Document:

exv10w11

 

Exhibit 10.11

SIXTH AMENDMENT TO CREDIT AGREEMENT

     THIS AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as of October 31, 2007,
by and between HEALTH FITNESS CORPORATION (“Borrower”), and WELLS FARGO BANK, NATIONAL ASSOCIATION
(“Bank”).

RECITALS

     WHEREAS, Borrower is currently indebted to Bank pursuant to the terms and conditions of that
certain Credit Agreement between Borrower and Bank dated as of August 22, 2003, as amended from
time to time (“Credit Agreement”).

     WHEREAS, Bank and Borrower have agreed to certain changes in the terms and conditions set
forth in the Credit Agreement and have agreed to amend the Credit Agreement to reflect said
changes.

     NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree that the Credit Agreement shall be amended as follows:

	 	1. 	A new section 2.16 is hereby added to read as follows:

	 	2.16 Letter of Credit Subfeature. As a subfeature under the Revolving Facility, Bank
agrees from time to time during the term thereof to issue or cause an affiliate to issue
standby letters of credit for the account of Borrower (each, a “Letter of Credit” and
collectively, “Letters of Credit”); provided however, that the aggregate undrawn amount of
all outstanding Letters of Credit shall not at any time exceed Two Hundred Fifty Thousand
Dollars ($250,000.00). The form and substance of each Letter of Credit shall be subject to
approval by Bank, in its sole discretion. Each Letter of Credit shall be issued for a term
not to exceed 430 days, as designated by Borrower; provided however, that no Letter of
Credit shall have an expiration date subsequent to the maturity date of the Revolving
Facility. The undrawn amount of all Letters of Credit shall be reserved under the Revolving
Facility and shall not be available for borrowings thereunder. Each Letter of Credit shall
be subject to the additional terms and conditions of the Letter of Credit agreements,
applications and any related documents required by Bank in connection with the issuance
thereof. Each drawing paid under a Letter of Credit shall be deemed an advance under the
Revolving Facility and shall be repaid by Borrower in accordance with the terms and
conditions of this Agreement applicable to such advances; provided however, that if advances
under the Revolving Facility are not available, for any reason, at the time any drawing is
paid, then Borrower shall immediately pay to Bank the full amount drawn, together with
interest thereon from the date such drawing is paid to the date such amount is fully repaid
by Borrower, at the rate of interest applicable to advances under the Revolving Facility.
In such event Borrower agrees that Bank, in its sole discretion, may debit any account
maintained by Borrower with Bank for the amount of any such drawing.

	 	 	Letter of Credit Fees. Borrower shall pay to Bank fees upon the issuance of each
Letter of Credit, upon the payment or negotiation of each drawing under any Letter of Credit

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	 	 	and upon the occurrence of any other activity with respect to any Letter of Credit
(including without limitation, the transfer, amendment or cancellation of any Letter of
Credit) determined in accordance with Bank’s standard fees and charges then in effect for
such activity.

	     2. Except as specifically provided herein, all terms and conditions of the Credit Agreement
remain in full force and effect, without waiver or modification. All terms defined in the Credit
Agreement shall have the same meaning when used in this Amendment. This Amendment and the Credit
Agreement shall be read together, as one document.
	 
	     3. Borrower hereby remakes all representations and warranties contained in the Credit
Agreement and reaffirms all covenants set forth therein. Borrower further certifies that as of the
date of this Amendment there exists no Event of Default as defined in the Credit Agreement, nor any
condition, act or event which with the giving of notice or the passage of time or both would
constitute any such Event of Default.

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the day
and year first written above.

	 	 	 	 	 	 	 	 	 	 	 
	HEALTH FITNESS CORPORATION	 	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Wesley W. Winnekins
 

	 	 	 	By:
	 	Cynthia Goplen
 

	 	 
	 
	Title:

	 	Chief Financial Officer
	 	 	 	Title:
	 	Vice President	 	 

-2-exv10w44

 

EXHIBIT 10.44

HEALTH FITNESS CORPORATION

OUTSIDE DIRECTOR COMPENSATION

	1.	 	Initial Compensation — Stock Grant. Upon first election to the HFC Board of Directors, a
Director will receive a grant of that number of shares of stock which is equal to the sum of
$60,000 divided by the per share fair market value of the Company’s common stock as of such
date of election; provided that one-third of such shares shall be vested on the first
anniversary of such date of election, two-thirds of such shares shall be vested on the second
anniversary of the date of such election, and all of such shares shall be vested on the third
anniversary of the date of such election; further provided that any non-vested shares shall be
forfeited upon such director’s resignation, termination, failure to stand for re-election..

	2.	 	Annual Compensation — Stock Options. Upon first election to the HFC Board of Directors, and
on a yearly basis thereafter, a director will receive a six-year fully vested option to
purchase 15,000 shares of HFC common stock. The option will have an exercise price equal to
the fair market value of HFC’s common stock on the date of grant. A record of options earned
by each director will be maintained at the HFC corporate office by the CFO. A report of
options earned will be distributed to each director on a quarterly basis by the CFO.

	3.	 	Annual Compensation — Retainer. The Chairperson and Directors will receive a monthly cash
retainer of $1,000 ($12,000 annualized) payable quarterly at a rate of $3,000 per calendar
quarter. The Chairperson will also receive a monthly cash retainer of $500 ($6,000 annualized)
payable quarterly at a rate of $1,500 per calendar quarter. In addition, the Chairperson
shall receive an additional annual fee of $30,000 for additional services provided in
connection with the Company’s strategic plan and related projects. This fee will be paid
quarterly and is subject to suspension or termination by the Board.

	4.	 	Board Meeting Compensation. The Chairperson and Directors will receive a cash payment of
$1,000 for attending each regular or specially scheduled board meeting. Telephonic board
meetings (or a Director’s telephonic attendance at a board meeting) will be compensated at 75%
of the cash payment.

	5.	 	Committee Meeting Compensation. Committee Chairpersons and Committee Members will receive a
cash payment of $500 for attending each regular or specially scheduled committee meeting.
Telephonic committee meetings (or a Director’s telephonic attendance at a committee meeting)
will be compensated at 75% of the cash payment. In addition to the Committee Meeting fee, the
Chairpersons of the Compensation/Human Capital Committee and the Nominating/Governance
Committee will each receive a monthly cash retainer of $208.33 ($2,500 annualized) payable
quarterly at a rate of $625 per calendar quarter. The Chairperson of the Audit Committee will
receive a monthly cash retainer of $416.66 ($5,000 annualized) payable quarterly at a rate of
$1,250 per calendar quarter. The Chairperson of the Finance and Strategy Committees and
(unless otherwise determined by the Board) any Ad —Hoc Committees from time to time created
by the Board, will not receive retainers but will receive an additional cash payment of $250
above the $500 committee meeting fee for each committee meeting attended.

	6.	 	Expense Reimbursement. The cost of out-of-town travel incurred by a director to attend board
meetings will be reimbursed by HFC. Directors should make travel plans at least 30 days in
advance if possible, and should travel at the lowest fare available. Costs of out-of-town
travel related to committee meeting attendance will not be reimbursed.

 

 

	7.	 	Directors & Officers Insurance Coverage. Each director will be covered by a D&O liability
policy with policy limits of least $10 million and separate “Side A Coverage” with policy
limits of at least $5 million.
	 
	 	 	A director shall be deemed to have been first elected to the Board upon the earlier of (i)
such director’s election to the Board by the shareholders and (ii) such director’s election
to the Board by the Board pursuant to its power to fill vacancies on the Board, including
any vacancy resulting from the death, resignation, removal or disqualification of a director
and any vacancy resulting from any newly created directorship.exv10w45

 

Exhibit 10.45

HEALTH FITNESS CORPORATION

2008 Executive Bonus Plan

The Health Fitness Corporation Executive Bonus Plan for 2008 is designed to provide an annual
performance incentive for executive officers based on the achievement of certain financial
objectives. The financial objectives are set annually by the Board of Directors. Payments under
the bonus plan that are based on the achievement of financial objectives include the following
performance criteria: revenue and earnings before interest, taxes, depreciation and amortization
(EBITDA).

Under this bonus plan, the Chief Executive Officer may receive a bonus of between 9.0% and 67.5% of
base salary, the Chief Financial Officer may receive a bonus of between 4.6% and 34.5% of base
salary and other executive officers may receive between 3.6% and 34.5% of their base salary. The
level of bonus to be earned corresponds with the Company achieving between 93.4% to 110% of
budgeted revenue objectives, and 78% to 110% of budgeted EBITDA objectives. No bonuses are earned
if the Company achieves less than 93.4% of the planned revenue targets and less than 78% of the
planned EBITDA targets.

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