Document:

Prepared by R.R. Donnelley Financial -- Subordination Agreement

 Exhibit 10.22 
  
 SUBORDINATION AGREEMENT 
  
 THIS SUBORDINATION AGREEMENT (“Agreement”) is
effective the 30th day of June 2002, by and among Venturos AS, a Norwegian corporation
(“Venturos”), Glastad Holding Ltd., a Cayman Island corporation (“Glastad”), and Gezina AS, a Norwegian corporation (“Gezina” and together with Venturos and Glastad, the “Lenders”), and MediaBin, Inc., a
Georgia corporation (the “Company”). 
  
 WITNESSETH: 
  

WHEREAS, the Company is indebted to the Lenders pursuant to various documents that are described on Exhibit A, attached hereto (the “Junior Indebtedness”);

  
 WHEREAS, the Company is indebted and may become further indebted pursuant to obligations, debts and liabilities
that are presently or hereafter owed by Borrower to parties other than the Lenders, including but not limited to indebtedness pursuant to that certain Overdraft Credit Facility dated December 12, 2001 between the Company and Nordea Bank Norge ASA
(the “Senior Indebtedness”); and 
  
 WHEREAS, the Lenders are willing to subordinate the Junior
Indebtedness and any liens and pledges securing the Junior Indebtedness in the manner hereinafter set forth; 
  
 NOW,
THEREFORE, in consideration of $10.00 in hand paid and for other consideration, the receipt and sufficiency of which are hereby acknowledged, it is agreed among the parties hereto as follows, each intending to be legally bound hereby; 

 

	 	1.
	 
	Subordination.    Each of the Lenders hereby subordinates to the Senior Indebtedness, and makes inferior and secondary for so long as
any Senior Indebtedness is outstanding, all the Junior Indebtedness (and all advances made thereunder) and any security interest, lien, charge, title or other encumbrance that the Lenders may have in any property of the Company or any other property
or right that is collateral for the Junior Indebtedness, notwithstanding the respective dates of attachment or perfection of any security interest or lien of the Lenders. 
 

  

	 	2.
	 
	Priority of Distribution.    In the event of (i) any insolvency or bankruptcy case or proceeding, or any receivership, liquidation,
reorganization or other similar case or proceeding in connection therewith, relative to the Company or its assets, or (ii) any liquidation, dissolution or other winding up of the Company, whether voluntary or involuntary, and whether or not
involving insolvency or bankruptcy, or (iii) any assignment for the benefit of creditors of any other marshaling of assets or liabilities of the Company, then, in any such event, the Lenders shall be entitled to receive payment in connection with
the Junior Indebtedness only after payment has been made in full pursuant to the Senior Indebtedness. 
 

  

	 	3.
	 
	Non-Impairment.    All agreements and obligations of the Lenders hereunder shall remain in full force and effect irrespective of: (i)
any amendment, modification, waiver or consent of any term or provisions set forth in any document, instrument or other agreement evidencing 
 

	 	
or securing any of the Senior Indebtedness, or any change in the time, manner or place of payment of, or any other term of, all or any portion of the Senior Indebtedness; (ii) any release or
non-perfection of any lien or security interest in any collateral securing the Senior Indebtedness, or any release or amendment or waiver of or consent to the departure from, any guaranty for all or any of the Senior Indebtedness; or (iii) any
circumstances (other than payment of the Senior Indebtedness) that might otherwise constitute a defense available to, or a discharge of, the Company in respect of the Senior Indebtedness or the Lenders in respect of their obligations under this
Agreement. 
 

  

	 	4.
	 
	Assignment.    This Agreement shall bind any successors or assignees of the Lenders. This Agreement is solely for the benefit of the
Lenders and the Company and not for the benefit of any other party. 
 

  

	 	5.
	 
	Counterparts.    This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of
which together shall constitute one instrument. 
 

  

	 	6.
	 
	Governing Law; Jurisdiction.    This Agreement shall be governed by and construed in accordance with the laws of the State of
Georgia, without giving effect to conflicts of laws principles. Each of the Lenders and the Company submit to the exclusive jurisdiction of the state and federal courts located in Fulton County, Georgia. 
 

  

	 	7.
	 
	Miscellaneous.    This Agreement represents the entire agreement with respect to the subject matter hereof and supersedes all prior
negotiations, agreements and commitments. Each of the Lenders and the Company agree that, in the event of any conflict or inconsistency between the terms of the Junior Indebtedness and the terms of this Agreement with respect to any matter discussed
herein, the terms of this Agreement shall govern and control. This Agreement may be amended only by a written instrument signed by each of the Lenders and the Company. Each of the Lenders agrees to execute, acknowledge and deliver such other
documents as may reasonably be required to effectuate and confirm the subordination of the Junior Indebtedness to the Senior Indebtedness. Headings are inserted into this Agreement for convenience only and shall not be considered in construing any
provision. The provisions of this Agreement are separable, and the invalidity or illegality of any provision shall not be a bar to the enforcement of any other provision. 
 

  
 [SIGNATURES ON NEXT PAGE] 
 

 2 

  
 IN WITNESS WHEREOF, the undersigned have executed this Subordination Agreement as
of the date first above written. 
  
 
	 VENTUROS AS
 
	 
	 By:
 	 	 /s/    Rune
Dybeslad                        
 
Name:     Rune Dybesland                
 Title:
      CFO                                 
 
 

 
 
	 
	 GLASTAD HOLDING, LTD.
 
	 
	 By:
 	 	 /s/    Patrick
Stephansen                  
 
Name:     Patrick Stephansen           
 Title:
      Director                              

 
 
	 
	 GEZINA AS 
 
	 
	 By:
 	 	 /s/    Erik
Engebretsen                      
 
Name:     Erik Engebretsen              
 Title:     
 CEO                                 
 

 
 
	 
	 MEDIABIN, INC. 
 
	 
	 By:
 	 	     /s/    Haines Hargrett      
 

	  	 	 Name:     Haines Hargrett
 Title:
      CFO                                  
    
 

 

 EXHIBIT A 
 Junior Indebtedness

  

	1.
	 
	Loan Agreement between Company and Venturos Holding AS dated March 23, 2000. * 
 

  

	2.
	 
	Loan Agreement between Company and Glastad Capital AS dated March 23, 2000. ** 
 

  

	3.
	 
	Loan Agreement between Company and Venturos Holding AS dated October 11, 2000. * 
 

  

	4.
	 
	Loan Agreement between Company and Glastad Capital AS dated October 11, 2000. ** 
 

  

	5.
	 
	Loan Agreement between Company and Venturos Holding AS dated December 28, 2000. * 
 

  

	6.
	 
	Loan Agreement between Company and Venturos Holding AS dated April 4, 2001. * 
 

  

	7.
	 
	Loan Agreement between Company and Venturos Holding AS dated June 21, 2001. * 
 

  

	8.
	 
	Loan Agreement between Company and Glastad Capital AS dated June 21, 2001. ** 
 

  

	9.
	 
	Amendment to Promissory Note between Company and Venturos Holding AS dated September18, 2001. * 
 

  

	10.
	 
	Amendment to Promissory Note between Company and Glastad Capital AS dated September19, 2001. ** 
 

  

	11.
	 
	Amendment to Promissory Note between Company and Venturos Holding AS dated September28, 2001. * 
 

  

	12.
	 
	Amendment to Promissory Note between Company and Glastad Capital AS dated September28, 2001. ** 
 

  

	13.
	 
	NA 
 

  

	14.
	 
	NA 
 

  

	15.
	 
	NA 
 

  

	16.
	 
	NA 
 

  

	17.
	 
	Amendment to Promissory Notes Deferral of Interest Payments between Company and Venturos AS dated December 31, 2001. 
 

  

	18.
	 
	Amendment to Promissory Notes Deferral of Principal Payments between Company and Venturos AS dated December 31, 2001. 
 

 

	19.
	 
	Amendment to Promissory Notes Deferral of Interest Payments between Company and Glastad Holding, Ltd. dated December 31, 2001. 
 

 

	20.
	 
	Amendment to Promissory Notes Deferral of Principal Payments between Company and Glastad Holding, Ltd. dated December 31, 2001. 
 

 

	21.
	 
	Amendment to Promissory Notes Deferral of Interest Payments between Company and Venturos AS dated March 27, 2002. 
 

  

	22.
	 
	Amendment to Promissory Notes Deferral of Principal Payments between Company and Venturos AS dated March 27, 2002. 
 

 

 4 

  

	23.
	 
	Amendment to Promissory Notes Deferral of Interest Payments between Company and Glastad Holding, Ltd. dated March 27, 2002. 
 

 

	24.
	 
	Amendment to Promissory Notes Deferral of Principal Payments between Company and Glastad Holding, Ltd. dated March 27, 2002. 
 

 

	25.
	 
	Promissory Note between Company and Venturos AS dated March 28, 2002. 
 

  

	26.
	 
	Promissory Note between Company and Glastad Holding, Ltd. dated March 28, 2002. 
 

  

	27.
	 
	Promissory Note between Company and Gezina AS dated March 28, 2002 
 

  

	28.
	 
	Promissory Note between Company and Venturos AS dated April 12, 2002. 
 

  

	29.
	 
	Promissory Note between Company and Glastad Holding, Ltd. dated April 12, 2002. 
 

  

	30.
	 
	Promissory Note between Company and Gezina AS dated April 12, 2002 
 

  

	31.
	 
	Promissory Note between Company and Venturos AS dated April 29, 2002. 
 

  

	32.
	 
	Promissory Note between Company and Glastad Holding, Ltd. dated April 29, 2002. 
 

  

	33.
	 
	Promissory Note between Company and Gezina AS dated April 29, 2002 
 

  

	34.
	 
	Promissory Note between Company and Venturos AS dated May 14, 2002. 
 

  

	35.
	 
	Promissory Note between Company and Glastad Holding, Ltd. dated May 14, 2002. 
 

  

	36.
	 
	Promissory Note between Company and Gezina AS dated May 14, 2002 
 

  

	37.
	 
	Promissory Note between Company and Venturos AS dated May 28, 2002. 
 

  

	38.
	 
	Promissory Note between Company and Gezina AS dated May 28, 2002. 
 

  

	39.
	 
	Promissory Note between Company and Glastad Holding, Ltd. dated May 28, 2002 
 

  

	40.
	 
	Promissory Note between Company and Venturos AS dated June 15, 2002. 
 

  

	41.
	 
	Promissory Note between Company and Glastad Holding, Ltd. dated June 15, 2002. 
 

  

	42.
	 
	Promissory Note between Company and Gezina AS dated June 15, 2002 
 

  

	43.
	 
	Promissory Note between Company and Venturos AS dated June 30, 2002. 
 

  

	44.
	 
	Promissory Note between Company and Glastad Holding, Ltd. dated June 30, 2002. 
 

  

	45.
	 
	Promissory Note between Company and Gezina AS dated June 30, 2002 
 

  
 Note: 
  
 * These Loans and Notes have been transferred from Venturos Holding As to Venturos
AS. 
 ** These Loans and Notes have been transferred from Glastad Capital As to Glastad Holding, Ltd. 
 

 5<PAGE>
                                                                    EXHIBIT 10.1

                        AMENDMENT TO EMPLOYMENT AGREEMENT

         THIS AMENDMENT TO EMPLOYMENT AGREEMENT ("Amendment") is made effective
as of the 3rd day of May, 2002, by and between Clarus Corporation, a Delaware
corporation (the "Company") and Stephen P. Jeffery, a Georgia resident,
("Employee").

         WHEREAS, the Company and Employee have entered into an Employment
Agreement dated as of January 1, 2000 (the "Employment Agreement"); and

         WHEREAS, the Company and Employee desire to amend the Employment
Agreement as provided herein.

         NOW THEREFORE, in consideration of the foregoing, the mutual promises
contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to
be legally bound, agree as follows:

1.       Amendment.
         ----------

(a)      Section 2 of the Employment Agreement is hereby deleted in its entirety
and replaced with the following:

         "Term. The initial term of this Agreement will commence on the date set
         forth above and will terminate on December 31, 2002, unless said
         Agreement is terminated at an earlier date as provided herein. The
         Agreement shall thereafter automatically renew for identical and
         successive one (1) year term(s) unless either party notifies the other
         of its intention not to renew the Agreement at least 30 days prior to
         the expiration of the initial term or the one year renewal term then in
         effect; provided, however, that all post-termination obligations under
         Sections 4, 5, 6 and 7 shall survive termination or expiration of this
         Agreement as provided herein. Notwithstanding anything to the contrary
         herein, the election by the Company not to renew this Agreement at the
         end of the initial or any renewal term hereunder shall constitute
         termination without Cause, and Employee shall be entitled to receive
         the payments and other benefits provided under Section 4(c)."

(b)      The first sentence of Section 4(c) is hereby deleted in its entirety
and replaced with the following:

         "In the event the Company terminates this Agreement without Cause or
         elects not to renew this Agreement at the end of the initial or any
         renewal term, then Employee shall be entitled to (i) severance pay in
         the form of continuation of his annualized Base Salary for a period of
         one (1) year from the date of such termination, which shall be paid in
         accordance with the Company's regular payroll practices and subject to
         any and all withholdings pursuant to applicable law, and (ii) a pro
         rata portion of his incentive bonus, if any, contemplated by Section
         3(a) for the quarter in which his employment terminated based upon the
         number of days in the quarter elapsed prior to such termination."

The remainder of Section 4(c) remains in effect as provided in the Employment
Agreement.

                                       1

<PAGE>

(c)      Section 7 of the Employment Agreement is hereby deleted in its entirety
and replaced with the following:

         "7. Employee's Obligations Upon Termination. Upon the termination of
Employee's employment hereunder for whatever reason, Employee automatically
tenders Employee's resignation from any office Employee may hold with the
Company; provided that neither the provisions of this Section 7 nor anything in
this Agreement shall require Employee to tender his resignation from the
Company's Board of Directors at any time, it being specifically understood that
Employee may continue to serve in such capacity following termination of this
Agreement".

2.       Continued Effect of Agreement. Except as specifically set forth in this
Amendment, the Employment Agreement continues in full force and effect in
accordance with its terms. All references in the Employment Agreement to the
"Agreement" shall be deemed to mean the Employment Agreement as amended hereby.

3.       Miscellaneous. The provisions of Sections 10 of the Employment
Agreement shall apply also to this Amendment.

IN WITNESS WHEREOF, the parties hereto have hereunto affixed their hands and
seals as of the date first above written.

THE COMPANY:                                    EMPLOYEE:

CLARUS CORPORATION

By:      /s/ Stephen P. Jeffery                 /s/ Stephen P. Jeffery
         ----------------------------------     --------------------------------
Title:   Chairman, Chief Executive Officer,     Stephen P. Jeffery
           President
         ----------------------------------

                                       2

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