Exchangor’s request, EAT   shall assign to Exchangor (without representation, covenant, warranty or   variance) all representations, warranties and covenants from the Seller   pertaining to the Replacement Property which have been obtained by EAT and   all of EAT’s rights and obligations (which Exchangor shall assume) under the   Lease.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
2.2.
  	
  
Purchase Price and Terms.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
2.2.1.
  	
  
For purposes of this QEAA,   the following definitions shall apply:
  

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2.2.1.1.
  	
  
“Purchase Price” shall   mean (i) the purchase price paid by EAT to Seller to acquire the Replacement   Property (including any debt assumed or taken subject to), and (ii) the sum   of any and all unreimbursed costs, liabilities and expenses of any kind   incurred by EAT in connection with the acquisition, ownership, lease,   operation, maintenance and transfer of the Replacement Property and the   design and construction of the Replacement Property Improvements, including,   without limitation, all sales, transfer or other taxes, and all charges,   expenses and closing costs paid by EAT in connection with the acquisition,   ownership and the transfer of the Replacement Property, all interest and   stated fees (including accrued but unpaid pre-payment fees in connection with   mandatory pre-payments) under the Third Party Loan and the Exchangor Loan,   all title search expenses and title insurance premiums and all taxes and   other ownership costs of the
Replacement Property; provided, however,   Exchangor shall have approved all costs under subsection (ii) in writing   before EAT incurs such costs.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
2.2.1.2.
  	
  
The Purchase Price shall   not include costs and expenses that have been paid by Exchangor as rent   pursuant to the Lease.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
2.2.2.
  	
  
The Purchase Price shall   be paid as follows:
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
 
  	
  
2.2.2.1
  	
  
In cash, but only to the   extent of Exchange Proceeds deposited at closing by the QI, plus
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
2.2.2.2
  	
  
In the form of a credit   for any remaining liabilities owed to Lender pursuant to Credit Agreement   which are assumed by Exchangor or which the Exchangor agrees to acquire the   Replacement Property “subject to,” plus
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
2.2.2.3
  	
  
In the form of a credit   for any remaining amount due Exchangor pursuant to the Exchangor Loan.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
2.2.3.
  	
  
EAT shall use the Purchase   Price as follows:
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
2.2.3.1
  	
  
First, to pay any and all   unpaid costs and expenses incurred by EAT in connection with the acquisition,   ownership, leasing, operation, maintenance, financing and transfer of the   Replacement Property, and the construction of any Replacement Property   Improvements,
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
 
  	
  
2.2.3.2
  	
  
Second, to pay all   principal and interest (if any) on the Exchangor Loan,
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
2.2.3.3
  	
  
Third, to pay principal   and interest on the Third Party Loan, to the extent requested by Exchangor.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
2.2.3.4
  	
  
If there is any excess   cash after paying such amounts, such excess shall be paid to Exchangor, or at   the request of Exchangor, shall be used by QI in connection with the   acquisition of another replacement property.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
2.3.
  	
  
Casualty &   Condemnation; Liens
  

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2.3.1.
  	
  
At such time as EAT   delivers the Replacement Property Deed or Assignment of Membership Interest   to Exchangor pursuant to Section 2.1.5 hereof, EAT shall also deliver to   Exchangor, less costs incurred in pursuing such entitlement (i) any insurance   or condemnation proceeds pertaining to the Replacement Property which EAT may   have received, except to the extent such proceeds have been expended for the   restoration or repair of the Replacement Property or otherwise applied as   required under the Credit Agreement, or applied in accordance with the Lease,   and (ii) assignments of any insurance or condemnation proceeds pertaining to   the Replacement Property which EAT may be entitled to receive but has not   received.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
2.3.2.
  	
  
EAT shall not encumber the   Replacement Property, except to the extent such encumbrance is contemplated   by the terms of this QEAA, the Lease, the Construction Management Agreement,   any Credit Agreement or any other document related to the Exchange, or is   authorized by or directly or indirectly caused by any act or omission of   Exchangor or any other third party.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
2.4.
  	
  
Representations and   Warranties; Title.  Except as expressly provided herein, EAT   shall not be obligated to make any covenants, representations or warranties   to Exchangor in connection with the transfer of title to the Replacement   Property.  Without limiting the   generality of the foregoing and except as prohibited by law, Exchangor shall   be required to accept title to the Replacement Property regardless of (i)   defects in title or encumbrances, except those that are caused by EAT in   violation of the terms of Section 2.3.2 hereof; (ii) the absence of any   required permits or approvals; (iii) any unfavorable tax rulings; or (iv) any   other matter or condition affecting or relating to the Replacement Property   or the right or power of Exchangor to acquire, own, or maintain possession of   and operate the Replacement Property.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
3.
  	
  
Exchangor’s Failure to   Complete Exchange.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
If Exchangor is unable to   complete the Exchange prior to the expiration of the Parking Period, EAT   shall transfer the Replacement Property to Exchangor for a price equal to the   Purchase Price, payable in full at the closing as provided in Section 2.2.2,   except that Exchangor, rather than QI, shall be the source of any cash   deposit. In such event, EAT shall deliver the Replacement Property Deed or   shall cause the sole member of EAT to deliver the Assignment of Membership   Interest to Exchangor. Exchangor shall have the obligation to pay all costs   and expenses of such transfer, including without limitation, recording fees   and transfer taxes.  Exchangor shall   take title to the Replacement Property subject to any existing loan, and as   provided in Section 2.4 hereof.  At   Exchangor’s option, Exchangor may instruct EAT in writing to transfer the   Replacement Property to a third party transferee instead of transferring it   to
Exchangor, provided that such transfer is done without any   representations, warranties or liability to EAT whatsoever, is completed   prior to the end of the Parking Period and does not result in taxable income   to EAT.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
4.
  	
  
Exchangor’s Default.    If an Exchangor Default or an Adverse Entity Event (as those terms are   defined below) shall occur with respect to Exchangor, then EAT may terminate   its obligation to complete the Exchange and shall have the right to transfer   the Replacement Property to Exchangor (at EAT’s option, by deed or by an   assignment of the membership interest in EAT) and shall have the right to   recover any damages against Exchangor as provided by law, including, without   limitation, escrow and recording fees, transfer taxes and all other costs of   transferring the Replacement Property or the interest in EAT, and including   all costs and expenses incurred by EAT in connection with the acquisition,   ownership, construction and/or transfer of the Replacement Property. In such   event, (a) Exchangor shall be obligated to acquire the Replacement Property   from EAT, and (b) all principal and interest due under the Exchangor Loan
shall be cancelled.
  

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5.
  	
  
EAT’s Default.    If an EAT Default or an Adverse Entity Event (as those terms are   defined below) shall occur with respect to EAT, then Exchangor may terminate   its obligation to complete the Exchange and shall have the right to recover   any damages against EAT as provided by law.    Exchangor shall also have the right of specific performance to cause   EAT to transfer the Replacement Property to Exchangor.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
6.
  	
  
Definitions.    “Adverse Entity Event” shall mean any one or more of the following events:  dissolution or liquidation, making a   general assignment for the benefit of creditors, filing a petition in   bankruptcy, filing a petition or applying to any tribunal for the appointment   of a receiver or trustee of its properties, commencing any proceeding   relating to itself under any bankruptcy, reorganization, readjustment of   debt, dissolution or liquidation law of any jurisdiction, causing to have   commenced against it any such proceeding which remains undismissed for a   period of ninety (90) days, indicating its consent to, approval of or   acquiescence in any of such proceedings or failing to contest the appointment   of any receiver of, or trustee for, it or for substantially all of its   properties which shall continue undischarged for a period of ninety (90)   days.  “Exchangor Default” shall mean   the failure of
Exchangor to pay for, or to immediately reimburse EAT for, all   costs and expenses of the Replacement Property as required under this   Agreement, or if the exchange is not completed during the Parking Period, the   failure of Exchangor to cooperate with EAT by setting up an escrow and paying   all costs and expenses and transfer taxes, if any, and as required under this   Agreement in connection with the transfer of the Replacement Property to   Exchangor, or any other material default by Exchangor under this QEAA, the   Lease, the Construction Management Agreement or any ancillary document, and   in any of such events, the failure or breach is not cured within ten (10)   days after EAT sends Exchangor written notice thereof.  “EAT Default” shall mean any material   default by EAT under this QEAA, the Lease, the Construction Management   Agreement or any ancillary document, which is not cured within ten (10) days   after Exchangor sends EAT written notice thereof.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
7.
  	
  
Representations and   Warranties of the Parties.  EAT and Exchangor, hereby   represent and warrant to each other as follows:
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
7.1.
  	
  
Due Organization:   Authority: Enforceability.  EAT, and Exchangor if it is   an entity, each represents that it is an entity of the form specified in the   preamble to this QEAA, and is duly organized and validly existing under the   laws of the state of its formation.    Each party has the power and authority to make, execute, deliver and perform   its obligations under this QEAA and all of the transactions contemplated   under this QEAA and has taken all necessary actions to authorize the   execution, delivery and performance of this QEAA. This QEAA constitutes a   valid and binding obligation of such party, enforceable against such party in   accordance with its terms; subject, as to enforcement to bankruptcy,   insolvency, reorganization, moratorium and other laws of general   applicability relating to or affecting creditors rights and to general   equitable principles.
  

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7.2.
  	
  
Conflict with Existing   Laws or Contracts.  The execution and delivery of this QEAA,   and all related documents, and the performance of their obligations hereunder   and thereunder by each party (i) does not conflict with or result in a breach   of or constitute a default under any of the terms, conditions or provisions   of the that party’s organizational documents, if any, including, but not   limited to:  articles of   incorporation, bylaws, articles of organization, regulations, operating   agreements, partnership agreements, limited partnership agreement or   certificate of limited partnership; or of any agreement or instrument to   which such party is a party or by which such party is bound or any order or   decree applicable to such party and (ii) will not result in the creation or   imposition of any lien (except for those liens contemplated by the Lease,   Exchangor Loan and Credit Agreement) on any of such party’s assets or
property which would materially and adversely affect the ability of such   party to execute and deliver this QEAA and perform its obligations hereunder;   and such party has obtained all consents, approvals, authorizations or orders   of any court or governmental agency or body, if any, required for the   execution and delivery by it of this QEAA.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
7.3.
  	
  
Legal Action Against a   Party.  There are no judgments, orders, or decrees   of any kind against the representing and warranting party unpaid or   unsatisfied of record nor any legal action, suit or other legal or   administrative proceeding pending or, to such party’s knowledge, threatened   against such party before any court or administrative agency which have, or   are likely to have, any material or adverse effect on the business or assets   or the condition, financial or otherwise, of such party or which prevent, or   could reasonably be expected to prevent, the ability of such party to perform   hereunder.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
7.4.
  	
  
Bankruptcy or Debt:   Financial Condition.  The representing and warranting party has   not filed any petition seeking or acquiescing in any reorganization,   arrangement, composition, readjustment, liquidation, dissolution or similar   relief under any law relating to bankruptcy or insolvency, nor has any such   petition been filed against such party. No general assignment of such party’s   property has been made for the benefit of creditors, and no receiver, master,   liquidator or trustee has been appointed for such party or any of its   property. Such party is not insolvent and the consummation of the   transactions contemplated by this QEAA shall not render such party insolvent.   Such party will have, as of the time of execution of this QEAA, sufficient   financial resources to meet all of its obligations, including all of its   obligations under this QEAA.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
7.5.
  	
  
Survival.    Each and every representation and warranty made by EAT and Exchangor   in Section 7 hereof shall survive the execution and delivery of this QEAA and   the consummation of the transactions contemplated hereunder.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
8.
  	
  
Environmental Release and   Indemnity.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
8.1.
  	
  
General Release.    Exchangor represents and warrants to EAT, to the best knowledge of   Exchangor, after inquiry, there have been no releases of any Hazardous   Substances, as defined below, on, in, around or about the Replacement   Property.  Exchangor hereby releases   EAT and its past, present, and future members, partners, parent companies,   subsidiaries, affiliates, and related entities, as well as past, present and   future partners, members, shareholders, officers, directors, employees,   agents, successors, heirs and assigns of each of them (collectively, the   “Indemnified Parties” and individually, an “Indemnified Party”) from any and   all claims, causes of action of every kind and character, fines, losses,   damages, liabilities, costs and expenses whether known or unknown, existing,   contingent or hereafter arising, which Exchangor may have now or in the   future, in connection with or arising out of the actual
or suspected presence   in, on, under or about the Replacement Property of any Hazardous Substance,   excepting any losses existing from EAT’s or any of the Indemnified Parties’   negligence or willful misconduct or breach of this Agreement.
  

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8.2.
  	
  
Environmental Indemnity.    Exchangor shall indemnify, protect, defend (with counsel reasonably   satisfactory to the Indemnified Party) and hold harmless each of the   Indemnified Parties of, from and against any and all cost, expense, loss,   damage, claim, cause of action or liability suffered or incurred by such   Indemnified Party in connection with or arising out of the actual or suspected   presence in, on, under or about the Replacement Property, of any Hazardous   Substance including, but not limited to:    (1) any and all expenses that the Indemnified Party may incur in   complying with any of the Environmental Statutes (as defined below), (2) any   and all costs that the Indemnified Party may incur in connection with the   investigation, removal, clean up or remediation of the contamination and the   restoration of the Replacement Property, (3) any and all fines or penalties   assessed upon the Indemnified Party by reason of such
contamination, (4) any   and all costs arising from claims of third parties in connection with such   contamination, and (5) any and all consultant and legal fees and costs   incurred by the Indemnified Party in connection with any of the   foregoing.  For purposes of this   Section 8, the term “contamination” shall mean the presence of Hazardous   Substances at the Replacement Property or any improvements thereon that   requires or may require any remedial action under any of the Environmental   Statutes.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
8.3.
  	
  
Certain Definitions:
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
8.3.1.
  	
  
As utilized in this   Section 10, the term “Hazardous Substance” shall mean any substance or   material, including but not limited to lead in paint, which (a) constitutes a   hazardous waste substance under any applicable federal, state or local law,   rule, order or regulation now or hereafter adopted; (b) constitutes a   “hazardous substance” under the Comprehensive Environmental Response,   Compensation and Liability Act, (42 U.S.C. 9601 et seq.) and the regulations   promulgated thereunder; (c) constitutes a “hazardous waste” under the   Resource Conservation and Recovery Act, (42 U.S.C. 6901 et seq.) and the   regulations promulgated thereunder; (d) constitutes a pollutant, contaminant,   chemical or industrial, toxic or hazardous substance or waste; (e) exhibits   any of the characteristics enumerated in 40 C.F.R. Sections 261.20-261.24,   inclusive; (f) is an extremely hazardous substance listed in Section 302 of   the
Superfund Amendments and Reauthorization Act of 1986 (Public Law 99-499,   100 Stat. 1613) which are present in threshold planning or reportable   quantities as defined under such Act; (g) is a toxic or hazardous chemical   substance which is present in quantities which exceed exposure standards as   those terms are defined under Sections 6 and 8 of the Occupational Safety and   Health Act, as amended, (29 U.S.C. 655 and   657 and 29 C.F.R. Part 1910   subpart 2); (h) contains any asbestos, or (i) is a petroleum-based product,   an underground storage tank, or an above ground storage tank.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
8.3.2.
  	
  
As utilized herein, the   term “Environmental Statutes” shall mean the statutes, laws, rules, orders   and regulations referred to in (a) through (i), inclusive, in the preceding   Section 8.3.1. As utilized herein, contamination by a Hazardous Substance   shall include contamination arising from the presence, creation, production,   collection, treatment, disposal, discharge, release, storage, transport, or   transfer of any such substance.
  

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8.4.
  	
  
Survival of Provisions.    The provisions of this Section 8 shall survive the termination of this   QEAA for any reason and the completion of all the transactions contemplated   herein.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
8.5.
  	
  
Actions by Indemnified   Parties. The   foregoing notwithstanding, the provisions of this Section 8 shall not extend   to any release of Hazardous Substances upon the Replacement Property caused   solely by an Indemnified Party’s intentional misconduct or gross negligence   not arising from or otherwise connected with such party’s rights,   responsibilities and obligations under this QEAA, the Credit Agreement, the   Lease or the Construction Management Agreement.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
9.
  	
  
Due Diligence. EAT shall have no obligation or   responsibility to pursue or complete any due diligence activities with respect   to the Replacement Property; all such due diligence activity being the   responsibility of the Exchangor. As used in the preceding sentence, “due   diligence activities” include, without limitation, (i) environmental site   assessments, (ii) subsurface soil studies, (iii) surveys, (iv) investigations   to determine the availability of all utilities required for the operation of   the Replacement Property, (v) examination of title insurance commitments,   title insurance policies and all instruments referred to therein, (vi)   verification of compliance with all applicable comprehensive land use plans,   zoning, restrictions, prohibitions and other requirements imposed by   governmental authority, (vii) review of all space leases affecting the   Replacement Property, (vii) inspections to determine active termite
infestation or visible damage from termite infestation, (viii) confirmation   of access to the Replacement Property, (ix) confirmation of the value of the   Replacement Property, and (x) inspections of all improvements comprising any   part of the Replacement Property to determine the existence of any water   damage or structural damage and to verify that all appliances, mechanical   items, heating, cooling, electrical, plumbing systems and machinery are in   good working order.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
10.
  	
  
Indemnity.    Exchangor shall indemnify, protect, defend with counsel reasonably   satisfactory to EAT, and hold EAT and all the Indemnified Parties harmless   with respect to any claim, cause of action, liability, loss, cost, damage or   expense, including reasonable attorneys’ fees (collectively, “Claims”),   arising out of or resulting, directly or indirectly, from (a) the failure by   Exchangor to complete all required due diligence activities pertaining to the   Replacement Property, (b) the existence of any facts or conditions affecting   any part of the Replacement Property which were or could have been determined   or discovered as a result of the conduct and completion of due diligence   activities with respect to the Replacement Property, (c) the condition, use,   occupancy or maintenance of the Replacement Property, or the failure of the   Replacement Property to comply with all laws and regulations, (d) the design,
installation and construction of any improvements to the Replacement   Property, including any Claims arising in connection with liens against the   Replacement Property, (e) any existing or future leases, subleases or   occupancy agreements affecting the Replacement Property, (f) any and all acts   and omissions with respect to the Replacement Property, (g) any documents,   agreements and instruments executed or entered into by or on behalf of EAT in   connection with the Replacement Property, including, without limitation,   ground leases, occupancy leases, license agreements, tenancy-in-common   agreements, change of ownership reports, service contracts, construction   contracts, agreements and documents related to the design, development and   construction of improvements to the Replacement Property, promissory notes,   deeds of trust and
  

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mortgages, environmental indemnity
agreements, loan agreements and other loan documents, (h) any and all taxes and
assessments which are due in connection with the acquisition, holding,
ownership, transfer and/or disposition of the Replacement Property or otherwise
in connection with the Exchange, other than taxes due as a result of the payment
of the Fee, and/or (i) the acquisition, financing, ownership, leasing,
subleasing, design, construction, management, operation, maintenance,
restoration and/or transfer by EAT of the Replacement Property (including the
Replacement Property Improvements). In the event the Replacement Property is
reassessed and EAT receives a supplemental tax bill, either during or after the
Parking Period, and such bill applies to the period during which EAT held title
to the Replacement Property, Exchangor shall immediately pay such tax bill in
full, and this indemnity shall include all such obligations to pay taxes. 
Notwithstanding anything to the contrary set forth in this Section 10, the
indemnification in this Section 10 shall exclude any loss arising from
EAT’s or any Indemnified Parties’ negligence, willful misconduct or
breach of this Agreement. The provisions of this Section 10 shall survive the
termination of this QEAA and the completion of the transactions contemplated
hereunder.
 
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  11.
  	
  
Miscellaneous.
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
11.1.
  	
  
Time.    Time is of the essence of this QEAA and of each covenant and condition   to be performed hereunder.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
11.2.
  	
  
Waiver. No failure or delay on the part of either   party in exercising any right, power or remedy hereunder shall operate as a   waiver thereof; nor shall any single or partial exercise of any such right,   power or remedy preclude any other or further exercise thereof or the   exercise of any other right, power or remedy hereunder. The remedies provided   hereunder are cumulative and not exclusive of any remedies provided by law.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
11.3.
  	
  
Commissions. No real estate commission shall be paid   as a result of the transfer of the Replacement Property from EAT to   Exchangor.  Exchangor hereby   indemnifies and agrees to protect, defend with counsel reasonably   satisfactory to EAT, and hold EAT harmless from any liability, loss claim,   damage, cost, expense or cause of action for commissions.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
11.4.
  	
  
Amendments. No amendment, modification, termination   or waiver of this QEAA or any provision hereof nor any consent to any   departure herefrom shall be effective unless the same is in writing and   signed by the party to be bound   thereby and then any such waiver or consent shall be effective only in the   specific instance and for the specific purpose for which given. No notice to   or demand on either party shall entitle such party to any other or further   notice or demand in similar or other circumstances.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
11.5.
  	
  
Governing Law.    This QEAA and all rights and obligations of the parties hereunder   shall be governed by and be construed and enforced in accordance with the   laws of the state in which the agreement was entered into (“Forum State”).   Each party hereby consents to the jurisdiction of the courts of the Forum   State.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
11.6.
  	
  
Assignment. This QEAA shall bind and inure to the   benefit of the parties hereto and their respective successors and assigns.   Except as specifically provided in this QEAA, no party shall have the right   to assign any of its rights or interests herein without the prior written 
  

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consent of the other   party, and under no circumstances shall EAT assign or attempt to assign its   interest hereunder to a person that would be a “disqualified person” within   the meaning of Treas. Reg. § 1.1031(k)-1(k). No person not a party hereto is   intended to be benefited hereby. Exchangor’s release and indemnities   contained in this Agreement shall survive any assignment of this QEAA, any   termination of this QEAA and/or the completion of the Exchange.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
11.7.
  	
  
Severability. Any provision hereof which is prohibited   or unenforceable in any jurisdiction shall, as to such jurisdiction, be   ineffective to the extent of such prohibition or unenforceability without   affecting the validity or enforceability of the remainder of this QEAA or the   enforceability of such provision in any other jurisdiction.
  
	
   
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
11.8.
  	
  
Captions and Recitals. Captions herein are included for   convenience of reference only and shall not constitute a part hereof; they   shall be ignored in construing and enforcing this QEAA. Each of the Recitals   set forth above are true and correct and are incorporated herein by this   reference.
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
11.9.
  	
  
Notices. All notices, requests, demands,   directions, declarations and other communications provided for herein shall   be in writing and shall, except as otherwise expressly provided, be mailed by   registered or certified mail, return receipt requested, sent by overnight   courier or  delivered by hand to the   applicable party at its address indicated below:
  
	
  
 
  	
  
 
  
	
   
  	
  
If to Exchangor:
  
	
  
 
  	
  
Northern Technologies   International Corporation
  
	
  
 
  	
  
Attn:  Matthew C. Wolsfeld
  
	
  
 
  	
  
6680 N. Hwy 49
  
	
  
 
  	
  
Lino Lakes, MN  55014
  
	
  
 
  	
  
Telephone: 651/217-2111
  
	
  
 
  	
  
Facsimile: (651) 784-2902
  
	
  
 
  	
  
Email: Mwolsfeld@nti.com
  
	
  
 
  	
  
 
  
	
  
 
  	
  
With a copy to:
  
	
  
 
  	
  
Elizabeth Sheehan, Esq.
  
	
  
 
  	
  
Oppenheimer Wolff &   Donnelly LLP
  
	
  
 
  	
  
Plaza VII, Suite 3300
  
	
  
 
  	
  
45 South Seventh Street
  
	
  
 
  	
  
Minneapolis, MN 55402-1609
  
	
  
 
  	
  
Telephone: (612) 607-7534
  
	
  
 
  	
  
Facsimile:  (612)   607-7100
  
	
  
 
  	
  
Email:  esheehan@oppenheimer.com
  
	
  
 
  	
  
 
  
	
   
  	
  
If to EAT:
  
	
  
 
  	
  
Northern Technologies   Holding Company, LLC
  
	
  
 
  	
  
c/o First American   Exchange Company, LLC
  
	
  
 
  	
  
Attn:  Steven P. Katkov
  
	
  
 
  	
  
1900 Midwest Plaza West   801 Nicollet Mall
  
	
  
 
  	
  
Minneapolis, MN  55402
  
	
  
 
  	
  
    Telephone:  612/305-2525
  
	
  
 
  	
  
    Facsimile:  612/305-2530
  
	
  
 
  	
  
    Email:  skatkov@firstam.com
  
						

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Any notice so given,   delivered or made by mail or by overnight courier shall be deemed to have   been duly given, delivered or made on the date the same is received, as established   by the return receipt.  Any party may   change the address to which notices are sent to such party by written notice   to the other party specifying said change of address.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
11.10.
  	
  
State Withholding. If Exchangor is subject to withholding   under state or local law, EAT and/or QI shall be entitled to withhold and pay   those amounts required to be withheld by them pursuant to such state or local   law unless and until proper exemption from such state or local withholding   requirements have been obtained by Exchangor.
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
11.11.
  	
  
Counterparts and Facsimile   Execution. This   QEAA may be executed in two or more identical counterparts. If so executed,   each of such counterparts is to be deemed an original for all purposes and   all such counterparts shall, collectively, constitute one agreement.  A facsimile, telecopy or other   reproduction of this QEAA may be executed by the parties (in counterparts or   otherwise) and shall be considered valid, binding and effective for all purposes.   At the request of any party, the parties hereto agree to execute an original   of this QEAA as well as any facsimile, telecopy or other reproduction.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
11.12.
  	
  
Attorneys’ Fees. Should any litigation arise between the   parties hereto concerning or arising out of this QEAA, including, but not   limited to, actions for damages, specific performance, declaratory,   injunctive or other relief, and whether at law or in equity, and including   appellate and bankruptcy proceedings as well as at arbitration or at the   trial level, the prevailing party in any such litigation or proceeding shall   be entitled to recover reasonable fees and costs of attorneys and legal   assistants.
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
11.13.
  	
  
Entire Agreement. This QEAA contains the entire   understanding and agreement between the parties relating to the subject   matter hereof or the transactions contemplated hereby, and all prior or   extrinsic agreements, understandings, representations and statements, oral or   written, are merged herein and/or superseded hereby. There are no other   agreements, written or oral, between the parties with respect to the subject   matter hereof or the transactions contemplated hereby except those contained   in this QEAA.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
11.14.
  	
  
Gender: Singular and   Plural Usages.   Wherever in this QEAA the singular is used, the same shall include the plural,   and vice-versa, and wherever in this QEAA the masculine gender is used, the   same shall include the feminine and neuter genders, and vice-versa.
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
11.15.
  	
  
Construction of QEAA . All parties to this QEAA having   participated fully and equally in the negotiation and preparation hereof, and   all parties having been represented by counsel in connection with the   negotiation, preparation and execution of this QEAA, the fact that one of the   parties to this QEAA, or its attorney, may be deemed to have drafted or   structured any provision of this QEAA shall not be considered in construing   or interpreting any particular provision of this QEAA, either in favor of or   against such party.
  
				

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11.16.
  	
  
Federal Withholding. In the event Exchangor is a “Foreign   Person,” EAT shall be entitled to withhold and pay those amounts required to   be withheld by Section 1445 of the Code and the Regulations promulgated   thereunder. In the event Exchangor presents to EAT a “Withholding   Certificate,” issued by the Internal Revenue Service pursuant to Treas. Reg.   § 1.1445-3, EAT may, in the exercise of its reasonable judgment, comply with   the Withholding Certificate.  By   entering a Taxpayer’s I.D. Number after Exchangor’s signature below,   Exchangor certifies under penalty of perjury that it is not a “Foreign   Person” as that term is defined in Section 1445 of the Code and the   Regulations promulgated thereunder, and further certifies the accuracy of   such Taxpayer I.D. Number and the accuracy of its address as indicated above.
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
11.17.
  	
  
Independent   Tax and Legal Advice.  EXCHANGOR ACKNOWLEDGES   AND AGREES THAT IT HAS CONSULTED WITH AND RELIED SOLELY UPON THE ADVICE AND   JUDGMENT OF ITS OWN INDEPENDENT TAX ADVISORS, ATTORNEYS, AND/OR CERTIFIED   PUBLIC ACCOUNTANTS AS TO THE TAX AND OTHER ASPECTS OF THE EXCHANGE, THE   TRANSACTIONS CONTEMPLATED HEREBY, AND ALL DOCUMENTS SIGNED AND/OR TO BE   SIGNED IN CONNECTION HEREWITH.    EXCHANGOR HAS NOT RELIED UPON EAT OR QI OR THEIR RESPECTIVE ADVISORS,   EMPLOYEES, ATTORNEYS AND/OR CERTIFIED PUBLIC ACCOUNTANTS FOR ANY TAX,   BUSINESS OR LEGAL ADVICE.  QI AND EAT   MAY PERIODICALLY GIVE EXCHANGOR NOTICES OF ESTIMATED DEADLINES AND ALSO MAY   DISCUSS INCOME TAX MATTERS IN GENERAL WITH EXCHANGOR, BUT SUCH NOTICES AND   GENERAL DISCUSSIONS DO NOT ENLARGE THE DUTIES AND RESPONSIBILITIES OF QI OR   EAT AND DO NOT DIMINISH THE RESPONSIBILITY OF EXCHANGOR TO DETERMINE THE TAX   CONSEQUENCES OF THE EXCHANGE AND TO SEEK INDEPENDENT TAX
ADVICE CONCERNING   SUCH TAX CONSEQUENCES.  EXCHANGOR   UNDERSTANDS IT MUST ACCURATELY AND TIMELY REPORT THE EXCHANGE, INCLUDING   FILING IRS FORM 8824.
  

 

          SIGNATURE PAGE – QUALIFIED EXCHANGE ACCOMMODATION AGREEMENT

IN WITNESS WHEREOF, Exchangor and EAT each have caused this QEAA to be duly executed pursuant to proper authorization as of the day and year first above written.

EAT:

NORTHERN TECHNOLOGIES HOLDING COMPANY, LLC
 a Minnesota limited liability company

	
  
By:
  	
  
FIRST AMERICAN EXCHANGE
  
	

  
 
  	
  
COMPANY, LLC, a Delaware   limited liability company
   Its Sole Member
  

16

	
  
 
  	
  
By:
  	
  
/s/ Steven P. Katkov
  	
  
 
  
	
  
 
  	
  
 
  	
  

  	
  
 
  
	
  
 
  	
  
 
  	
  
Steven P. Katkov
  	
  
 
  
	
   
  	
  
 
  	
  
Vice President
  	
  
 
  

EXCHANGOR:

NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION
 a Minnesota corporation

	
  
 
  	
  
By:
  	
  
/s/ Matthew C. Wolsfeld
  	
  
 
  
	
  
 
  	
  
 
  	
  

  	
  
 
  
	
  
 
  	
  
 
  	
  
Matthew C. Wolsfeld
  	
  
 
  
	
   
  	
   
  	
  Chief Financial Officer
  	
   
  

EXCHANGOR’S TAXPAYER I.D. NUMBER:  41-0857886

17Exhibit 10.6

COMMERCIAL NOTE:  TERM SINGLE ADVANCE/FIXED (Ohio)

	
  
Amount
  	
  
City, State
  	
  
Date
  
	
  
$1,275,000.00
  	
  
 
  	
  
May 3, 2006
  

FOR VALUE RECEIVED, Northern Technologies Holding Company, LLC, a Minnesota limited liability company (“Borrower”), whose mailing address is 6680 North Highway 49, Lino Lakes, MN 55014, hereby promises to pay to the order of NATIONAL CITY BANK, a national banking association (“Bank”), having a banking office at 1900 East 9th Street, Cleveland, OH 44114 Attention: Commercial Loan Division, Locator No. 01-8485, at the address specified on the bills received by Borrower from Bank (or at such other place as Bank may from time to time designate by written notice) in lawful money of the United States of America, the principal sum of

          One Million Two Hundred Seventy Five Thousand and 00/100 Dollars ($1,275,000.00)

together with interest, all as provided below. Borrower acknowledges that the entire face amount of this Note is to be advanced by Bank to or for the benefit of Borrower on the date hereof.

1. Interest. From and including April 28, 2006 (the “Starting Date”) through and including Maturity (as defined below), the unpaid principal balance of this Note shall bear interest at a fixed rate equal to 8.01% per annum; provided, that so long as any principal of or accrued interest on this Note is overdue, all unpaid principal of this Note and all overdue interest on that principal shall bear interest at a fluctuating rate equal to two percent (2.0%) per annum above the rate that would otherwise be applicable, but in no case less than two percent (2.0%) per annum above the Prime Rate; provided further, that in no event shall any principal of or interest on this Note bear interest at any time after Maturity at a lesser rate than the rate applicable thereto immediately after Maturity; and provided further that nothing herein shall affect the rate of interest applicable to the unpaid principal of this
Note or overdue interest thereon (a) to the extent any principal of or accrued interest on this Note is overdue, (b) prior to the Starting Date, (c) after Maturity or (d) to the extent the unpaid principal balance of this Note bears interest at any time based on a rate other than the rate indicated in this section 1.

2. Repayment. Subject to the rights and remedies of Bank set forth in this Note upon default, from and after the date hereof, the interest on and the outstanding principal balance of this Note shall be payable in sixty (60) installments, commencing on June 1, 2006, and continuing on the 1st day of each month thereafter until paid in full, each such installment except the final installment to be in an amount (inclusive of principal and interest) equal to Ten Thousand Seven Hundred Seventy Six and 05/100 Dollars ($10,776.05), but in no case less than the accrued and unpaid interest, and the final installment to be in an amount equal to all unpaid principal of this Note and all accrued and unpaid interest thereon. Payments shall be made in accordance with the amortization schedule set forth in the allonge in the form and substance of Exhibit A to this Note.

The amortization schedule assumes that all payments are made on their respective due dates and any payment made on other than its due date may alter the actual amortization. Any interest accruing on this Note after Maturity shall be due and payable on demand thereafter. If any payment is required to be made on a day which is not a Banking Day, such payment shall be due on the next immediately following Banking Day and interest shall continue to accrue at the applicable rate.

DIRECT DEBIT: The following ·is applicable if checked by Borrower: x Payments shall be paid by Borrower by debiting Borrower’s checking account, routing number _________, account number ________________ on the due date.

3. Prepayment. (a) Borrower shall have the right to prepay the principal of this Note in whole or in part, provided, that (i) each such prepayment shall be in the principal sum of One Thousand and no/100 Dollars ($1,000.00) or any integral multiple thereof or an amount equal to the then aggregate unpaid principal balance of this Note, (ii) each such prepayment shall be applied to the installments of this Note in the inverse order of their respective due dates, and (iii) concurrently with the prepayment of the entire unpaid principal balance of this Note, Borrower shall prepay the accrued interest on the principal being prepaid.

	
  
 
  	
  
(b)
  	
  
If this Note   is
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
(i)
  	
  
prepaid, in   whole or in part, during a period when the unpaid principal balance bears   interest, or is scheduled to bear interest, at a fixed rate, or
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(ii)
  	
  
accelerated   after the occurrence of an Event of Default hereunder, during a period when   the unpaid principal balance bears interest, or is scheduled to bear   interest, at a fixed rate,
  

and, if, on the date of the occurrence of either (i) or (ii) above, or with respect to any partial prepayment for which a Funding Cost Recovery Charge was not determined on the date of occurrence, on the date of any subsequent prepayment for which a Funding Cost Recovery Charge is determined (each a “Determination Date”), the Reinvestment Rate is less than the Funding Cost, then a “Funding Cost Recovery Charge”, computed in accordance with the terms of the Funding Cost Recovery Charge Addendum, shall be payable by Borrower to Bank at the time of prepayment or acceleration as applicable. Bank’s right to collect any Funding Cost Recovery Charge shall accrue as of each Determination Date, and any delay on Bank’s part to determine, or to notify Borrower as to, the amount of any Funding Cost Recovery Charge shall not constitute a waiver of, or otherwise limit, Bank’s right to recover a Funding
Cost Recovery Charge otherwise payable pursuant to the terms hereof.

The terms “Reinvestment Rate” and “Funding Cost” are defined in the Funding Cost Recovery Charge Addendum. Borrower’s execution of this Note shall constitute acknowledgment that Borrower has received a complete copy of the Funding Cost Recovery Charge Addendum.

4. Definitions. As used in this Note, except where the context clearly requires otherwise, “Affiliate” means, when used with reference to any Person (the “subject”), a Person that is in control of, under the control of, or under common control with, the subject, the term “control” meaning the possession, directly or indirectly, of the power to direct the management or policies

2

of a Person, whether through the ownership of voting securities, by contract, or otherwise; “Bank Debt” means, collectively, all Debt to Bank, whether incurred directly to Bank or acquired by it by purchase, pledge, or otherwise, and whether participated to or from Bank in whole or in part; “Banking Day” means any day (other than any Saturday, Sunday or legal holiday) on which Bank’s banking office is open to the public for carrying on substantially all of its banking functions; “Debt” means, collectively, all obligations of the Person or Persons in question, including, without limitation, every such obligation whether owing by one such Person alone or with one or more other Persons in a joint, several, or joint and several capacity, whether now owing or hereafter arising, whether owing absolutely or contingently, whether created by lease, loan, overdraft, guaranty of payment, or other
contract, or by quasi-contract, tort, statute, other operation of law, or otherwise; “Maturity” means the date (whether occurring by lapse of time, acceleration, or otherwise) upon which the last scheduled principal payment under this Note is due; “Note” means this promissory note (including, without limitation, each addendum, allonge, or amendment, if any, hereto); “Obligor” means any Person who, or any of whose property, shall at the time in question be obligated in respect of all or any part of the Bank Debt of Borrower and (in addition to Borrower) includes, without limitation, co-makers, endorsers, guarantors, pledgors, hypothecators, mortgagors, and any other Person who agrees, conditionally or otherwise, to assure such other Obligor’s creditors or any of them against loss; “Person” means an individual or entity of any kind, including, without limitation, any association, company, cooperative, corporation,
partnership, trust, governmental body, or any other form or kind of entity; “Prime Rate” means the fluctuating rate per annum which is publicly announced from time to time by Bank as being its so-called “prime rate” or “base rate” thereafter in effect, with each change in the Prime Rate automatically, immediately, and without notice changing the Prime Rate thereafter applicable hereunder, it being acknowledged that the Prime Rate is not necessarily the lowest rate of interest then available from Bank on fluctuating-rate loans; “Proceeding” means any assignment for the benefit of creditors, any case in bankruptcy, any marshalling of any Obligor’s assets for the benefit of creditors, any moratorium on the payment of debts, or any proceeding under any law relating to conservatorship, insolvency, liquidation, receivership, trusteeship, or any similar event, condition, or other thing; “Related Writing” means
this Note and any indenture, note, guaranty, assignment, mortgage, security agreement, subordination agreement, notice, financial statement, legal opinion, certificate, or other writing of any kind pursuant to which all or any part of the Bank Debt of Borrower is issued, which evidences or secures all or any part of the Bank Debt of Borrower, which governs the relative rights and priorities of Bank and one or more other Persons to payments made by, or the property of, any Obligor, which is delivered to Bank pursuant to another such writing, or which is otherwise delivered to Bank by or on behalf of any Person (or any employee, officer, auditor, counsel, or agent of any Person) in respect of or in connection with all or any part of the Bank Debt of Borrower; “Reporting Person” means each Obligor and each member of any “Reporting Group” as defined in any addendum to this Note; and the foregoing definitions shall be applicable to the respective plurals of the foregoing
defined terms.

5. Events of Default. It shall be an “Event of Default” if (a) all or any part of the Bank Debt of any Obligor shall not be paid in full promptly when due (whether by lapse of time, acceleration, or otherwise); (b) any representation, warranty, or other statement made by any Person (other than Bank) in any Related Writing shall be untrue or incomplete in any respect when made; (c) any Person (other than Bank) shall repudiate or shall fail or omit to perform or observe any agreement contained in this Note or in any other Related Writing that is on that Person’s part to

3

be complied with; (d) any indebtedness (other than any evidenced by this Note) of any Obligor shall not be paid when due, or there shall occur any event, condition, or other thing which gives (or which with the lapse of any applicable grace period, the giving of notice, or both would give) any creditor the right to accelerate or which automatically accelerates the maturity of any such indebtedness; (e) Bank shall not receive (in addition to any information described in any addendum to this Note) without expense to Bank, (i) forthwith upon each request of Bank made upon Borrower therefor, (A) such information in writing regarding each Reporting Person’s financial condition, properties, business operations, if any, and pension plans, if any, prepared, in the case of financial information, in accordance with generally accepted accounting principles consistently applied and otherwise in form and detail satisfactory to Bank or
(B) written permission, in form and substance satisfactory to Bank, from each Reporting Person to inspect (or to have inspected by one or more Persons selected by Bank) the properties and records of that Reporting Person and to make copies and extracts from those records or (ii) prompt written notice whenever Borrower (or any director, employee, officer, or agent of Borrower) knows or has reason to know that any Event of Default has occurred; (f) any judgment shall be entered against any Obligor in any judicial or administrative tribunal or before any arbitrator or mediator; (g) any Obligor shall fail or omit to comply with any applicable law, rule, regulation, or order in any material respect; (h) any proceeds of the loan evidenced by this Note shall be used for any purpose that is not in the ordinary course of Borrower’s business; (i) any property in which any Obligor now has or hereafter acquires any rights or which now or hereafter secures any Bank
Debt shall be or become encumbered by any mortgage, security interest, or other lien, except any mortgage, security interest, or other lien consented to by Bank; (j) any Obligor shall at any time or over any period of time sell, lease, or otherwise dispose of all or any material part of that Obligor’s assets, except for inventory sold in the ordinary course of business and other assets sold, leased, or otherwise disposed of with the consent of Bank; (k) any Obligor shall cease to exist or shall be dissolved, become legally incapacitated, or die; (l) any Proceeding shall be commenced with respect to any Obligor; (m) there shall occur or commence to exist any event, condition, or other thing that constitutes an “Event of Default” as defined in any addendum to this Note; (n) there shall occur any event, condition, or other thing that has, or, in Bank’s judgment, is likely to have, a material adverse effect on the financial condition, properties, or
business operations of any Obligor or on Bank’s ability to enforce or exercise any agreement or right arising under, out of, or in connection with any Related Writing; or (o) the holder of this Note shall, in good faith, believe that the prospect of payment or performance of any obligation evidenced by this Note is impaired.

6. Effects of Default. If any Event of Default (other than the commencement of any Proceeding with respect to Borrower) shall occur, then, and in each such case, notwithstanding any provision or inference to the contrary, Bank shall have the right in its discretion, by giving written notice to Borrower, to declare this Note to be due, whereupon the entire unpaid principal balance of this Note (if not already due) shall immediately become due and payable in full.  If any Proceeding shall be commenced with respect to Borrower, then, notwithstanding any provision or inference to the contrary, automatically, without presentment, protest, or notice of dishonor, all of which are waived by all makers and all endorsers of this Note, now or hereafter existing, the entire unpaid principal balance of this Note (if not already due) shall immediately become due and payable in full.

4

7. Late Charges. If any principal of or interest on this Note is not paid within ten (10) days after its due date, then, and in each such case, Bank shall have the right to assess a late charge, payable by Borrower on demand, in an amount equal to the greater of Twenty and 00/100 Dollars ($20.00) or five percent (5%) of the amount not timely paid.

8. No Setoff. Borrower hereby waives any and all now existing or hereafter arising rights to recoup or offset any obligation of Borrower under or in connection with this Note or any Related Writing against any claim or right of Borrower against Bank.

9. Indemnity: Administration and Enforcement. Borrower will reimburse Bank, on Bank’s demand from time to time, for any and all fees, costs, and expenses (including, without limitation, the fees and disbursements of legal counsel) incurred by Bank in administering this Note or in protecting, enforcing, or attempting to protect or enforce its rights under this Note. If any amount (other than any principal of this Note and any interest and late charges) owing under this Note is not paid when due, then, and in each such case, Borrower shall pay, on Bank’s demand, interest on that amount from the due date thereof until paid in full at a fluctuating rate equal to four percent (4%) per annum plus the Prime Rate.

10. Waivers; Remedies; Application of Payments. Bank may from time to time in its discretion grant waivers and consents in respect of this Note or any other Related Writing or assent to amendments thereof, but no such waiver, consent, or amendment shall be binding upon Bank unless set forth in a writing (which writing shall be narrowly construed) signed by Bank. No course of dealing in respect of, nor any omission or delay in the exercise of, any right, power, or privilege by Bank shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any further or other exercise thereof or of any other, as each such right, power, or privilege may be exercised either independently or concurrently with others and as often and in such order as Bank may deem expedient. Without limiting the generality of the foregoing, neither Bank’s acceptance of one or more late payments or charges nor Bank’s acceptance of interest on
overdue amounts at the respective rates applicable thereto shall constitute a waiver of any right of Bank. Each right, power, or privilege specified or referred to in this Note is in addition to and not in limitation of any other rights, powers, and privileges that Bank may otherwise have or acquire by operation of law, by other contract, or otherwise. Bank shall be entitled to equitable remedies with respect to each breach or anticipatory repudiation of any provision of this Note, and Borrower hereby waives any defense which might be asserted to bar any such equitable remedy. Bank shall have the right to apply payments in respect of the indebtedness evidenced by this Note with such allocation to the respective parts thereof and the respective due dates thereof as Bank in its sole discretion may from time to time deem advisable.

11. Other Provisions. The provisions of this Note shall bind Borrower and Borrower’s successors and assigns and benefit Bank and its successors and assigns, including each subsequent holder, if any, of this Note. Except for Borrower and Bank and their respective successors and assigns, there are no intended beneficiaries of this Note or the loan evidenced by this Note. The provisions of sections 6 through 15, both inclusive, shall survive the payment in full of the principal of and interest on this Note. The captions to the sections and subsections of this Note are inserted for convenience only and shall be ignored in interpreting the provisions thereof. Each reference to a section includes a reference to all subsections thereof (i.e., those having the same character or characters to the left of the decimal point) except where the context clearly

5

does not so permit. If any provision in this Note shall be or become illegal or unenforceable in any case, then that provision shall be deemed modified in that case so as to be legal and enforceable to the maximum extent permitted by law while most nearly preserving its original intent, and in any case the illegality or unenforceability of that provision shall affect neither that provision in any other case nor any other provision. All fees, interest, and premiums for any given period shall accrue on the first day thereof but not on the last day thereof (unless the last day is the first day) and in each case shall be computed on the basis of a 360-day year and the actual number of days in the period. In no event shall interest accrue at a higher rate than the maximum rate, if any, permitted by law. Bank shall have the right to furnish to its Affiliates, and to such other Persons as Bank shall deem advisable for the conduct of its business, information
concerning the business, financial condition, and property of Borrower, the amount of the Bank Debt of Borrower, and the terms, conditions, and other provisions applicable to the respective parts thereof. This Note shall be governed by the law State of Ohio.

12. Integration. This Note and, to the extent consistent with this Note, the other Related Writings, set forth the entire agreement of Borrower and Bank as to the subject matter of this Note, and may not be contradicted by evidence of any agreement or statement unless made in a writing (which writing shall be narrowly construed) signed by Bank contemporaneously with or after the execution and delivery of this Note. Without limiting the generality of the foregoing, Borrower hereby acknowledges that Bank has not based, conditioned, or offered to base or condition the credit hereby evidenced or any charges, fees, interest rates, or premiums applicable thereto upon Borrower’s agreement to obtain any other credit, property, or service other than any loan, discount, deposit, or trust service from Bank. In the event and to the extent of any conflict between the terms hereof and the terms of any exhibit, schedule, addendum, allonge, modification or
amendment hereto, the terms of such exhibit, schedule, addendum, allonge, modification or amendment shall control.

13. Notices and Other Communications. Each notice, demand, or other communication, whether or not received, shall be deemed to have been given to Borrower whenever Bank shall have mailed a writing to that effect by certified or registered mail to Borrower at Borrower’s mailing address (or any other address of which Borrower shall have given Bank notice after the execution and delivery of this Note); however, no other method of giving actual notice to Borrower is hereby precluded. Borrower hereby irrevocably accepts Borrower’s appointment as each Obligor’s agent for the purpose of receiving any notice, demand, or other communication to be given by Bank to each such Obligor pursuant to any Related Writing. Bank shall be entitled to assume that any knowledge possessed by any Obligor other than Borrower is possessed by Borrower. Each communication to be given to Bank shall be in writing unless this Note expressly permits that
communication to be made orally, and in any case shall be given to Bank at Bank’s banking office (or any other address of which Bank shall have given notice to Borrower after the execution and delivery this Note). Borrower hereby assumes all risk arising out of or in connection with each oral communication given by Borrower and each communication given or attempted by Borrower in contravention of this section. Bank shall be entitled to rely on each communication believed in good faith by Bank to be genuine.

14. Warrant of Attorney. Borrower hereby authorizes any attorney at law at any time or times to appear in any state or federal court of record in the United States of America after all or any part of the obligations evidenced by this Note shall have become due, whether by lapse of time,

6

acceleration, or otherwise, and in each case to waive the issuance and service of process, to present to the court this Note and any other writing (if any) evidencing the obligation or obligations in question, to admit the due date thereof and the nonpayment thereof when due, to confess judgment against Borrower in favor of Bank for the full amount then appearing due, together with interest and costs of suit, and thereupon to release all errors and waive all rights of appeal and any stay of execution. The foregoing warrant of attorney shall survive any judgment, it being understood that should any judgment against Borrower be vacated for any reason, Bank may nevertheless utilize the foregoing warrant of attorney in thereafter obtaining one or more additional judgments against Borrower.

15. Jurisdiction and Venue; Waiver of Jury Trial. Any action, claim, counterclaim, crossclaim, proceeding, or suit, whether at law or in equity, whether sounding in tort, contract, or otherwise at any time arising under or in connection with this Note or any other Related Writing, the administration, enforcement, or negotiation of this Note or any other Related Writing or the performance of any obligation in respect of this Note or any other Related Writing (each such action, claim, counterclaim, crossclaim, proceeding, or suit, an “Action”) may be brought in any federal or state court located in the city in which Bank’s banking office is located. Borrower hereby unconditionally submits to the jurisdiction of any such court with respect to each such Action and hereby waives any objection Borrower may now or hereafter have to the venue of any such Action brought in any such court.

BORROWER HEREBY, AND EACH HOLDER OF THIS NOTE, BY TAKING POSSESSION THEREOF, KNOWINGLY AND VOLUNTARILY WAIVES JURY TRIAL IN RESPECT OF ANY ACTION.

	
  
 
  	
  
BORROWER: Northern Technologies
   Holding Company, LLC
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
First   American Exchange Company, LLC
  
	
   
  	
  
Its:
  	
  
Member
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Steven   P. Katkov
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Printed   Name: Steven P. Katkov
  
	
  
 
  	
  
Title:
  	
  
Vice President
  

STATE OF MINNESOTA

COUNTY OF RAMSEY, SS:

The foregoing instrument was acknowledged before me on May 3, 2006, by Steven P. Katkov, the Vice President of First American Exchange Company, LLC, the Member of Northern Technologies Holding Company, LLC, a Minnesota limited liability company, on behalf of the Minnesota limited liability company.

	
  
 
  	
  
/s/ Jodean Ives Fritz
  
	
  
 
  	
  

  
	
  
 
  	
  
Notary Public, Commission Expires: 1/31/2009
  

7

WARNING - BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL. IF YOU DO NOT PAY ON TIME A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT, OR ANY OTHER CAUSE.

8

EXHIBIT A

(ATTACH AMORTIZATION SCHEDULE)

9

COMMERCIAL NOTE ADDENDUM (OHIO)

	
  
Amount
  	
  
City, State
  	
  
Date
  
	
  $1,275,000.00
  	
  
 
  	
  
May 3, 2006
  

This Commercial Note Addendum (this “Addendum”) is made by Northern Technologies Holding Company, LLC (“Borrower”), a Minnesota limited liability company, and, at the place and as of the date first set forth above.

Borrower has executed and delivered to National City Bank (“Bank”) a promissory note of even date herewith in the face amount set forth above and captioned Commercial Note: Term Single Advance.

This Addendum is hereby made a part of the note described above and that note is hereby supplemented by adding the following Events of Default thereto:

1A. Borrower’s Information. It shall be an Event of Default if Bank shall not receive:

	
  
 
  	
  
(a) as soon as available, and in any event   within 60 days after each quarter-annual fiscal period of each of   Borrower’s fiscal years, the Reporting Group’s balance sheet as at the end of   the period and the Reporting Group’s statements of cash flow, income, and   surplus reconciliation for Borrower’s then current fiscal year to date,   prepared for Borrower alone, and on comparative basis with the prior year, in   accordance with GAAP, and in form and detail satisfactory to Bank, and
  
	
  
 
  	
  
 
  
	
   
  	
  
(b) as soon as available, and in any event   within 120 days after the end of   each of Borrower’s fiscal years, a complete copy of an annual report   (including, without limitation, all financial statements therein and notes   thereto) of the Reporting Group for that year, prepared in the manner   described in the preceding clause (a), (i)   certified, without qualification as to GAAP, as having been audited by independent certified public   accountants selected by Borrower and satisfactory to Bank, and (ii) accompanied by a copy of any   management report, letter, or similar writing furnished to any member of the   Reporting Group by those accountants.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
(c) concurrently with each delivery of   financial statements described above in this section 1A, a compliance certificate   signed by Borrower’s chief financial officer (or other officer acceptable to   Bank) and otherwise in form and substance satisfactory to Bank (i) certifying that to the best of that   officer’s knowledge and belief, (A)   those financial statements have been prepared in accordance with GAAP and   fairly present in all material respects the financial condition and results   of operations of the Reporting Group, if any, in accordance with GAAP   subject, in the case of interim financial statements, to routine year-end   adjustments and (B) no Event of   Default then exists or if any does, a brief description of the Event of   Default and Borrower’s intentions in respect thereof and (ii) setting forth calculations with   respect to each subsection of section 2.
  

2. Financial Standards. It shall be an Event of Default if Borrower shall fail to comply with the following:

1

	
  
 
  	
  
Debt Service Coverage.   Borrower shall not, as of the last day of any Debt Service Coverage   Measurement Period, commencing with the Debt Service Coverage Measurement   Period ending on December 31, 2006,   suffer or permit the ratio of the aggregate of (a) the Reporting Group’s Net Income for that period, plus   (b) the Reporting Group’s   interest expense for that period, plus (c)   the Reporting Group’s federal, state, and local income taxes, if any, for   that period, plus (d) the   Reporting Group’s depreciation and amortization charges for that period to   the aggregate of (i) the   Reporting Group’s interest expense for that period, plus (ii) the Reporting Group’s unfunded   investments (net after trade-ins, if any) in fixed and capital assets and   leasehold improvements during that period, plus (iii) all Dividends/withdrawals (other than any made to   one
or more other members of the Reporting Group) paid by members of the   Reporting Group during that period, plus (iv)   an amount equal to the aggregate of all payments required to be made on   Funded Debt by members of the Reporting Group during the period of twelve   (12) consecutive months next succeeding the Debt Service Coverage Measurement   Period in question to be less than 1.0:1.0.
  
	
  
 
  	
  
 
  
	
  
 
  	
  
Each “Debt Service Coverage Measurement   Period” shall be a period of a fiscal year of Borrower.
  

3. Mergers and Equity Investments. It shall be an Event of Default if any member of the Reporting Group shall, without having first obtained Bank’s consent, (a) be a party to any merger or consolidation, (b) purchase or otherwise acquire all or substantially all of the assets and business of any corporation or other business enterprise, (c) create, acquire, or have any Subsidiary, or make or keep any investment in any stocks or other equity securities of any kind, except any existing investment or Subsidiary fully disclosed in the Most Recent Financial Statements or any future investment in the stocks or other equity securities of any such Subsidiary, (d) be or become a party to any joint venture or partnership, except any existing joint venture or partnership fully disclosed in the Most Recent Financial Statements, (e) sell or otherwise transfer any equity interest in any Subsidiary of that member to any
other Person, except if and to the extent the sale or other transfer is required under applicable law solely for the purpose of qualifying directors, or (f) issue, if that member is a direct Subsidiary of any other member of the Reporting Group, any equity interest, except if and to the extent the issuance is to such other member or is required under applicable law solely for the purpose of qualifying directors.

4. Credit Extensions and Non-Equity Investments. It shall be an Event of Default if any member of the Reporting Group shall, without having first obtained Bank’s consent, (a) make or have outstanding at any time any advance or loan to any Person, except any existing advance or loan fully disclosed in the Most Recent Financial Statements or any existing or future advance made by a member of the Reporting Group to an officer or employee of that member solely for the purpose of paying the ordinary and necessary business expenses of that member or (b) make or keep any investment in any notes, bonds, or other obligations of any kind for the payment of money, except any existing investment fully disclosed in the Most Recent Financial Statements or any existing or future investment, maturing not more than one (1) year from the date when made, in direct obligations of the United States of America or any agency thereof if the full
faith and credit of the United States of America is obligated thereupon, in certificates of deposit issued by Bank, or in any other obligation that carries the highest quality rating of any nationally-recognized rating agency, or (c) be or become a guarantor of any kind, except any existing guaranty fully disclosed in the Most Recent Financial Statements or any existing or future endorsement of a check or other medium of payment for deposit or collection, or any similar transaction in the ordinary course of business.

2

5. Borrowings. It shall be an Event of Default if any member of the Reporting Group shall, without having first obtained Bank’s consent, create, assume, or have outstanding at any time any Debt, except any existing Debt fully disclosed in the Most Recent Financial Statements, any existing or future Bank Debt, any existing or future Subordinated Debt, or any existing or future Debt secured by any mortgage, security interest, or other lien expressly consented to by Bank.

6. Banking Relationship.  Borrower will maintain the majority of its depository and disbursement business with Bank.

7. Definitions. As used in this Addendum, except where the context clearly requires otherwise, “Bank Debt” means, collectively, all Debt to Bank, whether incurred directly to Bank or acquired by it by purchase, pledge, or otherwise, and whether participated to or from Bank in whole or in part; “Debt” means, collectively, all obligations of the Person or Persons in question, including, without limitation, every such obligation whether owing by one such Person alone or with one or more other Persons in a joint, several, or joint and several capacity, whether now owing or hereafter arising, whether owing absolutely or contingently, whether created by lease, loan, overdraft, guaranty of payment, or other contract, or by quasi-contract, tort, statute, other operation of law, or otherwise; “Dividend” means a payment made, liability incurred, or other consideration given by any Person
(other than any stock dividend or stock split payable solely in capital stock of that Person) for the purchase, acquisition, redemption or retirement of any capital stock of that Person or as a dividend, return of capital, or other distribution in respect of that Person’s capital stock; “Funded Debt” means all indebtedness for borrowed money, purchase money indebtedness and with respect to capitalized lease obligations, including each renewal or extension, if any, in whole or in part; “GAAP” means generally accepted accounting principles applied in a manner consistent with those used in preparation of the Most Recent Financial Statements; “Most Recent Financial Statements” means the financial statements included in the Reporting Group’s most recent annual report delivered to Bank on or before the date of this Addendum; “Net Income” means net income as determined in accordance with GAAP, after
taxes, if any, and after extraordinary items, but without giving effect to any gain resulting from any reappraisal or write-up of any asset; “Person” means an individual or entity of any kind, including, without limitation, any association, company, cooperative, corporation, partnership, trust, governmental body, or any other form or kind of entity; “Reporting Group” means (I) Borrower alone, if all of the financial statements hereinbefore selected are prepared for Borrower alone, in which case all determinations referred to in section 2 shall be for Borrower alone and in accordance with GAAP; (II) Borrower and each Subsidiary of Borrower, if any of the financial statements hereinbefore selected are prepared on a consolidated basis, in which case all determinations referred to in section 2 shall be on a consolidated basis and in accordance with GMP, and (III) Borrower and each other Person whose assets, liabilities, income, cash
flow, and shareholders’ equity are reported on a combined basis with those of Borrower, if any of the financial statements hereinbefore selected are prepared on a combined basis, in which case all determinations referred to in section 2 shall be on a combined basis and in accordance with GMP; “Subordinated”, as applied to any liability of any Person, means a liability which at the time in question is subordinated (by a writing in form and substance satisfactory to Bank) in

3

favor of the prior payment in full of that Person’s Debt to Bank; “Subsidiary” means a corporation or other business entity if shares constituting a majority of its outstanding capital stock (or other form of ownership) or constituting a majority of the voting power in any election of directors (or shares constituting both majorities) are (or upon the exercise of any outstanding warrants, options or other rights would be) owned directly or indirectly at the time in question by the corporation in question or another Subsidiary of that corporation or any combination of the foregoing; “Tangible Net Worth” means, as to any Person, the excess (as determined in accordance with GAAP) of the net book value (after deducting all applicable valuation reserves and without any consideration to any re-appraisal or write-up of assets) of that Person’s tangible assets (i.e., all assets other than intangibles such as
patents, costs of businesses over net assets acquired, good will, and treasury shares) over that Person’s Debt; and the foregoing definitions shall be applicable to the respective plurals of the foregoing defined terms. Any accounting term used in Addendum shall have the meaning ascribed thereto by GAAP as in effect on the date hereof, subject, however, to such modification, if any, as may be provided in this Addendum or in the note hereby supplemented.

	
  
 
  	
  
BORROWER: Northern Technologies
   Holding Company, LLC
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
By: 
  	
  
First   American Exchange Company, LLC
  
	
  
 
  	
  
Its: 
  	
  
Member
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Steven   P. Katkov
  
	
  
 
  	
  
 
  	

  
	
  
 
  	
  
Printed   Name: Steven P. Katkov
  
	
  
 
  	
  
Title: 
  	
  
Vice President
  

STATE OF MINNESOTA

COUNTY OF RAMSEY, SS:

The foregoing instrument was acknowledged before me on May 3, 2006, by Steven P. Katkov, the Vice President of First American Exchange Company, LLC, the Member of Northern Technologies Holding Company, LLC, a Minnesota limited liability company, on behalf of the Minnesota limited liability company.

	
  
 
  	
  
/s/ Jodean Ives Fritz
  
	
  
 
  	
  

  
	
  
 
  	
  
Notary Public, Commission Expires: 1/31/2009
  

WARNING -- BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL. IF YOU DO NOT PAY ON TIME A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT, OR ANY OTHER CAUSE.

4

FUNDING COST RECOVERY CHARGE ADDENDUM Ohio

	
  Amount
  	
  
City, State
  	
  
Date
  
	
  
$1,275,000.00
  	
  
 
  	
  
May 3, 2006
  

This Funding Cost Recovery Charge Addendum (this “Addendum”) is made by Northern Technologies Holding Company, LLC (“Borrower”) at the place and as of the date first set forth above.

Borrower has executed and delivered to NATIONAL CITY BANK (“Bank”) a promissory note (the “Note”) of even date herewith in the face amount set forth above and captioned Commercial Note: Term Single Advance.

This Addendum is hereby made a part of the Note and the Note is hereby supplemented by adding the following provisions thereto:

“Reinvestment Rate” means, on the Determination Date, the “bond equivalent yield” interpolated from the most actively traded U.S. Treasury Bills, U.S. Treasury Notes and/or U.S. Treasury Bonds to a term equal to the principal weighted average time (as measured in years from the date of calculation and rounded to the nearest 1/10th of a year) that all principal payments subject to early repayment are scheduled to be outstanding and bear interest at a fixed rate under the Note.

“Cost of Funds” means Bank’s cost of funds as determined by Bank in the exercise of its sole discretion and quoted to Borrower upon request.

“Funding Cost” means Bank’s original Cost of Funds used in determining the fixed rate in effect, or scheduled to be in effect, at the time of prepayment or acceleration, as applicable.

“Funding Cost Recovery Charge” is calculated as follows:

	
  
Step 1.
  	
  
For each   period that bears interest, or is scheduled to bear interest, at a fixed   rate, multiply the difference between the Funding Cost and the Reinvestment   Rate by the principal amount originally scheduled to be outstanding in each   period (giving effect to any change thereto as a result of any prior   prepayment for which a Funding Cost Recovery Charge has been determined   pursuant to the terms of this Addendum), but either (a) will not be outstanding due to early   repayment, in the case of a prepayment, or (b)   has been accelerated so that such amount scheduled to be outstanding is   already due, and multiply the result by the number of days in that period   divided by 360; provided, however,   that in no event shall any Funding Cost Recovery Charge hereunder be   calculated for any period for which the Funding Cost has not yet been   determined.
  
	
  
 
  	
  
 
  
	
  
Step 2.
  	
  
Calculate   the present value of each number obtained in Step 1 in accordance with   standard financial practice using a discount rate equal to the Reinvestment   Rate.
  

5

	
  Loan No: 98076
  	
  
MORTGAGE
(Continued)
  
	
  

	
  Step 3.
  	
  
Sum all the   numbers obtained in Step 2 to arrive at the Funding Cost Recovery Charge.
  

The calculation is detailed mathematically as follows:

	
  
Funding Cost   Recovery Charge
  	
  
=
  	
  
SIGMA (FC -   RR) x Prin i-1   x (Daysi /360)
  	
  
 
  
	
  
 
  	
  
 
  	
  
  i=1                    (1+ RR/PF)i
  	
  
 
  

Where:

	
   
  	
  
 
  
	
  
SIGMA
  	
  
= Sigma. The   sum from i = 1 to i = n. For each payment date i, perform the operations to   the right of the sigma sign until i=n. Then sum the results.
  
	
  
 
  	
  
 
  
	
  
i
  	
  
= 1,2,3 ...   n where each number represents a scheduled future payment date for which the   principal bears interest, or is scheduled to bear interest, at a fixed rate.   The first scheduled payment date subsequent to the early prepayment date or   the acceleration date, as applicable, is designated i = 1, the following   payment date i = 2 and so on until i = n.
  
	
  
 
  	
  
 
  
	
  
n
  	
  
= Number of   remaining payment dates relating to periods bearing interest, or scheduled to   bear interest, at a fixed rate.
  
	
  
 
  	
  
 
  
	
  
FC
  	
  
= Funding   Cost
  
	
   
  	
  
 
  
	
  
RR
  	
  
=   Reinvestment Rate
  
	
  
 
  	
  
 
  
	
  
Prini
  	
  
= Principal   amount originally scheduled to be outstanding on given date i but will not be   outstanding due to early repayment or acceleration. When i = 1 then Prini-1   is equal to the principal amount subject to early repayment on the date of   prepayment or acceleration, as applicable.
  
	
  
 
  	
  
 
  
	
  
Daysi
  	
  
= Number of   days from payment date (i - 1) to payment date L When i = 1, Days; is equal   to the number of days from the later of the date of prepayment, acceleration,   or the fixed rate start date, as applicable to payment date i = 1.
  
	
  
 
  	
  
 
  
	
  
PF
  	
  
= Payment   Frequency. The number of scheduled loan payments per year. [i.e. for monthly   payments PF=12, for quarterly payments PF=4, etc.]
  

Bank’s determination of the Funding Cost Recovery Charge shall be conclusive absent obvious error. Any prepayment shall be applied to any installments due on the Note in the inverse order of their respective due dates. Borrower acknowledges and agrees that the Funding Cost Recovery Charge (a) constitutes liquidated damages, (b) is a reasonable method of determining Bank’s loss in the event all or any part of any principal of the Note is paid in whole or in part or accelerated before its original due date, and (c) is not a penalty.

6

	
  Loan No: 98076
  	
  
MORTGAGE
(Continued)
  
	
  

BORROWER, BY SIGNING BELOW, HEREBY ACKNOWLEDGES THAT BORROWER HAS BEEN GIVEN A FULL OPPORTUNITY TO REVIEW THIS ADDENDUM AND CONSULT WITH BORROWER’S LEGAL COUNSEL, ACCOUNTANTS AND/OR FINANCIAL PROFESSIONALS AS TO THE EFFECT AND CONSEQUENCES OF THIS ADDENDUM AND, HAVING HAD AN OPPORTUNITY TO DO SO, HEREBY AGREES TO BE BOUND BY ITS TERMS.

	
  
 
  	
  
BORROWER: Northern Technologies Holding
   Company, LLC
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
First   American Exchange Company, LLC
  
	
   
  	
  
Its:
  	
  
Member
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
By:
  	
  
/s/ Steven   P. Katkov
  
	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Printed   Name: Steven P. Katkov
  
	
  
 
  	
  
Title:
  	
  
Vice President
  

STATE OF MINNESOTA

COUNTY OF RAMSEY, SS:

The foregoing instrument was acknowledged before me on May 3, 2006, by Steven P. Katkov, the Vice President of First American Exchange Company, LLC, the Member of Northern Technologies Holding Company, LLC, a Minnesota limited liability company, on behalf of the Minnesota limited liability company.

	
   
  	
  /s/ Jodean Ives Fritz
  
	
   
  	
  

  
	
   
  	
  Notary Public, Commission Expires: 1/31/2009
  

7

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