Document:

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                                                                   EXHIBIT 10.20

                            LIQUIDMETAL TECHNOLOGIES
                      NON-QUALIFIED STOCK OPTION AGREEMENT
                                       FOR
                                  PAUL AZINGER

                                    AGREEMENT

         1.       Grant of Option. LIQUIDMETAL TECHNOLOGIES (the "Company")
hereby grants, as of January 1, 2001, to PAUL AZINGER (the "Optionee") an option
(the "Option") to purchase up to 316,666.64 shares of the Company's Common
Stock, $0.01 par value (the "Stock" or "Common Stock"), at an exercise price per
share of $3.75 (the "Option Price"). The Option shall be subject to the terms
and conditions set forth herein. The Option is a non-qualified stock option, and
not an incentive stock option under Section 422 of the Internal Revenue Code of
1986, as amended.

         2.       Exercise Schedule.

                  (a)      Except as otherwise provided in Sections 2(b) or 5 of
this Agreement, the Option is exercisable in installments as provided below,
which shall be cumulative. To the extent that the Option has become exercisable
with respect to a number of shares of Stock as provided below, the Option may
thereafter be exercised by the Optionee, in whole or in part, at any time or
from time to time prior to the expiration of the Option as provided herein. The
following table indicates each date (the "Vesting Date") upon which the Optionee
shall become entitled to exercise the Option with respect to the number of
shares of Stock granted as indicated beside the date:

         Number of Shares of Stock                  Vesting Date
         -------------------------                  ------------
                 50,000.00                        December 31, 2001
                 66,666.66                        December 31, 2002
                 66,666.66                        December 31, 2003
                 66,666.66                        December 31, 2004
                 66,666.66                        December 31, 2005

                  (b)      Notwithstanding any other provisions of this
Agreement, the date on which the Option otherwise would have become exercisable
under Section 2(a) hereof shall be accelerated if and to the extent provided
below:

                           (i)      in the event that prior to December 31,
2002, either (x) the Optionee terminates the Endorsement Agreement pursuant to
Section 18 of the Endorsement Agreement by reason of an Event of Default (as
defined in Section 2(d) below) by the Company, or (y) the Company terminates the
Endorsement Agreement for any reason other than on account

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of an Event of Default by the Optionee, then the Optionee shall be immediately
vested and entitled to exercise the Option with respect to the number of shares
of Stock with Vesting Dates under Section 2(a) hereof that are on or before
December 31, 2002;

                           (ii)     in the event that, after December 31, 2002,
either (x) the Optionee terminates the Endorsement Agreement pursuant to Section
18 of the Endorsement Agreement by reason of an Event of Default by the Company,
or (y) the Company terminates the Endorsement Agreement for any reason other
than on account of an Event of Default by the Optionee, then the Optionee shall
be immediately vested and entitled to exercise the Option with respect to all of
the shares of Stock with respect to which the Option has been granted;

                           (iii)    in the event that a Change of Control, as
defined in Section 2(d) hereof, occurs prior to a termination of the Endorsement
Agreement by Optionee, the Optionee shall be, as of the date of termination by
the Optionee, immediately vested and entitled to exercise the Option with
respect to the number of shares of Stock with a Vesting Date under Section 2(a)
that ends on December 31 of the year in which the Change of Control occurs, but
only if Optionee terminates the Endorsement Agreement within 90 days of the
effective date of the Change of Control; and

                           (iv)     in the event that the Endorsement Agreement
is terminated by the Company pursuant to Section 2(b) of the Endorsement
Agreement, and within one year from the date on which the Endorsement Agreement
is terminated, the Company retains another professional golfer to serve as its
primary corporate spokesman at anytime during such one year period for golf
products or the Company as a whole, then the Optionee shall be immediately
vested and entitled to exercise the Option with respect to all of the shares of
Stock subject to the Option.

                  (c)      Within the first thirty (30) day period after each
Vesting Date (as described in Section 2(a) hereof), the Optionee shall have the
right to elect to receive a cash payment in cancellation of that portion of the
Option that has first become (or in the absence of acceleration pursuant to
Section 2(b) hereof would have become) newly vested on such Vesting Date. Upon
the expiration of such 30-day period, the right set forth in the preceding
sentence shall terminate and no longer be in effect with respect to such newly
vested portion of the Option. The amount of the cash payment shall be equal to
the product of (i) the number of shares of Stock subject to the portion of
Option that shall be cancelled, and (ii) $11.25. Payment of the cash payment
pursuant to this Section 2(c) shall be made by the Company to the Optionee
within thirty (30) days after the date on which Optionee makes an election to
cancel a portion of the Option pursuant to this Section 2(c).

                  (d)      For purposes of this Agreement, the following terms
shall have the meanings indicated:

                           (i)      "Endorsement Agreement" shall mean that
certain Endorsement Agreement, dated as of January 1, 2001, by and between the
Company and Optionee.

                           (ii)     "Event of Default" shall have the same
meaning as indicated in

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Section 17 of the Endorsement Agreement.

                           (iii)    "Fair Market Value" of a share of Stock on
any date of reference shall mean:

                                    (x)     In the event that the shares of the
Common Stock of the Company are not registered on a nationally recognized
securities exchange, the fair market value of a share of the Company's Common
Stock on that date, as determined by the Board of Directors of the Company (the
"Board") in a fair and uniform manner; provided, however, if the Optionee
disagrees with the fair market value selected, the fair market value shall then
be determined by an independent appraiser mutually agreed upon by the Company
and the Optionee. If the Company and the Optionee cannot agree upon an
independent appraiser, each party shall then select their own independent
appraiser and then both of those independent appraisers shall select a third
independent appraiser who shall make the final fair market value determination.
For these purposes, the fair market value shall be determined without applying a
discount for minority interest and/or lack of marketability. The appraisal costs
shall be borne equally by both parties.

                                    (y)     In the event that the shares of
Common Stock of the Company are registered on a nationally recognized securities
exchange or otherwise publicly traded, the Fair Market Value shall mean the
"Closing Price" (as defined below) of the Common Stock on the business day
immediately preceding the date of reference. For the purpose of determining Fair
Market Value, the "Closing Price" of the Common Stock on any business day shall
be (1) if the Common Stock is listed or admitted for trading on any United
States national securities exchange, or if actual transactions are otherwise
reported on a consolidated transaction reporting system, the last reported sale
price of Common Stock on such exchange or reporting system, as reported in any
newspaper of general circulation, (2) if the Common Stock is quoted on the
National Association of Securities Dealers Automated Quotations System
("NASDAQ"), or any similar system of automated dissemination of quotations of
securities prices in common use, the last reported sale price of Common Stock on
such system or, if sales prices are not reported, the mean between the closing
high bid and low asked quotations for such day of Common Stock on such system,
as reported in any newspaper of general circulation or (3) if neither clause (1)
or (2) is applicable, the mean between the high bid and low asked quotations for
the Common Stock as reported by the National Quotation Bureau, Incorporated if
at least two securities dealers have inserted both bid and asked quotations for
Common Stock on at least five of the ten preceding days.

                           (iv)     "Change in Control" shall mean

                                    (x)     Approval by the shareholders of the
Company of (1) a reorganization, merger, consolidation or other form of
corporate transaction or series of transactions, in each case, with respect to
which persons who were the shareholders of the Company immediately prior to such
reorganization, merger or consolidation or other transaction do not, immediately
thereafter, own more than 50% of the combined voting power entitled to vote
generally in the election of directors of the reorganized, merged or
consolidated company's

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then outstanding voting securities, in substantially the same proportions as
their ownership immediately prior to such reorganization, merger, consolidation
or other transaction, or (2) a liquidation or dissolution of the Company or (3)
the sale of all or substantially all of the assets of the Company (unless such
reorganization, merger, consolidation or other corporate transaction,
liquidation, dissolution or sale is subsequently abandoned); or

                                    (y)      the acquisition by any person,
entity or "group", within the meaning of Section 13(d)(3) or 14(d)(2) of the
Securities Exchange Act of 1934 (the "Securities Exchange Act"), of beneficial
ownership within the meaning of Rule 13-d promulgated under the Securities
Exchange Act of 30% of either the then outstanding shares of the Company's
Common Stock or the combined voting power of the Company's then outstanding
voting securities entitled to vote generally in the election of directors
(hereinafter referred to as the ownership of a "Controlling Interest")
excluding, for this purpose, any acquisitions by (1) the Company or its
subsidiaries, (2) any person, entity or "group" that as of the date of this
Agreement owns beneficial ownership (within the meaning of Rule 13d-3
promulgated under the Securities Exchange Act) of a Controlling Interest or (3)
any employee benefit plan of the Company or its subsidiaries.

         3.       Method of Exercise. This Option shall be exercisable in whole
or in part in accordance with the exercise schedule set forth in Section 2
hereof by written notice which shall state the election to exercise the Option,
the number of shares of Stock in respect of which the Option is being exercised,
and such other representations and agreements as to the holder's investment
intent with respect to such shares of Stock as may reasonably be required by the
Company. Such written notice shall be signed by the Optionee and shall be
delivered in person or by certified mail to the Company. The written notice
shall be accompanied by payment of the exercise price. This Option shall be
deemed to be exercised after receipt by the Company of such written notice
accompanied by the exercise price. No shares of Stock will be issued pursuant to
the Option unless and until such issuance and such exercise shall comply with
all relevant provisions of applicable law, including the requirements of any
stock exchange upon which the Stock then may be traded. The Optionee agrees and
acknowledges with respect to any Stock acquired by exercise of the Option that
has not been registered under the Securities Act of 1933, as amended (the
"Securities Act") that (i) he or she will not sell or otherwise dispose of such
Stock except pursuant to an effective registration statement under the
Securities Act and any applicable state securities laws, or in a transaction
which, in the opinion of counsel for the Company, is exempt from such
registration, and (ii) a legend to such effect may be placed on the certificates
for the Stock.

         4.       Method of Payment. Payment of the exercise price shall be by
any of the following, or a combination thereof, at the election of the Optionee:
(a) cash; (b) check; or (c) such other consideration or in such other manner as
may be determined by the Company in its absolute discretion. If the exercise
price is paid in whole or in part with shares of Stock (if permitted by the
Company, in its absolute discretion), or through the withholding of shares of
Stock issuable upon exercise of the Option (if permitted by the Company, in its
absolute discretion), the value of the shares of Stock surrendered or withheld
shall be their Fair Market Value on the date the Option is exercised. In the
event that the Option is exercised after

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termination of the Endorsement Agreement, the Optionee and/or his Permitted
Transferees may offset against the exercise price any amounts payable by the
Company to the Optionee pursuant to, or by reason of the termination of, the
Endorsement Agreement.

         5.       Termination of Option. The unexercised portion of the Option
that has become exercisable pursuant to Section 2(a) or 2(b) hereof shall
terminate on, and in no event shall the Option be exercisable after, the earlier
of (i) the fifth anniversary of the date on which the Endorsement Agreement
terminates, and (ii) December 31, 2010, unless sooner cancelled pursuant to
Section 2(c) hereof. In the event that the Company terminates the Endorsement
Agreement by reason of an Event of Default by the Optionee, or the Optionee
terminates the Endorsement Agreement for a reason other than an Event of Default
by the Company, then the unvested portion of the Option shall immediately
terminate and be of no further force and effect as of the date on which the
Endorsement Agreement is terminated, although the vested portion of the Option
shall continue to remain exercisable in accordance with the terms of this
Agreement. Except as otherwise provided in Section 2(b)(iv) hereof, in the event
that the Company terminates the Endorsement Agreement as of December 31, 2002,
pursuant to Section 2(b) thereof, the unvested portion of the Option shall
immediately terminate and be of no further force and effect as of the effective
date of termination, although the vested portion of the Option shall continue to
remain exercisable in accordance with the terms of this Agreement.

         6.       Transferability. The Option is not transferable otherwise than
(a) by will or the laws of descent and distribution, (b) to Optionee's spouse
and/or lineal descendants, (c) to a trust solely for the benefit of the
Optionee, his spouse and/or lineal descendants, or (d) to a partnership, limited
liability company, corporation or other entity, all of the equity of which are
owned by or for the benefit of the Optionee, the Optionee's spouse and/or lineal
descendants (each permissible transferee under clauses (a) through (d) hereof
being sometimes referred to as a "Permitted Transferee"); provided, however,
that any such transferee shall agree to be subject to all such terms and
conditions of this Agreement as though such transferee were a party hereto. The
terms of this Option shall be binding upon the executors, administrators, heirs,
successors and assigns of the Optionee.

         7.       Adjustment of Shares of Stock. If at any time while this
Agreement is in effect, there shall be any increase or decrease in the number of
issued and outstanding shares of Stock through the declaration of a stock
dividend or through any recapitalization resulting in a stock split-up,
combination or exchange of shares, then and in such event appropriate adjustment
shall be made (as determined by the Company in its reasonable discretion) in the
number of shares of Stock and the Option Price per share thereof then subject to
any outstanding Options, so that the same percentage of the Company's issued and
outstanding shares of Stock immediately prior to such event shall remain subject
to purchase at the same aggregate exercise price immediately after such event.

         8.       Registration Rights.

                  (a)      The Company agrees that, if the Company proposes to
register any of its equity securities under the Securities Act (other than a
registration on Form S-8 or S-4 or any

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successor or similar forms) whether or not for sale for its own account, in a
manner which would permit registration of the Stock for sale to the public under
the Securities Act, then the Company will notify the Optionee and, at the
Optionee's request, will cause all shares of Stock subject to the Option or
acquired as the result of an exercise of the Option to be included in such
registration statement. All expenses of the transaction shall be borne by the
Company.

                  (b)      The Company shall indemnify the Optionee and his
Permitted Transferees against all losses, claims, damages and liabilities caused
by any untrue statement of a material fact contained in any registration
statement, prospectus, notification or offering circular (and as amended or
supplemented if the Company shall have furnished any amendments or supplements
thereto) or any preliminary prospectus relating to the registration or
qualification of the shares of Stock or caused by any omission to state therein
a material fact required to be stated therein or necessary to make the
statements therein not misleading except insofar as such losses, claims, damages
or liabilities are caused by any untrue statement or omission contained in
information furnished in writing to the Company by the Optionee or the holder of
shares of Stock expressly for use therein, and the Optionee will indemnify and
hold harmless the Company and each of its officers who signs such registration
statement and each of its directors and each person, if any, who controls the
Company within the meaning of Section 15 of the Securities Act with respect to
losses, claims, damages or liabilities which are caused by any untrue statement
or omission contained in information furnished in writing to the Company by that
person expressly for use therein.

                  (c)      Notwithstanding the foregoing, if the managing
underwriter or underwriters of a registered offering of the Common Stock deliver
an opinion to the Optionee that the total amount of securities which such
Optionee, the Company and any other persons (excluding officers of the Company
or any of its affiliates) participating in such registration who have similar
registration rights ("Other Selling Shareholders") propose to include in such
offering is such as to adversely affect the success of such offering, then, the
amount of securities to be included therein for the account of the Optionee (and
any Permitted Transferees) and the Other Selling Shareholders will be reduced
(to zero if necessary) pro rata among the Optionee and the Other Selling
Shareholders on the basis of the Common Stock requested to be included therein
by each such shareholder, to the extent necessary to reduce the total amount of
securities to be included in such offering to the amount recommended by such
managing underwriter or underwriters; provided that no securities of any person
other than the Company and/or Other Selling Shareholder shall be included in
such registration if any shares of the Optionee (or any Permissible Transferee)
are excluded.

                  (d)      The registration rights set forth in this Section 8
shall terminate upon the earlier of (i) the transfer by Optionee (other than a
transfer to one of the Permitted Transferees listed in Section 6 hereof) of any
Stock subject to the Option, but only to the extent of the transferred Stock,
and (ii) the date on which such Stock becomes saleable pursuant to Rule 144(k)
under the Securities Act without any volume limitation applicable thereto.

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         9.       Tag-Along Take-Along Rights; Put Option.

                  (a)      Notwithstanding anything in this Agreement to the
contrary, in the event that holders (the "Holders") of shares of Common Stock
enter into an agreement (or series of related agreements) for the sale of 50% or
more of the outstanding capital stock of the Company (a "Proposed Sale"), then
the Company shall cause the Holders to provide to the Optionee notice that the
Holders have entered into such an agreement and that this Section 9 is
applicable (the "Tag-Along Notice"). The Tag-Along Notice shall also set forth
all of the information with respect to the Proposed Sale, including without
limitation: (i) the shares of Common Stock proposed to be purchased (the
"Tag-Along Offered Shares"); (ii) the proposed purchase price, including for
this purpose any other consideration payable to all or any of the Holders which
is payable in connection with such sale, except to the extent such other
consideration is paid in exchange for securities of the Company other than
Common Stock (the "Tag-Along Offered Price"); and (iii) the proposed terms of
purchase (the "Tag-Along Offered Terms").

                  (b)      Upon receipt of a Tag-Along Notice, the Optionee
and/or his Permitted Transferees (each such person who exercises a right to
participate hereunder being referred to as a "Participating Party") shall have
the right to participate in such Proposed Sale, exercisable by delivery of a
notice to the Holders (the "Participation Notice") within 30 days from the date
of receipt of the Tag-Along Notice. The right of a Participating Party pursuant
to this subsection (b) shall terminate if not exercised within 30 days after
receipt of the Tag-Along Notice. The Participation Notice shall set forth the
number of shares of Stock subject to the Option that the Participating Party
desires to include in the proposed sale.

                  (c)      Following the expiration of the 30-day period
referred to in subsection (b), if a Participating Party has delivered the
Participation Notice, the Holders shall notify the Participating Party of the
number of shares of Stock which the Participating Party may include in the
proposed transfer (the "Includible Shares"), which shall be the lesser of (A)
the shares requested for inclusion by the Participating Party; and (B) the
product of (1) the Tag-Along Offered Shares multiplied by (2) a fraction, the
numerator of which is the total number of shares of Stock owned by the
Participating Party as a result of the exercise of the Option and shares of
Stock representing the unexercised portion of the Option (but only to the extent
vested) and the denominator of which is the total shares of Common Stock
beneficially owned by the Holders, the Optionee and his Permitted Transferees,
and other shareholders of Common Stock and option holders having similar
"tag-along" rights. Upon delivery of a Participation Notice, the Participating
Party shall be entitled and obligated to sell to the proposed purchaser or
purchasers his or her Includible Shares at the Tag-Along Offered Price pursuant
to the Tag-Along Offered Terms, and the Common Stock which the Holders shall be
entitled to sell to the proposed purchaser or purchasers shall be reduced
accordingly.

                  (d)      At the closing of the Proposed Sale (notice of the
date, place and time of which shall be designated by the Holders and provided to
the Participating Party in writing at least five business days prior thereto),
the Electing Party shall deliver an instrument evidencing the Includible Shares,
duly endorsed, or accompanied by written instruments of transfer in form

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reasonably satisfactory to the purchaser or purchasers, duly executed by such
Individual Shareholder.

                  (e)      The Optionee and his Permitted Transferees hereby
agree, upon request of the Company's Board of Directors, to include their shares
of Stock that were acquired as a result of the exercise of the Option in any
proposed sale (or series of related sales) of more than 50% of the outstanding
capital stock of the Company (a "Sale Transaction") on a pro rata basis in the
same percentage as the percentage of the shares of Stock being tendered by other
shareholders of the Company bears to the percentage of all other outstanding
shares; provided that the per share consideration to be received by the Optionee
and his Permitted Transferees in the Sale Transaction is not less than, and is
payable in the same form as, the per share consideration to be received by any
other owner of shares pursuant to the Sale Transaction.

                  (f)      At any time within one year after the termination of
the Endorsement Agreement for any reason, if the Stock of the Company then is
not registered under the Securities Exchange Act of 1934, the Company, upon
request of the Optionee or a Permitted Transferee (each a "Requesting Party"),
shall use its best efforts to find a buyer for any shares of Stock owned by the
Requesting Party, for a price that is in excess of $15 per share, payable in
cash. Alternatively, or in the event that the Company does not find a buyer for
the shares that the Requesting Parties desire to sell, the Optionee and/or his
Permitted Transferees each shall have the right (the "Put Right"), exercisable
only during the 30-day period beginning one year after the termination of the
Endorsement Agreement for any reason (the "Put Exercise Period"), to require
that the Company repurchase, at a price of $15 per share (the "Redemption
Price"), any or all of the shares of Stock acquired upon exercise of the Option;
provided, however, that this Put Right only shall be exercisable if at the time
of exercise the Stock is not registered under the Securities Exchange Act of
1934, as amended. In the event that the Optionee and/or his Permitted
Transferees wish to exercise the Put Right (each an "Exercising Party"), he or
it shall provide to the Company notice of the exercise of the Put Right (the
"Put Exercise Notice")on or before the last day of the Put Exercise Period. The
Company shall pay the Redemption Price for any shares of Stock that it is
required to purchase pursuant to this Section 9 (f) either in cash or in the
form of the Company's promissory note payable in up to 36 equal consecutive
monthly installments, including interest at the rate equal to the prime rate of
interest of Citibank, N.A., with the first payment being due on the date of the
closing (such payment method to be selected by the Company, in its absolute
discretion). The closing for the purchase and sale of any Stock as a result of
the exercise of the Put Right pursuant to this Section 9(f) shall take place on
the tenth business day following the date on which the Put Exercise Notice is
provided to the Company. At the closing, each Exercising Party shall deliver the
stock certificates evidencing the shares of Stock being resold to the Company
duly endorsed in blank for transfer, or with separate stock power endorsed in
blank for transfer to the Company.

         10.      Right of First Refusal. If the Optionee or a Permitted
Transferee (each a "Selling Party") desires to effect a voluntary transfer of
any of the shares of Stock acquired upon exercise of the Option (other than a
transfer to a Permitted Transferee as defined in Section 6 hereof), during the
period that the Stock is not registered under the Securities Exchange Act of
1934, as amended (the "Restricted Period"), the Selling Party first shall give
written notice to the

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Company of such intent to transfer (the "Offer Notice") specifying (i) the
number of the shares of Stock (the "Offered Shares") and the date of the
proposed transfer (which shall not be less than fifteen (15) days after the
giving of the Offer Notice), (ii) the name, address, and principal business of
the proposed transferee (the "Transferee"), and (iii) the price and other terms
and conditions of the proposed transfer of the Offered Shares to the Transferee.
The Office Notice by the Selling Party shall constitute an offer to sell all,
but not less than all, of the Offered Shares, at the price and on the terms
specified in such Offer Notice, to the Company. If the Company desires to accept
the offer to sell by the Selling Party, the Company shall signify such
acceptance by written notice to the Selling Party within fifteen (15) days
following the giving of the Option Notice. Failing such acceptance, the Selling
Party's offer to the Company shall lapse on the sixteenth day following the
giving of the Option Notice. With such written acceptance, the Company shall
designate a day not later than the later of (i) ten (10) days following the date
of giving its notice of acceptance, or (ii) the closing date in the Offer
Notice, on which the Company shall deliver the purchase price of the Offered
Shares (in the same form as provided in the Offer Notice) and the Selling Party
shall deliver to the Company, all certificates evidencing the Offered Shares
endorsed in blank for transfer or with separate stock powers endorsed in blank
for transfer. Upon the lapse without acceptance by the Company of the Selling
Party's offer to sell the Offered Shares, the Selling Party shall be free to
transfer the Offered Shares not purchased by the Company to the Transferee, for
a price and on terms and conditions which are no more favorable to the
Transferee than those set forth in the Offer Notice, for a period of thirty days
thereafter, but after such period the restrictions of this Section 10 shall
again apply to the shares of Stock. This provision shall cease to have any force
or effect after the end of the Restricted Period.

         11.      No Rights of Stockholders. Neither the Optionee nor any
personal representative (or beneficiary) or permitted assignee shall be, or
shall have any of the rights and privileges of, a stockholder of the Company
with respect to any shares of Stock purchasable or issuable upon the exercise of
the Option, in whole or in part, prior to the date of exercise of the Option.

         12.      No Right to Continued Service. Neither the Option nor this
Agreement shall confer upon the Optionee any right to continued service with the
Company.

         13.      Law Governing. This Agreement shall be governed in accordance
with and governed by the internal laws of the State of Florida.

         14.      Notices. Any notice under this Agreement shall be in writing
and shall be deemed to have been duly given when delivered personally or when
deposited in the United States mail, registered, postage prepaid, and addressed,
in the case of the Company, to the Company's offices at Liquidmetal
Technologies, 25800 Commercentre Drive, Suite 100, Lake Forest, California
92630, or if the Company should move its principal office, to such principal
office, and, in the case of the Optionee, to the Optionee's last permanent
address as shown on the Company's records, subject to the right of either party
to designate some other address at any time hereafter in a notice satisfying the
requirements of this Section.

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         IN WITNESS WHEREOF, the undersigned have executed this Agreement as of
the 1st day of January 2001.

                                         COMPANY:

                                         LIQUIDMETAL TECHNOLOGIES, a
                                         California corporation

                                         By: /s/ John Kang
                                             -----------------------------------
                                             Name:  John Kang
                                             Title: Chief Executive Officer

                                         OPTIONEE:

                                         By: /s/ Paul Azinger
                                             -----------------------------------
                                             PAUL AZINGER

                                       10<PAGE>
                                 EXHIBIT 10.10

                 AMENDMENT NO. 4 TO REVOLVING CREDIT AGREEMENT

                         Dated as of November 15, 2001

         This AMENDMENT NO. 4 TO REVOLVING CREDIT AGREEMENT, dated as of
November 15, 2001 (this "Amendment"), amends that certain Revolving Credit
Agreement, dated as of December 22, 1997 (as amended and in effect from time to
time, the "Credit Agreement"), by and among PERKINS FAMILY RESTAURANTS, L.P., a
Delaware limited partnership ("Perkins"), THE RESTAURANT COMPANY, a Delaware
corporation ("TRC"), PERKINS RESTAURANTS, INC., a Minnesota corporation
("PRI"), and PERKINS MANAGEMENT COMPANY, INC., a Delaware corporation ("PMC"),
and PERKINS FINANCE CORP., a Delaware corporation (together with TRC, PRI and
PMC, the "Original Guarantors"), FLEET NATIONAL BANK (f/k/a BankBoston, N.A.),
a national banking association and the other lending institutions listed on
Schedule 1 thereto (the "Banks"), FLEET NATIONAL BANK (f/k/a BankBoston, N.A.),
as agent and administrative agent for the Banks (the "Agent"), and BANK OF
AMERICA, N.A. (f/k/a Nationsbank, N.A.), as Syndication Agent (the "Syndication
Agent"). All capitalized terms used herein without definitions shall have the
meanings given such terms in the Credit Agreement.

         WHEREAS, pursuant to the Joinder and Amendment No. 2, dated as of
December 20, 1999, by and among Perkins, the Original Guarantors, the Banks,
the Agent and the Syndication Agent, TRC joined the Credit Agreement and the
Loan Documents and agreed to become a Borrower under the Credit Agreement and
to comply with and be bound by all of the terms, conditions and covenants of
the Credit Agreement and Loan Documents applicable to it as a Borrower;

         WHEREAS, as of the Merger Date, Perkins, PRI and PMC merged with and
into TRC such that TRC became the sole Borrower under the Credit Agreement (TRC
is hereinafter referred to as the "Borrower");

         WHEREAS, pursuant to a Guaranty, dated as of December 20, 1999, by The
Restaurant Holding Corporation ("TRHC") in favor of the Agent and the Banks,
TRHC has guaranteed all of the Borrower's obligations to the Banks and the
Agent under or in respect of the Credit Agreement and the other Loan Documents
and became a Guarantor under the Credit Agreement;

         WHEREAS, pursuant to a Guaranty, dated as of September 30, 2000, by
The Restaurant Company of Minnesota ("TRCM") in favor of the Agent and the
Banks, TRCM has guaranteed all of the Borrower's obligations to the Banks and
the Agent under or in respect of the Credit Agreement and the other Loan
Documents and became a Guarantor under the Credit Agreement;

         WHEREAS, pursuant to a Guaranty, dated as of September 30, 2000, by
TRC Realty LLC ("Realty") in favor of the Agent and the Banks, Realty has
guaranteed all of the Borrower's obligations to the Banks and the Agent under
or in respect of the Credit Agreement and the other Loan Documents and became a
Guarantor under the Credit Agreement; and

         WHEREAS, the parties hereto wish to amend the Credit Agreement as
provided more fully herein.

<PAGE>
                                      -2-

         NOW THEREFORE, in consideration of the mutual agreements contained in
the Credit Agreement and herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:

         ss.1.    AMENDMENTS TO CREDIT AGREEMENT.

         ss.1.1.  DEFINITIONS. Section 1.1 of the Credit Agreement is hereby
amended as follows:

         (a)      The definition of "Applicable Margin" set forth in ss.1.1 of
the Credit Agreement is hereby amended and restated in its entirety to read as
follows:

                  "Applicable Margin. For each period commencing on an
         Adjustment Date through the date immediately preceding the next
         Adjustment Date (each a "Rate Adjustment Period"), the Applicable
         Margin with respect to Revolving Credit Loans, (for Base Rate Loans
         and Eurodollar Rate Loans) and for the Letters of Credit shall be the
         applicable percentage set forth below with respect to each such Loan
         or Letter of Credit, as the case may be, corresponding to the
         Borrower's Leverage Ratio, as determined at the end of the fiscal
         quarter of the Borrower and its Subsidiaries ending immediately prior
         to the applicable Rate Adjustment Period:

<TABLE>
<CAPTION>
                                                                   Eurodollar Rate Loans
     Level             Leverage Ratio        Base Rate Loans       and Letters of Credit

     <S>            <C>                      <C>                   <C>
       I                  < 2.75:1                 0%                      2.00%

       II           > 2.75:1 and <3.50:1          0.50%                    2.50%
                    -

      III           > 3.50:1 and <3.75:1          1.00%                    3.00%
                    -

       IV                 > 3.75:1                1.50%                    3.50%
                          -
</TABLE>

                  Notwithstanding the foregoing, if the Borrower fails to
         deliver any Compliance Certificate pursuant to ss.9.4(d) hereof, then
         for the period commencing on the first day of the month immediately
         following the date such Compliance Certificate was due through the
         date immediately preceding the Adjustment Date that occurs immediately
         following the date on which such Compliance Certificate is delivered,
         the Applicable Margin shall be that percentage corresponding to Level
         IV in the table above."

         (b)      The definition of "Consolidated Funded Indebtedness" set
forth in ss.1.1 of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

                  "Consolidated Funded Indebtedness. At any time, the sum of
         (a) the aggregate amount of Indebtedness of the Borrower and its
         Subsidiaries, on a consolidated basis, relating to the borrowing of
         money or the obtaining of credit or in respect of Capitalized Leases
         (including, without limitation, (i) the Discount Notes, (ii) the
         accreted value of the accrued but unpaid interest on the Discount
         Notes as of November 15, 2001 payable by the Borrower on May 15, 2003
         in accordance with ss.6 of the Discount Notes), plus (b) without
         duplication, all reimbursement obligations of such Persons in respect
         of letters of credit outstanding, plus (c) without duplication, all
         Indebtedness guaranteed by the Borrower or any of its Subsidiaries."

<PAGE>
                                      -3-

         (c)      The definition of "Consolidated Net Income" set forth in
ss.1.1 of the Credit Agreement is hereby amended and restated in its entirety
to read as follows:

                  "Consolidated Net Income (or Deficit). The consolidated net
         income (or deficit) of the Borrower and its Subsidiaries, after
         deduction of all expenses, taxes, and other proper charges, but before
         deduction of Tax Distributions, determined in accordance with
         generally accepted accounting principles, after eliminating therefrom
         any income attributable to the sale of assets by the Borrower or its
         Subsidiaries outside of the ordinary course of business other than
         income attributable to the sale of assets prior to October 7, 2001 (it
         being understood that the provisions of this definition shall not
         impair any restriction on asset sales contained herein or in any other
         Loan Document)."

         (d)      The definition of "Consolidated Total Interest Expense" set
forth in ss.1.1 of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

                  "Consolidated Total Interest Expense. For any period, the
         remainder of (a) the aggregate amount of interest required to be paid
         or accrued by the Borrower and its Subsidiaries during such period on
         all Indebtedness of the Borrower and its Subsidiaries outstanding
         during all or any part of such period, whether such interest was or is
         required to be reflected as an item of expense or capitalized,
         including payments consisting of interest in respect of Capitalized
         Leases, and including commitment fees, agency fees, facility fees,
         balance deficiency fees and similar fees and expenses in connection
         with the borrowing of money, but excluding solely for purposes of
         calculating compliance with ss.11.4 hereof for any test period which
         includes any fiscal quarter ending on or prior to July 13, 2003, the
         payment of the accreted value of the accrued but unpaid interest on
         the Discount Notes as of November 15, 2001 payable by the Borrower on
         May 15, 2003 in accordance with ss.6 of the Discount Notes, minus (b)
         interest income of the Borrower and its Subsidiaries for such period,
         in each case, determined on a consolidated basis for such Persons in
         accordance with generally accepted accounting principles."

         ss.1.2.  COMMITMENT FEE. The Credit Agreement is hereby further
amended by deleting ss.2.2 in its entirety and substituting in lieu thereof the
following new ss.2.2:

                  "2.2.    COMMITMENT FEE. The Borrower agrees to pay to the
         Agent for the accounts of the Banks in accordance with their
         respective Revolving Credit Commitment Percentages a commitment fee at
         an annual rate equal to (a) if the Applicable Margin corresponds to
         Level I, II or III in the table set forth in the definition of
         "Applicable Margin", one-half of one percent (0.50%), and (b) if the
         Applicable Margin corresponds to Level IV in the table set forth in
         the definition of "Applicable Margin", three-quarters of one percent
         (0.75%), in each case on the average daily amount during each calendar
         quarter or portion thereof from the Closing Date to the Revolving
         Credit Loan Maturity Date by which the Total Revolving Credit
         Commitment exceeds the sum of (i) the Outstanding amount of Revolving
         Credit Loans plus (ii) the Maximum Drawing Amount, plus (iii) all
         Unpaid Reimbursement Obligations during such calendar quarter. The
         commitment fee shall be payable quarterly in arrears on the last day
         of each calendar quarter for the calendar quarter then ending,
         commencing on March 31, 1998, with a final payment on the Revolving
         Credit Loan Maturity Date or any earlier date on which the Revolving
         Credit Commitments shall terminate."

<PAGE>
                                      -4-

         ss.1.3.  FISCAL YEAR. The Credit Agreement is hereby further amended
by deleting ss.8.20 in its entirety and substituting in lieu thereof the
following new ss.8.20"

                  "8.20.   FISCAL YEAR. The Borrower has a fiscal year
         consisting of thirteen (13) 4-week accounting periods ending on the
         last Sunday in December."

         ss.1.4.  FINANCIAL REPORTING. Section 9.4 of the Credit Agreement is
hereby amended by (i) deleting the text "and;" following clause (e) of such
ss.9.4, (ii) deleting the period following clause (f) of such ss.9.4, and (iii)
adding the following new clauses (g) and (h) to such ss.9.4:

                  "(g)     as soon as practicable, but in any event not later
         than forty-five (45) days after the end of each of the thirteen (13)
         4-week accounting periods in each fiscal year of the Borrower, copies
         of the unaudited consolidated balance sheet of the Borrower and its
         Subsidiaries as at the end of such accounting period, and the related
         consolidated statement of income and consolidated statement of cash
         flow for the portion of the fiscal year then elapsed, all in
         reasonable detail and prepared in accordance with generally accepted
         accounting principles, together with a certification by the principal
         financial or accounting officer of the Borrower that the information
         contained in such financial statements fairly presents the financial
         position of the Borrower and its Subsidiaries on the date thereof
         (subject to year-end adjustments); and

                  (h)      as soon as practicable, but in any event not later
         than forty-five (45) days after the end of each of the thirteen (13)
         4-week accounting periods in each fiscal year of the Borrower, a
         franchisee accounts receivable aging report, in form and substance
         satisfactory to the Agent."

         ss.1.5.  LEVERAGE RATIO. The Credit Agreement is hereby further
amended by deleting ss.11.1 of the Credit Agreement in its entirety and
substituting in lieu thereof the following new ss.11.1:

                  11.1.    LEVERAGE RATIO. The Borrower will not permit the
         Leverage Ratio, determined at the end of each fiscal quarter of the
         Borrower ending during a Period set forth in the table below and
         calculated on a Pro Forma Basis following a Permitted Acquisition, to
         be greater than the Ratio set forth opposite such Period in such
         table:

<TABLE>
<CAPTION>
             Period                                         Ratio
             ------                                         -----

     <S>                                                   <C>
       12/31/99 - 10/7/01                                  3.75:1
       10/8/01 -- 4/21/02                                  4.50:1
        4/22/02 - 7/14/02                                  4.40:1
       7/15/02 -- 10/6/02                                  4.30:1
       10/7/02 -- 12/29/02                                 4.20:1
       12/30/02 -- 4/20/03                                 4.00:1
       4/21/03 -- 12/28/03                                 3.75:1
       12/29/03 -- 4/18/04                                 3.50:1
     4/19/04 and thereafter                                3.25:1
</TABLE>

         ss.1.6.  CASH FLOW RATIO. The Credit Agreement is hereby further
amended by deleting ss.11.3 thereof and substituting in lieu thereof the
following new ss.11.3:

                  11.3.    CASH FLOW RATIO. The Borrower will not permit the
         Cash Flow Ratio, determined at the end of each fiscal quarter of the
         Borrower ending during a Period listed in the table below

<PAGE>
                                      -5-

         and calculated on a Pro Forma Basis following a Permitted Acquisition,
         to be less than the amount set forth opposite such Period in such
         table:

<TABLE>
<CAPTION>
               Period                                         Ratio
               ------                                         -----

       <S>                                                   <C>
       Closing Date - 10/7/01                                1.25:1
          10/8/01 - 4/20/03                                  1.50:1
          4/21/03 - 4/18/04                                  1.15:1
       4/19/04 and thereafter                                1.50:1
</TABLE>

         ss.1.7.  INTEREST COVERAGE RATIO. The Credit Agreement is hereby
further amended by deleting ss.11.4 thereof and substituting in lieu thereof the
following new ss.11.4:

                  11.4.    INTEREST COVERAGE RATIO. The Borrower will not
         permit the Interest Coverage Ratio, determined at the end of each
         fiscal quarter of the Borrower ending during a Period listed in the
         table below and calculated on a Pro Forma Basis following a Permitted
         Acquisition, to be less than the amount set forth opposite such Period
         in such table:

<TABLE>
<CAPTION>
              Period                                         Ratio
              ------                                         -----

      <S>                                                   <C>
        12/31/99 - 12/30/01                                 2.50:1
        12/31/01 - 12/29/02                                 2.25:1
        12/30/02 - 12/28/03                                 2.50:1
      12/29/03 and thereafter                               2.75:1
</TABLE>

         ss.1.8.  CAPITAL EXPENDITURES. The Credit Agreement is hereby further
amended by deleting ss.11.5 thereof and substituting in lieu thereof the
following new ss.11.5:

                  "11.5.   CAPITAL EXPENDITURES. The Borrower will not make,
         and will not permit any of its Subsidiaries to make, Capital
         Expenditures during any fiscal year that exceed, in the aggregate, an
         amount equal to the lesser of (a) Consolidated EBITDA for such fiscal
         year minus Consolidated Total Interest Expense for such fiscal year
         and (b) (i) for the fiscal year ending December 29, 2002, $16,000,000,
         (ii) for the fiscal year ending December 28, 2003, $17,000,000, and
         (iii) for the fiscal year ending December 26, 2004, $18,000,000.
         Notwithstanding the foregoing and subject to the proviso set forth at
         the end of this sentence, for purposes of determining compliance with
         this ss.11.5 for any fiscal year, "Capital Expenditures" shall not
         include Capital Expenditures made during such fiscal year with the
         proceeds of any asset sale within one hundred eighty (180) days from
         the date of such asset sale; provided that the aggregate amount of
         Capital Expenditures so excluded shall not exceed (A) $10,000,000 for
         the period from the Closing Date to the Revolving Credit Loan Maturity
         Date and (B) $3,000,000 in any fiscal year."

         ss.1.9.  SCHEDULE 1. The Credit Agreement is hereby further amended by
deleting Schedule 1 attached thereto and substituting in lieu thereof the
Schedule 1 attached hereto.

         ss.2.    CONFIRMATORY WAIVER. (a) Subject to the satisfaction of the
conditions set forth in ss.7, the Agent and the Banks confirm that they will
have waived, by the consequent amendment to ss.11.4 of the Credit Agreement as
contemplated hereby, any Event of Default resulting from the Borrower's failure

<PAGE>
                                      -6-

to comply with the covenant set forth in ss.11.4 of the Credit Agreement (as in
effect immediately prior to giving effect to this Amendment) for the fiscal
quarter ended October 7, 2001.

         (b)      The waiver referred to in ss.2(a) shall not extend to (i) any
failure of the Borrower to comply with ss.11.4 of the Credit Agreement after
giving effect to this Amendment and (ii) any other Default or Event of Default
not expressly referred to in ss.2(a).

         ss.3.    CONSENT. The Borrower has informed the Agent that (a)
semi-annual cash interest payments on the Discount Notes are not required to be
made pursuant to the terms of the Discount Indenture until May 15, 2003 and (b)
the Borrower intends to elect to make cash interest payments on the Discount
Notes on May 15, 2002 and November 15, 2002 (collectively, the "Interest
Payments"). Notwithstanding the limitations set forth in ss.10.12 of the Credit
Agreement which restrict the optional prepayment of Indebtedness, and subject
to the satisfaction of the conditions set forth in ss.7, the Agent, on behalf
of the Banks, hereby consents to each of the Interest Payments in accordance
with ss.10.12 of the Credit Agreement.

         ss.4.    AUTHORIZATION TO FILE FINANCING STATEMENTS. The Borrower and
each of the Guarantors hereby irrevocably authorizes the Agent at any time and
from time to time to file in any Uniform Commercial Code jurisdiction any
initial financing statements and amendments thereto that (a) indicate the
Collateral as described in the Security Documents and (b) contain any other
information required by part 5 of Article 9 of the Uniform Commercial Code of
the State for the sufficiency or filing office acceptance of any financing
statement or amendment, including (i) whether such Person is an organization,
the type of organization and any organizational identification number issued to
such Person and (ii) in the case of a financing statement filed as a fixture
filing or indicating Collateral as as-extracted collateral or timber to be cut,
a sufficient description of real property to which the Collateral relates. The
Borrower and each of the Guarantors agrees to furnish any such information to
the Agent promptly upon request. The Borrower and each of the Guarantors also
ratifies its authorization for the Agent to have filed in any Uniform
Commercial Code jurisdiction any like initial financing statements or
amendments thereto if filed prior to the date hereof.

         ss.5.    REPRESENTATIONS AND WARRANTIES. The Borrower and each of the
Guarantors jointly and severally represent and warrant to the Banks and the
Agent as follows:

         (a)      Representations and Warranties in Credit Agreement. The
representations and warranties of the Borrower and the Guarantors contained in
the Credit Agreement, each as amended by this Amendment, (i) were true and
correct in all material respects when made, and (ii) except to the extent such
representations and warranties by their terms are made solely as of a prior
date, continue to be true and correct in all material respects on the date
hereof.

         (b)      Authority, Etc. The execution and delivery by the Borrower
and the each of the Guarantors of this Amendment and the performance by the
Borrower and each of the Guarantors of all of their agreements and obligations
under this Amendment and the Credit Agreement as amended hereby (i) are within
the corporate authority of the Borrower and each of the Guarantors, (ii) have
been duly authorized by all necessary corporate proceedings by the Borrower and
each of the Guarantors, (iii) do not conflict with or result in any breach or
contravention of any provision of law, statute, rule or regulation to which the
Borrower or any of the Guarantors is subject or any judgment, order, writ,
injunction, license or permit applicable to the Borrower or any of the
Guarantors, and (iv) do not conflict with any provision of any corporate
charter or by-laws of, or any agreement or other instrument binding upon, the
Borrower or any Guarantor.

<PAGE>
                                      -7-

         (c)      Enforceability of Obligations. This Amendment, and the Credit
Agreement as amended hereby, constitute the legal, valid and binding
obligations of the Borrower and each of the Guarantors enforceable against each
such Person in accordance with their respective terms. Immediately prior to and
immediately after and after giving effect to this Amendment, no Default or
Event of Default exists under the Credit Agreement or any other Loan Document.

         ss.6.    AFFIRMATION OF BORROWER AND THE GUARANTORS.

         (a)      The Borrower hereby affirms its absolute and unconditional
promise to pay to each Bank and the Agent the Obligations due under the Notes,
the Credit Agreement as amended hereby, and the other Loan Documents, at the
times and in the amounts provided for therein. The Borrower confirms and agrees
that (i) the Obligations of the Borrower to the Banks and the Agent under the
Credit Agreement as amended hereby are secured by and entitled to the benefits
of the Security Documents and (ii) all references to the term "Credit
Agreement" in the Security Documents shall hereafter refer to the Credit
Agreement as amended hereby.

         (b)      Each of the Guarantors hereby acknowledges that it has read
and is aware of the provisions of this Amendment. Each of the Guarantors hereby
reaffirms its absolute and unconditional guaranty of the Borrower's payment and
performance of the Obligations to the Banks and the Agent under the Credit
Agreement, as amended hereby. Each of the Guarantors hereby confirms and agrees
that the Guaranty shall hereafter constitute a guaranty of the Obligations
under the Credit Agreement as amended hereby.

         ss.7.    CONDITIONS TO EFFECTIVENESS. This Amendment shall be
effective as of the date hereof upon the satisfaction of each of the following
conditions precedent:

         (a)      The Agent shall have received an original counterpart
signature to this Amendment, duly executed and delivered by the Borrower, the
Guarantors, the Banks and the Agent; and

         (b)      The Borrower shall have paid to the Agent, for the pro rata
account of each Bank that executes and delivers a copy of this Amendment to the
Agent on or prior to 5:00 p.m. (EDT) on November 14, 2001, a non-refundable
amendment fee in an amount equal to twenty-five hundredths of one percent
(0.25%) on such Bank's Revolving Credit Commitment (after giving effect to this
Amendment).

         ss.8.    MISCELLANEOUS PROVISIONS. (a) Except as otherwise expressly
provided by this Amendment, all of the terms, conditions and provisions of the
Credit Agreement shall remain the same. It is declared and agreed by each of
the parties hereto that the Credit Agreement, as amended hereby, shall continue
in full force and effect, and that this Amendment and the Credit Agreement
shall be read and construed as one instrument. Nothing contained in this
Amendment (i) shall be construed to imply a willingness on the part of the
Banks or the Agent to grant any similar or other future amendment of any of the
terms and conditions of the Credit Agreement or the other Loan Documents and
(ii) shall in any way prejudice, impair or effect any rights or remedies of the
Banks and the Agent under the Credit Agreement or the other Loan Documents.

         (b)      THIS AMENDMENT IS INTENDED TO TAKE EFFECT AS AN AGREEMENT
UNDER SEAL AND SHALL BE CONSTRUED ACCORDING TO AND GOVERNED BY THE LAWS OF THE
COMMONWEALTH OF MASSACHUSETTS.

<PAGE>
                                      -8-

         (c)      This Amendment may be executed in any number of counterparts,
but all such counterparts shall together constitute but one instrument. In
making proof of this Amendment it shall not be necessary to produce or account
for more than one counterpart signed by each party hereto by and against which
enforcement hereof is sought.

         (d)      Headings or captions used in this Amendment are for
convenience of reference only and shall not define or limit the provisions
hereof.

         (e)      The Borrower hereby agrees to pay to the Agent, on demand by
the Agent, all reasonable out-of-pocket costs and expenses incurred or
sustained by the Agent in connection with the preparation of this Amendment
(including reasonable legal fees and expenses).

                            [SIGNATURE PAGES FOLLOW]

<PAGE>
                                      -9-

         IN WITNESS WHEREOF, the parties hereto have executed this Amendment as
an agreement under seal of the date first written above.

                                    THE RESTAURANT COMPANY

                                    By:
                                       ----------------------------------------
                                       Name:
                                            -----------------------------------
                                       Title:
                                             ----------------------------------

                                    THE RESTAURANT HOLDING
                                       CORPORATION, as Guarantor

                                    By:
                                       ----------------------------------------
                                       Name:
                                            -----------------------------------
                                       Title:
                                             ----------------------------------

                                    PERKINS FINANCE CORP., as Guarantor

                                    By:
                                       ----------------------------------------
                                       Name:
                                            -----------------------------------
                                       Title:
                                             ----------------------------------

                                    THE RESTAURANT COMPANY OF
                                       MINNESOTA, as Guarantor

                                    By:
                                       ----------------------------------------
                                       Name:
                                            -----------------------------------
                                       Title:
                                             ----------------------------------

                                    TRC REALTY LLC, as Guarantor

                                    By:
                                       ----------------------------------------
                                       Name:
                                            -----------------------------------
                                       Title:
                                             ----------------------------------

<PAGE>
                                     -10-

                                    FLEET NATIONAL BANK (f/k/a BankBoston,
                                       N.A.), individually and as Agent

                                    By:
                                       ----------------------------------------
                                       Name:
                                            -----------------------------------
                                       Title:
                                             ----------------------------------

                                    BANK OF AMERICA, N.A. (f/k/a
                                       Nationsbank, N.A.), individually and as
                                       Syndication Agent

                                    By:
                                       ----------------------------------------
                                       Name:
                                            -----------------------------------
                                       Title:
                                             ----------------------------------

                                    AMSOUTH BANK (f/k/a First American
                                       National Bank)

                                    By:
                                       ----------------------------------------
                                       Name:
                                            -----------------------------------
                                       Title:
                                             ----------------------------------

                                    SUNTRUST BANK

                                    By:
                                       ----------------------------------------
                                       Name:
                                            -----------------------------------
                                       Title:
                                             ----------------------------------

<PAGE>

                                   SCHEDULE 1

<TABLE>
<CAPTION>
                                                        REVOLVING CREDIT                REVOLVING CREDIT
          BANK                                             COMMITMENT                COMMITMENT PERCENTAGE
          ----                                          ----------------             ---------------------

<S>                                                     <C>                          <C>
FLEET NATIONAL BANK                                       $14,400,000                         36%
100 Federal Street
Boston, MA 02110
Tel:  617-434-4588
Fax: 617-434-6685
Attn:  Rodney Guinn

BANK OF AMERICA, N.A.                                     $13,600,000                         34%
100 North Tryon Street
Charlotte, NC 28255
Tel:     704.386.1828
Fax:     704.386.3271
Attn:  Richard Parkhurst

SUNTRUST BANK                                              $7,200,000                         18%
201 Fourth Ave., North
Nashville, TN  37219

Tel:     615-748-5969
Fax:     615-748-5269
Attn:  William Priester

AMSOUTH BANK                                               $4,800,000                         12%
6000 Poplar Avenue, Suite 300
Memphis, TN   38119
Tel:     901.762.5671
Fax:     901.762.5665
Attn:  Elizabeth H. Vaughn

                                                          -----------                         ---
TOTAL                                                     $40,000,000                         100%
</TABLE>

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