Document:

exv10w15

 

Exhibit 10.15

SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

     This SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”),
made and entered into as of March 27, 2007, is by and between DOLAN MEDIA COMPANY, a Delaware
corporation, DOLAN FINANCE COMPANY, a Minnesota corporation, DOLAN PUBLISHING COMPANY, a Delaware
corporation, DOLAN PUBLISHING FINANCE COMPANY, a Minnesota corporation, CLEO COMPANY, a Delaware
corporation, LONG ISLAND BUSINESS NEWS, INC., a New York corporation, DAILY JOURNAL OF COMMERCE,
INC., a Delaware corporation, LAWYER’S WEEKLY, INC., a Delaware corporation, LEGAL LEDGER, INC., a
Minnesota corporation, THE JOURNAL RECORD PUBLISHING CO., a Delaware corporation, DAILY REPORTER
PUBLISHING COMPANY, a Delaware corporation, NEW ORLEANS PUBLISHING GROUP, INC., a Louisiana
corporation, NOPG, L.L.C., a Louisiana limited liability company, WISCONSIN PUBLISHING COMPANY, a
Minnesota corporation, LEGAL COM OF DELAWARE, INC., (f/k/a Legal Communications Corporation), a
Delaware corporation, MISSOURI LAWYERS MEDIA, INC., a Missouri corporation, THE DAILY RECORD
COMPANY, a Maryland corporation, IDAHO BUSINESS REVIEW, INC., an Idaho corporation, FINANCE AND
COMMERCE, INC., a Minnesota corporation, COUNSEL PRESS, LLC, a Delaware limited liability company,
ARIZONA NEWS SERVICE, LLC, a Delaware limited liability company, DOLAN DLN LLC, a Delaware limited
liability company, DOLAN APC LLC, a Delaware limited liability company, and AMERICAN PROCESSING
COMPANY, LLC, a Michigan limited liability company (individually, a “Borrower” and,
collectively, the “Borrowers”), the banks from time to time party hereto (individually, a
“Bank” and, collectively, the “Banks”), LASALLE BANK NATIONAL ASSOCIATION, a
national banking association, one of the Banks, as Documentation Agent, and U.S. BANK NATIONAL
ASSOCIATION, a national banking association, one of the Banks, LC Bank and Lead Arranger, as agent
for the Banks (in such capacity, the “Agent”).

RECITALS

     A. Agent, the Banks and the Borrowers are parties to that certain Amended and Restated Credit
Agreement dated as of March 14, 2006, as amended by a First Amendment to Amended and Restated
Credit Agreement dated as of August 31, 2006 (as amended, supplemented or modified from time to
time, the “Credit Agreement”).

     B. The Borrowers desire to amend certain provisions of the Credit Agreement, and the Agent and
the Banks have agreed to make such amendments, subject to the terms and conditions set forth in
this Amendment.

AGREEMENT

     NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the parties hereto hereby covenant and agree to be bound as follows:

     Section 14. Capitalized Terms. Capitalized terms used herein and not otherwise
defined herein shall have the meanings assigned to them in the Credit Agreement, unless the context
shall otherwise require.

     Section 15. Amendments. The Credit Agreement is hereby amended as follows:

 

 

     15(a) Amended Definitions. The definition of “Change of Control”
contained in Section 1.1 of the Credit Agreement shall each be amended to read in its
entirety as follows:

     “Change of Control”: The occurrence, after the Closing Date, of any of
the following circumstances: (a) any Person or two or more Persons (other than Dolan
Media, a Borrower that is a wholly-owned Subsidiary or a Person that owned a direct
Equity Interest of Dolan Media or such Person’s Affiliate as of the Closing Date)
acting in concert acquiring beneficial ownership (within the meaning of Rule 13d-3
of the Securities and Exchange Commission under the Securities Exchange Act of
1934), directly or indirectly, of Equity Interests of any Borrower representing 30%
or more of the combined voting power of all Equity Interests of such Borrower
entitled to vote in the election of directors; or (b) during any period of up to
twelve (12) consecutive months, whether commencing before or after the Closing Date,
individuals who at the beginning of such twelve-month period were directors of any
Borrower (the “Initial Directors”) ceasing for any reason to constitute a majority
of the Board of Directors of any Borrower (other than (i) by reason of death,
disability or scheduled retirement and excluding (A) the replacement of individuals
by a Person who owns an Equity Interest in a Borrower as of the Closing Date with
another individual designated by such Person and (B) any replacement director that
was chosen by, nominated for election by, or elected with the approval of, a
majority of the Initial Directors) or (ii) in connection with the Permitted
IPO in the manner described in the S-1 Registration Statement filed by Dolan Media
with the Securities and Exchange Commission with respect thereto, it being agreed to
and understood that all replacement directors described in this parenthetical shall
be deemed to constitute Initial Directors).

“Quarterly Principal Payments”: Quarterly payments with respect to the Term Loans
(exclusive of the Incremental Term Loans) of principal payable on the last day of each fiscal
quarter commencing March 31, 2007 in the following amounts:

	 	 	 
	Payment Date	 	Scheduled Payment
	March 31, 2007
	 	$1,750,000
	June 30, 2007
	 	$1,950,000
	September 30, 2007
	 	$1,950,000
	December 31, 2007
	 	$1,950,000
	March 31, 2008
	 	$2,225,000
	June 30, 2008
	 	$2,225,000
	September 30, 2008
	 	$2,225,000
	December 31, 2008
	 	$2,225,000
	March 31, 2009
	 	$2,500,000
	June 30, 2009
	 	$2,500,000
	September 30, 2009
	 	$2,500,000
	December 31, 2009
	 	$2,500,000
	March 31, 2010
	 	$2,800,000
	June 30, 2010
	 	$2,800,000
	September 30, 2010
	 	$2,800,000
	December 31, 2010
	 	$2,800,000
	March 31, 2011
	 	$3,075,000
	June 30, 2011
	 	$3,075,000

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	Payment Date	 	Scheduled Payment
	September 30, 2011
	 	$3,075,000
	December 31, 2011
	 	$3,075,000
	March 31, 2012
	 	$3,350,000
	June 30, 2012
	 	$3,350,000
	September 30, 2012
	 	$3,350,000
	December 31, 2012
	 	Remaining Balance

“Revolving Commitment Amount”: With respect to any Bank, as of the
Second Amendment Effective Date the amount set opposite such Bank’s name on
Schedule 1.1(A) hereof as its Revolving Commitment Amount, but as the same
may be reduced from time to time pursuant to Section 2.13(a).

“Term Loan Commitment Amount”: With respect to any Bank, as of the
Second Amendment Effective Date the amount set opposite such Bank’s name on
Schedule 1.1(A) hereof as its Term Loan Commitment Amount.

     15(b) New Definitions. Section 1.1 of the Credit Agreement is further amended
by adding the definitions of “Existing Term Loan”, “Increased Term Loan”,
“Permitted IPO”, “Second Amendment”, and “Second Amendment Effective
Date” thereto in correct alphabetical order:

     “Existing Term Loan”: As defined in Section 2.1(b).

     “Increased Term Loan”: As defined in Section 2.1(b).

     “Permitted IPO”: The initial public offering of common stock issued by
Dolan Media to be consummated pursuant to a Form S-1 Registration Statement to be
filed on or before June 30, 2007 with the Securities and Exchange Commission and in
substantially the form provided to the Agent and the Banks on or prior to the Second
Amendment Effective Date (or with such changes as are reasonably acceptable to
Agent), in each case so long as (a) the net cash proceeds received by the Borrowers
from such offering (after the payment of transaction fees and expenses incurred in
connection with such issuance, including, without limitation, underwriting fees and
expenses and reasonable attorneys’ fees and expenses, but before the redemption of
preferred stock in, or repayment of existing indebtedness by, the Borrowers) is
reasonably expected by the Borrower to be not less than $125,000,000, (b) such
offering is completed on or before December 30, 2007 and (c) no Default or Event of
Default is continuing at the time of such offering.

     “Second Amendment”: That certain Second Amendment to Amended
and Restated Credit Agreement dated as of March 27, 2007 by and among the
Borrowers, Borrowers’ Agent, the Banks and Agent.

     “Second Amendment Effective Date”: The date of the Second
Amendment, so long as all of the conditions precedent to the effectiveness
of the Second Amendment, as set forth in Section 3 thereof, has been
satisfied.

     “Series A Certificate”: That certain Certificate of
Designation of Series A Non-Convertible Preferred Stock filed with the
Secretary of State of State of Delaware on July 31, 2003, as amended by that
certain Certificate of Amendment of the Certificate of Designation of Series
A Non-Convertible Preferred Stock

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filed with the Secretary of State of Delaware on September 1, 2004 and
by that certain Certificate of Amendment to Certificate of Designation of
Series A Non-Convertible Preferred Stock filed with the Secretary of State
of Delaware on March 14, 2006.

     “Series A Preferred Stock”: The Series A Non-Convertible
Preferred Stock, par value $0.001 per share, of Dolan Media.

     “Series B Preferred Stock”: The Series B Preferred Stock, par
value $0.001 per share, of Dolan Media.

     “Series C Preferred Stock”: The Series C Participating
Convertible Preferred Stock, par value $0.001 per share, of Dolan Media.

     15(c) Term Loans. Section 2.1 of the Credit Agreement is amended by deleting
subsection (b) thereof and the last sentence thereof and by substituting in lieu thereof the
following:

     (b) Term Loans. Prior to the Second Amendment Effective Date, each
Bank made a term loan to the Borrowers, jointly and severally, in the amount of its
Term Loan Commitment (as it existed prior to the date of this Agreement), which term
loans were in the original aggregate principal balance of $85,000,000 and which term
loans had an outstanding principal balance of $79,750,000 immediately prior to the
Second Amendment Effective Date, which term loans shall be continued as a portion of
the Term Loan outstanding immediately after the Second Amendment Effective Date
(each, an “Existing Term Loan” and collectively, the “Existing Term
Loans”). Upon the Second Amendment Effective Date, each Bank will make an
additional term loan to the Borrowers, jointly and severally, in the amount of such
Bank’s Term Loan Percentage of $10,000,000 (each being an “Increased Term
Loan” and collectively, the “Increased Term Loans” and collectively with
the Existing Term Loan and any Incremental Term Loan, each being a “Term
Loan” and collectively the “Term Loans”). After giving effect to the
Increased Terms Loans, the outstanding principal balance of the Term Loans on the
Second Amendment Effective Date will be $89,750,000. Further, on any Increase
Effective Date, each Bank and each New Bank may, upon the terms and conditions of
Section 2.13 hereof, make an Incremental Term Loan in the amount of its Incremental
Term Loan Commitment. The Term Loans and any portion of the balance thereof (in
minimum amounts of $500,000) may be made, maintained, continued and converted to
Prime Rate Advances or Eurodollar Rate Advances as the Borrowers’ Agent may elect in
its notice of borrowing, continuation or conversion; provided,
however, that there shall be no more than five (5) Eurodollar Rate Advances
outstanding at any one time for the Term Loans.

     15(d) Term Loans. Section 2.2 of the Credit Agreement is amended by deleting
subsection (b) thereof and by substituting in lieu thereof the following:

     (b) Procedure for Term Loans. Prior to the Second Amendment Effective
Date, each Bank advanced its Existing Term Loan to the Borrowers and such Existing
Term Loan shall be continued as a part of the Term Loan of such Bank outstanding
after giving effect to its Increased Term Loan (and such Existing Term Loans shall
be continued as Eurodollar Rate Advances or Prime Rate Advances, as applicable).
Further, not later than 11:00 A.M. (Minneapolis time) two Eurodollar Business Days
prior to the

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requested Second Amendment Effective Date if the Increased Term Loans are
requested as Eurodollar Rate Advances and not later than 11:00 A.M. (Minneapolis
time) one Business Day prior to the Second Amendment Effective Date if the Increased
Term Loans are requested as Prime Rate Advances, the Borrowers’ Agent shall deliver
to the Agent a written notice of borrowing. Such notice of borrowing shall be
irrevocable and shall be deemed a representation by the Borrowers that on the Second
Amendment Effective Date and after giving effect to the Increased Term Loans, the
applicable conditions specified in Article III have been and will be satisfied.
Such notice of borrowing shall specify (i) the requested Second Amendment Effective
Date, (ii) whether such Increased Term Loans are to be funded as Eurodollar Rate
Advances or Prime Rate Advances (and if such Increased Term Loans are to be made
with more than one applicable interest rate choice, specifying the amount to which
each interest rate choice is applicable), and (iii) in the case of Eurodollar Rate
Advances, the duration of the initial Interest Period applicable thereto. The Agent
shall promptly, on the date such request is received, notify each Bank of the
receipt of such notice and the matters specified therein. On the requested Second
Amendment Effective Date, each Bank shall provide to the Agent the amount of such
Bank’s Increased Term Loan in Immediately Available Funds not later than 11:00 A.M.,
Minneapolis time. Unless the Agent determines that any applicable condition
specified in Article III has not been satisfied, the Agent will make the proceeds of
the Increased Term Loans available to the Borrowers at the Agent’s main office on
the requested date. The foregoing shall not apply to the funding of any Incremental
Term Loans, the funding of which shall be governed by Section 2.13(b).

     15(e) Proceeds of Equity. Section 2.6(c) of the Credit Agreement is deleted
in its entirety and the following is substituted in lieu thereof:

     (c) Proceeds of Equity. Within one Business Day following the receipt
thereof, the Borrowers shall prepay to the Agent for the benefit of the Banks an
amount equal to fifty percent (50%) of the sum of all cash proceeds of any issuance
of equity securities (except equity securities issued to fund a Permitted
Acquisition and equity securities issued in the Permitted IPO) net of the actual
cash expenses paid by any Borrower in connection with such issuance. All
prepayments under this Section 2.6(c) shall be applied pro rata based on the unpaid
principal balance of the Term Loans to the principal balance of the Term Loans in
inverse chronological order of the maturities of the Quarterly Principal Payments;
provided, however, that (i) in the event a Prime Rate Advance and a
Eurodollar Rate Advance have the same maturity, the Agent, to the extent practical
in the Agent’s determination, shall make such application first to such Prime Rate
Advance before application to such Eurodollar Rate Advance, and (ii) to the extent
any portion of such prepayment would be applied to outstanding Eurodollar Rate
Advances and no Default or Event of Default has occurred and is continuing, such
portion shall be deposited in the Holding Account and withdrawn for application to
such Eurodollar Rate Advances at the end of the then-current Interest Periods
applicable thereto (or earlier, upon the occurrence of a Default or an Event of
Default).

     15(f) Incremental Term Loan Commitment. Section 2.13(b)(i) of the Credit
Agreement is deleted in its entirety and the following is substituted in lieu thereof:

     (i) The Borrowers may by written notice from the Borrowers’ Agent to the Agent
(who shall promptly notify each of the Banks) elect to request the establishment of
one new Term Loan Commitment (the “Incremental Term Loan Commitment”) by an
amount not in excess of $15,000,000 for the purposes of financing any Permitted

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Acquisition. The new Term Loan Commitment may be of an existing or a new class
of Term Loans. Each such notice shall specify (i) the date (each, an “Increase
Effective Date”) on which the Borrowers’ Agent proposes that the increased or
new Term Loan Commitment shall be effective, which shall be a date not fewer than 10
Business Days after the date on which such notice is delivered to the Agent and (ii)
the identity of each Bank and each New Bank (which New Bank shall be reasonably
acceptable to the Agent) to whom the Borrower proposes any portion of such increased
or new Term Loan Commitment be allocated and the amounts of such allocations;
provided that any existing Bank approached to provide all or a portion of
the increased or new Term Loan Commitment may elect or decline, in its sole
discretion, to provide such increased or new Term Loan Commitment.

     15(g) Use of Proceeds. Section 2.21 of the Credit Agreement is deleted in its
entirety and the following is substituted in lieu thereof:

     Section 2.21. Use of Loan Proceeds. The Existing Term Loans shall be
continued as a portion of the Term Loans in existence after giving effect to the
Second Amendment. The proceeds of the Increased Term Loans shall be used to (a)
fund Permitted Acquisitions after the Second Amendment Effective Date, (b) fund
prepayments upon the Revolving Loans, (c) fund transaction costs in connection with
Permitted Acquisitions and this Agreement and (d) fund working capital of the
Borrowers. The proceeds of the Revolving Loans shall be used for general corporate
purposes of the Borrowers (including Permitted Acquisitions and transaction costs in
respect thereof) in a manner not in conflict with any of the Borrowers’ covenants in
this Agreement.

     15(h) Financial Statements and Reports. Section 5.1(a) and (b) of the Credit
Agreement are deleted in their respective entireties and the balance is submitted in lieu
thereof:

     (a) As soon as available and in any event within 90 days after the end of each
fiscal year of the Borrowers (or, as to the certificate, management letters,
management reports or other reports of the Borrowers’ accountants described below
for the Borrowers’ fiscal year ended December 31, 2006, by April 30, 2007), the
consolidated financial statements of the Borrowers consisting of at least statements
of income, cash flow and changes in stockholders’ equity, and a consolidated balance
sheet as at the end of such year, setting forth in each case in comparative form
corresponding figures from the previous annual audit, and the consolidating
financial statements of the Borrowers consisting of at least statements of income
and balance sheets as at the end of such year, certified without qualification by
McGladrey & Pullen, LLP or other independent certified public accountants of
recognized national standing selected by the Borrowers and acceptable to the Agent,
together with any management letters, management reports or other reasonably
supplementary comments or reports to the Borrowers’ Agent or its board of directors
furnished by such accountants.’

     (b) Together with the audited financial statements required under Section
5.1(a) (or, as to the audited financial statements of the Borrowers for the fiscal
year ended December 31, 2006, by April 30, 2007), a statement by the accounting firm
performing such audit to the effect that it has reviewed this Agreement and that in
the course of performing its examination nothing came to its attention that caused
it to believe that any Default or Event of Default exists, or, if such Default or
Event of Default exists, describing its nature.

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     15(i) Restricted Payments. Section 6.7 of the Credit Agreement is deleted in
its entirety and the following is substituted in lieu thereof:

     Section 6.7 Restricted Payments. No Borrower will make any Restricted
Payments, other than (a) payments made under Acquisition Services Agreements, (b)
Restricted Payments made to repurchase stock of any Borrower owned by an officer,
director, consultant or employee of any Borrower in connection with the termination
of such officer’s, director’s, consultant’s or employee’s employment, provided the
aggregate amount of such Restricted Payments under this Section 6.7(b) made by the
Borrowers in any fiscal year does not exceed $500,000, (c) Restricted Payments made
from one Borrower to another Borrower, (d) Restricted Payments consisting of
dividends payable to members of APC other than a Borrower pursuant to the terms of
the APC LLC Agreement and (e) payments made to stockholders of Dolan Media in
connection with the redemption by Dolan Media of all shares of Preferred Stock
(including all shares of Series A Preferred Stock and Series B Preferred Stock, that
will be issued to holders of Series C Preferred Stock upon the conversion of the
Series C Preferred Stock), in each case so long as such redemption is funded with
the proceeds of the Permitted IPO.

     15(j) Events of Default. Section 7.1(o) of the Credit Agreement is deleted in
its entirety and the following is substituted in lieu thereof:

     (o) At any time prior to the Permitted IPO and the redemption of Dolan Media’s
Preferred Stock as described in clause (e) of Section 6.7, a Triggering Event
described in Section 7A(i) and (ii) of the Series B&C Certificate has occurred and
has not been cured (or waived in writing in accordance with the terms of the Series
B&C Certificate) within 365 days.

     15(k) Deletion of Existing Commitment Amounts. The signature pages to the
Credit Agreement are hereby amended by deleting the Commitment Amounts of the Banks set
forth therein.

     15(l) New Commitment Schedule. A new Schedule 1.1(A) is hereby added to the
Credit Agreement and shall read as set forth on Exhibit A hereto, which Exhibit A is hereby
made a part of the Credit Agreement as Schedule 1.1(A) thereto.

     15(m) New Form of Term Note. Exhibit B to the Credit Agreement is hereby
amended and restated to read as set forth on Exhibit B hereto, which Exhibit B is hereby
made a part of the Credit Agreement as Exhibit B thereto.

     Section 16. Effectiveness of Amendments. The amendments contained in this Amendment
shall become effective as of the date first above written upon delivery by the Borrowers of, and
compliance by the Borrowers with, the following:

     16(a) This Amendment, duly executed and delivered by each of the Borrowers, Borrowers’
Agent, each Bank and the Agent.

     16(b) A new Term Note in favor of each Bank in the amount of its Term Loan Commitment
in effect after giving effect to this Amendment.

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     16(c) The Agent shall have received for itself and for the ratable benefit of the Banks
the fees set forth in the separate fee letter dated as of the Second Amendment Effective
Date between the Agent and the Borrower’s Agent.

     16(d) The Agent shall have received an opinion of the Borrower’s counsel addressed to
the Agent and the Banks covering such matters as may reasonably be prescribed by the Agent
and otherwise in form and substance reasonably acceptable to the Agent.

     16(e) A copy of the resolutions of the Board of Directors or Board of Managers, as
applicable, of each Borrower authorizing the execution, delivery and performance of this
Amendment, certified as true and accurate by its Secretary or Assistant Secretary, along
with a certification by such Secretary or Assistant Secretary (i) certifying the form of
Certificate of Incorporation and Bylaws (or equivalent constituent documents) of such
Borrower or certifying that there has been no amendment to the Certificate of Incorporation
or Bylaws (or equivalent constituent documents) of such Borrower since true and accurate
copies of the same were last delivered to the Lender with a certificate of the Secretary of
such Borrower, and (ii) identifying each officer of the Borrower authorized to execute this
Amendment and any other instrument or agreement executed by such Borrower in connection with
this Amendment (collectively, the “Amendment Documents”), and certifying as to
specimens of such officer’s signature and such officer’s incumbency in such offices as such
officer holds.

     16(f) The Borrowers shall have satisfied such other conditions as specified by the
Banks, including, to the extent reimbursable under the terms of the Credit Agreement,
payment of all unpaid legal fees and expenses incurred by the Banks through the date of this
Amendment in connection with the Credit Agreement and the Amendment Documents (each Bank’s
delivery and release of its signature page hereto being evidence that the conditions set
forth in this Section 3.5 are deemed satisfied by such Bank).

Notwithstanding anything to the contrary contained in Section 10 of the Series A Certificate
or Section 11 of the Series B&C Certificate, in connection with the consummation of the
Permitted IPO, the Agent and the Banks hereby consent to an amendment of the certificate of
incorporation of Dolan Media which amendment would eliminate both the Series A Certificate
and Series B&C Certificate in their entirety (so long as the actual redemption or repurchase
of the Preferred Stock in respect thereof is conducted in accordance with Section 6.7(e) of
the Credit Agreement).

     Section 17.
Reserved.

Section 18. Representations, Warranties, Authority, No Adverse Claim.

     18(a) Reassertion of Representations and Warranties, No Default. Each Borrower
hereby represents that on and as of the date hereof and after giving effect to this
Amendment (a) all of the representations and warranties contained in the Credit Agreement
are true, correct and complete in all material respects as of the date hereof as though made
on and as of such date, except for changes permitted by the terms of the Credit Agreement
and except for representations and warranties made as of a specific earlier date, which
shall be true and correct in all material respects as of such earlier date, and (b) there
will exist no Default or Event of Default under the Credit Agreement as amended by this
Amendment on such date which has not been waived by the Banks.

     18(b) Authority, No Conflict, No Consent Required. Each Borrower represents
and warrants that such Borrower has the power and legal right and authority to enter into
the

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Amendment Documents and has duly authorized as appropriate the execution and delivery
of the Amendment Documents and other agreements and documents executed and delivered by such
Borrower in connection herewith or therewith by proper corporate action, and none of the
Amendment Documents nor the agreements contained herein or therein contravenes or
constitutes a default under any agreement, instrument or indenture to which such Borrower is
a party or a signatory or a provision of such Borrower’s Certificate of Incorporation,
Bylaws or any other agreement or requirement of law, or result in the imposition of any Lien
on any of its property under any agreement binding on or applicable to such Borrower or any
of its property except, if any, in favor of the Banks. Each Borrower represents and
warrants that no consent, approval or authorization of or registration or declaration with
any Person, including but not limited to any governmental authority, is required in
connection with the execution and delivery by such Borrower of the Amendment Documents or
other agreements and documents executed and delivered by such Borrower in connection
therewith or the performance of obligations of such Borrower therein described, except for
those which such Borrower has obtained or provided and as to which such Borrower has
delivered certified copies of documents evidencing each such action to the Banks.

     18(c) No Adverse Claim. Each Borrower warrants, acknowledges and agrees that
no events have been taken place and no circumstances exist at the date hereof which would
give such Borrower a basis to assert a defense, offset or counterclaim to any claim of the
Banks with respect to the Obligations.

     Section 19. Affirmation of Credit Agreement, Further References, Affirmation of Security
Interest. The Banks and the Borrowers each acknowledge and affirm that the Credit Agreement,
as hereby amended, is hereby ratified and confirmed in all respects and all terms, conditions and
provisions of the Credit Agreement, except as amended by this Amendment, shall remain unmodified
and in full force and effect. All references in any document or instrument to the Credit Agreement
are hereby amended and shall refer to the Credit Agreement as amended by this Amendment. Each
Borrower confirms to the Banks that the Obligations are and continue to be secured by the security
interest granted by the Borrowers in favor of the Banks under the Security Documents, and all of
the terms, conditions, provisions, agreements, requirements, promises, obligations, duties,
covenants and representations of the Borrowers under such documents and any and all other documents
and agreements entered into with respect to the obligations under the Credit Agreement are
incorporated herein by reference and are hereby ratified and affirmed in all respects by the
Borrowers.

     Section 20. Merger and Integration, Superseding Effect. This Amendment, from and
after the date hereof, embodies the entire agreement and understanding between the parties hereto
and supersedes and has merged into this Amendment all prior oral and written agreements on the same
subjects by and between the parties hereto with the effect that this Amendment, shall control with
respect to the specific subjects hereof and thereof.

     Section 21. Severability. Whenever possible, each provision of this Amendment and the
other Amendment Documents and any other statement, instrument or transaction contemplated hereby or
thereby or relating hereto or thereto shall be interpreted in such manner as to be effective, valid
and enforceable under the applicable law of any jurisdiction, but, if any provision of this
Amendment, the other Amendment Documents or any other statement, instrument or transaction
contemplated hereby or thereby or relating hereto or thereto shall be held to be prohibited,
invalid or unenforceable under the applicable law, such provision shall be ineffective in such
jurisdiction only to the extent of such prohibition, invalidity or unenforceability, without
invalidating or rendering unenforceable the remainder of such provision or the remaining provisions
of this Amendment, the other Amendment Documents or any other statement, instrument or transaction
contemplated hereby or thereby or relating hereto or thereto

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in such jurisdiction, or affecting the effectiveness, validity or enforceability of such
provision in any other jurisdiction.

     Section 22. Successors. The Amendment Documents shall be binding upon the Borrowers
and the Banks and their respective successors and assigns, and shall inure to the benefit of the
Borrowers and the Banks and the successors and assigns of the Banks.

     Section 23. Legal Expenses. As provided in Section 9.2 of the Credit Agreement, the
Borrowers agree to pay or reimburse the Agent, upon execution of this Amendment, for all reasonable
out-of-pocket expenses paid or incurred by the Agent, including filing and recording costs and
fees, charges and disbursements of outside counsel to the Agent (determined on the basis of such
counsel’s generally applicable rates, which may be higher than the rates such counsel charges the
Agent in certain matters) and/or the allocated costs of in-house counsel incurred from time to
time, in connection with the Credit Agreement, including in connection with the negotiation,
preparation, execution, collection and enforcement of the Amendment Documents and all other
documents negotiated, prepared and executed in connection with the Amendment Documents, and in
enforcing the obligations of the Borrowers under the Amendment Documents, and to pay and save the
Banks harmless from all liability for, any stamp or other taxes which may be payable with respect
to the execution or delivery of the Amendment Documents, which obligations of the Borrowers shall
survive any termination of the Credit Agreement.

     Section 24. Headings. The headings of various sections of this Amendment have been
inserted for reference only and shall not be deemed to be a part of this Amendment.

     Section 25. Counterparts. The Amendment Documents may be executed in several
counterparts as deemed necessary or convenient, each of which, when so executed, shall be deemed an
original, provided that all such counterparts shall be regarded as one and the same document, and
any party to the Amendment Documents may execute any such agreement by executing a counterpart of
such agreement.

     Section 26. Governing Law. THE AMENDMENT DOCUMENTS SHALL BE GOVERNED BY THE INTERNAL
LAWS OF THE STATE OF MINNESOTA, WITHOUT GIVING EFFECT TO CONFLICT OF LAW PRINCIPLES THEREOF, BUT
GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS, THEIR HOLDING COMPANIES AND THEIR
AFFILIATES.

[Remainder of page intentionally left blank.]

-10 - 

 

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

	 	 	 	 	 	 	 
	 	 	DOLAN MEDIA COMPANY,	 	 
	 	 	as a Borrower and as Borrowers’ Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Scott Pollei
 

Scott Pollei
	 	  
	 

	 	 	 	Executive Vice President and Chief	 	 
	 

	 	 	 	Financial Officer	 	 

	 	 	 
	 

	 	DOLAN FINANCE COMPANY
	 

	 	DOLAN PUBLISHING COMPANY
	 

	 	DOLAN PUBLISHING FINANCE COMPANY
	 

	 	CLEO COMPANY
	 

	 	LONG ISLAND BUSINESS NEWS, INC.
	 

	 	DAILY JOURNAL OF COMMERCE, INC.
	 

	 	LAWYER’S WEEKLY, INC.
	 

	 	LEGAL LEDGER, INC.
	 

	 	THE JOURNAL RECORD PUBLISHING CO.
	 

	 	DAILY REPORTER PUBLISHING COMPANY
	 

	 	NEW ORLEANS PUBLISHING GROUP, INC.
	 

	 	NOPG, L.L.C.
	 

	 	WISCONSIN PUBLISHING COMPANY
	 

	 	LEGAL COM OF DELAWARE, INC.
	 

	 	MISSOURI LAWYERS MEDIA, INC.
	 

	 	THE DAILY RECORD COMPANY
	 

	 	IDAHO BUSINESS REVIEW, INC.
	 

	 	FINANCE AND COMMERCE, INC.
	 

	 	COUNSEL PRESS, LLC
	 

	 	ARIZONA NEWS SERVICE, LLC
	 

	 	DOLAN DLN, LLC
	 

	 	DOLAN APC LLC

	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Scott Pollei
 

Scott Pollei
	 	  
	 

	 	 	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	AMERICAN PROCESSING COMPANY, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Scott Pollei
 

Scott Pollei
	 	  
	 

	 	 	 	Treasurer	 	 

S-1

 

	 	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION,	 	 
	 	 	as Agent and as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michael J. Staloch
 

Michael J. Staloch,
	 	  
	 

	 	 	 	Senior Vice President	 	 

	 	 	 	 	 	 	 
	 	 	LASALLE BANK NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Bradley R. Sprang
 

Bradley R. Sprang
	 	  
	 

	 	Title:	 	First Vice President	 	 

	 	 	 	 	 	 	 
	 	 	ASSOCIATED BANK, NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Paul E. Way
 

Paul E. Way
	 	  
	 

	 	Title:	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	BANK OF THE WEST	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Andrew Gaspard
 

Andrew Gaspard
	 	  
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	COMERICA BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Kent Takacs
 

Kent Takacs
	 	  
	 

	 	Title:
	 	Vice President	 	 

S-2

 

	 	 	 	 	 	 	 
	 	 	COOPERATIEVE CENTRALE
RAIFFEISEN-	 	 
	 	 	BOERENLEENBANK B.A., “RABOBANK	 	 
	 	 	NEDERLAND”, NEW YORK BRANCH	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Kevin Mullin
 

Kevin Mullin
	 	  
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Brett Delfino
 

Brett Delfino
	 	  
	 

	 	Title:
	 	Executive Director	 	 

S-3

 

EXHIBIT A TO SECOND AMENDMENT TO AMENDED

AND RESTATED CREDIT AGREEMENT

Schedule 1.1(A) to Credit Agreement

Commitment Amounts

	 	 	 	 	 
	 	 	Revolving	 	Term Loan
	Bank	 	Commitment Amount	 	Commitment Amount
	U.S. Bank National Association
	 	$4,050,000	 	$24,232,500
	 
	 	 	 	 
	LaSalle Bank National Association
	 	$3,450,000	 	$20,642,500
	 
	 	 	 	 
	Associated Bank National Association
	 	$1,950,000	 	$11,667,500
	 
	 	 	 	 
	Bank of the West
	 	$1,950,000	 	$11,667,500
	 
	 	 	 	 
	Comerica Bank
	 	$1,350,000	 	$8,077,500
	 
	 	 	 	 
	Cooperatieve Centrale

Raiffeisen-Boerenleenbank B.A.,

“Rabobank Nederland”,

New York Branch
	 	$2,250,000	 	$13,462,500exv10w58

 

Exhibit 10.58

PCTEL, INC.

MARTIN H. SINGER EMPLOYMENT AGREEMENT

     This Agreement is entered into as of April 20, 2007, (the “Effective Date”) by and between
(the “Company”) and Martin H. Singer (“Executive”).

     1. Duties and Scope of Employment. Executive will serve as the Company’s Chief
Executive Officer and Chairman of the Board of Directors. Executive will render such business and
professional services in the performance of his duties, consistent with Executive’s position
within the Company, as shall reasonably be assigned to him by the Company’s Board of Directors
(the “Board”). The period of Executive’s employment under this Agreement is referred to herein as
the “Employment Term.”

     2. At-Will Employment. The parties agree that Executive’s employment with the
Company will be “at-will” employment and may be terminated at any time, with or without cause or
notice, by either the Company or Executive.

     3. Compensation.

          (a) Base Salary. During the Employment Term, the Company will pay Executive as
compensation for his services a base salary at an annualized rate (the “Base Salary”) determined by
the Board, or, if such authority is delegated, by the Compensation Committee of the Board (the
“Compensation Committee”). Executive’s annual Base Salary will be reviewed on an annual basis by
the Compensation Committee and the Board of Directors in accordance with the Compensation
Committee’s and the Board’s established procedures for reviewing salaries of the Company’s
executive officers.

          (b) Bonus and Incentives. Executive shall be eligible to receive annual bonuses, long
term incentives and such other elements of compensation (whether in cash or equity) as determined
by and at the discretion of the Board or the Compensation Committee.

     4. Employee Benefits. During the Employment Term, Executive will be entitled to
participate in the employee benefit plans currently and hereafter maintained by the Company of
general applicability to other senior executives of the Company, including, without limitation,
the Company’s group medical, dental, vision, disability, life insurance, and flexible-spending
medical account plans. The Company reserves the right to cancel or change the benefit plans and
programs it offers to its employees at any time.

     5. Vacation. Executive will be entitled to paid vacation of four weeks per year plus
one additional day for each full year of employment (commencing October 1, 2001).

     6. Expenses. The Company will reimburse Executive for reasonable travel,
entertainment or other expenses incurred by Executive in the furtherance of or in connection with
the performance of Executive’s duties hereunder, in accordance with the Company’s expense
reimbursement policy as in effect from time to time. In addition, the Company will reimburse

 

 

Executive for reasonable legal expenses as may be incurred by Executive from time to time in
connection with the legal review of this Agreement and any amendment to this Agreement.

     7. Severance.

          (a) Termination Following a Change of Control. If Executive’s employment is
terminated within twelve (12) months following a Change of Control, the severance and other
benefits to which Executive is entitled shall be governed by the Management Retention Agreement
then in effect between the Company and Executive (which includes the definition of Change of
Control).

          (b) Involuntary Termination other than for Cause; Voluntary Termination for Good Reason
Apart From a Change of Control. If either prior to the occurrence of a Change of Control or
after the twelve (12) month period following a Change of Control, Executive’s employment with the
Company is terminated either (A) involuntarily by the Company for reasons other than Cause, or (B)
by Executive pursuant to a Voluntary Termination for Good Reason, and Executive signs and does not
revoke a standard mutual release of claims with the Company, then, subject to Section 10, Executive
shall be entitled to receive the following benefits from the Company:

               (i) Salary and Bonus Continuation. Executive shall be entitled to receive continuing
payments of salary (less applicable withholding taxes) at the rate equal to Executive’s Base Salary
rate, as then in effect, for a period of twelve (12) months from the date of such termination in
accordance with the Company’s normal payroll policies. In addition, Executive shall be entitled to
receive one hundred percent (100%) of Executive’s maximum potential annual bonus (less applicable
withholding taxes) as in effect for the fiscal year in which Executive’s termination occurs,
payable in equal monthly installments over a period of twelve (12) months from the date of such
termination in accordance with the Company’s normal payroll practices. If the Company reasonably
determines that Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), will
result in the imposition of additional tax to an earlier payment of the severance payments, the
first six (6) months of the severance payments will accrue during the six (6)-month period
following the Executive’s termination and will become payable in a lump sum payment on the date
that is six (6) months and one (1) day following the date of the Executive’s termination of
employment. The remaining severance payments will be paid in accordance with the Company’s normal
payroll practices until all the severance payments have been made.

               (ii) Benefits. The Company will reimburse Executive for the cost of Executive’s
continued participation in the Company’s health, dental and vision plans at the same level of
coverage as was provided to Executive immediately prior to the termination of Executive’s
employment with the Company (“Company-Paid Coverage”). If such coverage included Executive’s
dependents immediately prior to Executive’s termination, such dependents shall also be covered at
the Company’s expense. Company-Paid Coverage shall continue until the earlier of (i) twelve (12)
months following the date of the termination of Executive’s employment (the “Benefits Termination
Date”), or (ii) the date upon which Executive or Executive’s dependents become covered under
another employer’s group health, dental and vision insurance benefit plans. If, after twelve (12)
months following the Benefits Termination Date, Executive has not become covered under another
employer’s group health, dental and vision insurance benefit plans, Executive may independently
obtain health, dental and vision insurance benefits comparable in the aggregate in

-2-

 

scope and coverage to that provided by the Company to Executive immediately prior to the
Benefits Termination Date, and the Company shall reimburse Executive for the cost of the premiums
paid for such benefits until the earlier of (A) six (6) months following the termination of
Company-Paid Coverage, or (B) the date upon which Executive and Executive’s dependents become
covered under another employer’s group health, dental and vision insurance benefit plans.

               (iii) Partial Accelerated Vesting. All equity awards then held by Executive with
restrictions that are time-based, subject to Executive’s continued service with the Company, shall
partially accelerate or if Executive is then holding unvested shares, the Company’s right to
repurchase the then-unvested shares under each such equity award shall partially lapse, with
respect to the number of shares under each such award that would have become vested or been
released from such repurchase right under each respective equity award if Executive’s employment
with the Company had continued for an additional twelve (12) months following such termination
date. All equity awards then held by Executive with restrictions that are exclusively
performance-based shall immediately vest only as to those awards that are targeted for achievement
during the performance year in which the employment termination occurs (regardless of any actual
level of achievement subsequently determined); all other then unvested performance-based awards
shall be forfeited.

               (iv) Executive Deferred Compensation Plan. Executive shall be entitled to receive all
amounts then owing to him under the Company’s Executive Deferred Compensation Plan based on the
plan provisions as in effect on the execution date of this Agreement.

               (v) Terms. The benefits set forth in this Section 7(b), together with any other
benefits which Executive may be expressly entitled to receive resulting from Executive’s
involuntary termination of employment pursuant to any Company severance and benefit plans and
practices, or pursuant to other agreements with the Company, will be provided to Executive in
accordance with the terms of the related plans or agreements.

     8. Sections 280G and 4999. The Company’s obligations to provide the
compensation, equity and other benefits as set forth in Section 7 above are expressly conditioned
upon Executive’s compliance with the covenants set forth in Section 13 below, and are not
contingent upon any event constituting a change of effective control or ownership of the Company
or in the ownership of a substantial portion of the assets of the Company. In the event that the
severance and other benefits provided for in this Agreement or otherwise payable to Executive (i)
constitute “parachute payments” within the meaning of Section 280G of the Code and (ii) but for
this Section, would be subject to the excise tax imposed by Section 4999 of the code, then
Executive’s severance benefits under the Employment Agreement shall be payable either

	 	(i)	 	in full, or
	 
	 	(ii)	 	as to such lesser amount which would result in no portion of such severance
benefits being subject to excise tax under Section 4999 of the Code,

whichever of the foregoing amounts, taking into account the applicable federal, state and local
income taxes and the excise tax imposed by Section 4999, results in the receipt by Executive, on an
after-tax basis, of the greatest amount of severance benefits under the Employment Agreement,
notwithstanding that all or some portion of such severance benefits may be taxable under Section 4999

-3-

 

of the Code. Unless the Company and Executive otherwise agree in writing, any determination
required under this Section shall be made in writing by the Company’s independent public
accountants (the “Accountants”), whose determination shall be conclusive and binding upon Executive
and the Company for all purposes. For purposes of making the calculations required by this
Section, the Accountants may make reasonable assumptions and approximations concerning applicable
taxes and may rely on reasonable, good faith interpretations concerning the application of Sections
280G and 4999 of the Code. The Company and Executive shall furnish to the Accountants such
information and documents as the Accountants may reasonably request in order to make a
determination under this Section. The Company shall bear all costs the Accountants may reasonably
incur in connection with any calculations contemplated by this Section.

     9. Voluntary Termination; Termination for Cause. If Executive’s employment is
terminated by the Company for Cause, or by Executive for any reason, but other than pursuant to a
Voluntary Termination for Good Reason, then (A) all further vesting of any stock option,
restricted stock award or other Company equity compensation held by Executive will cease
immediately and all rights to receive further compensation by the Company to Executive hereunder
will terminate immediately (except as to amounts already earned), and (B) Executive will only be
eligible for severance benefits in accordance with the Company’s established policies as then in
effect.

     10. Death and Disability. If Executive’s employment terminates as a result of death
or Disability, Executive (or his estate, as applicable) shall be entitled to receive the following
benefits from the Company:

          (a) Salary. Executive will only be eligible for benefits in accordance with the
Company’s established policies then in effect.

          (b) Bonuses. Executive shall receive the actual amount of the bonus paid for the
applicable performance period to which Executive would have been entitled, pro rated for
Executive’s length of service during the performance period up to the date of employment
termination. Such bonus shall be paid to Executive as soon as practicable following the completion
of the performance period and the determination of the amount of bonus to be paid.

          (c) Equity Incentives. All unvested equity incentives, whether time-based or
performance-based, shall immediately accelerate and vest in full, and all repurchase restrictions
in favor of the Company shall immediately lapse. Performance-based incentives under this section
shall accelerate and vest as to the targeted number of incentives, where a range of incentives
above or below the target may be earned dependent on the achievement of different levels of
performance.

          (d) Executive Deferred Compensation Plan. In the event of Executive’s death,
Executive shall be entitled to receive the death benefit payable under the Executive Deferred
Compensation Plan in an amount equal to the greater of (i) 75% or (ii) the then applicable
percentage established under such plan.

     11. Section 409A. Notwithstanding the provisions set forth in this Agreement, the
Board of Directors or the Compensation Committee may in its sole discretion at any time amend the
timing of payments or benefits set forth under Section 7 for the benefit of Executive, to the
extent such

-4-

 

amended timing can be effected in compliance with Section 409A of the Code and any temporary,
proposed or final Treasury Regulations and guidance promulgated thereunder.

     12. Definitions.

          (a) Cause. “Cause” shall mean:

               (i) An act of personal dishonesty taken by Executive in connection with his responsibilities
as an employee and intended to result in substantial personal enrichment of Executive;

               (ii) Executive being convicted of, or a plea of nolo contendere to, a felony;

               (iii) A willful act by Executive which constitutes gross misconduct and which is injurious to
the Company; or

               (iv) Following delivery to Executive of a written demand for performance from the Company
which describes the basis for the Company’s reasonable belief that Executive has not substantially
performed his duties, continued violations by Executive of Executive’s obligations to the Company
which are demonstrably willful and deliberate on Executive’s part and affords Executive a
reasonable opportunity to cure within a reasonable period of time.

          (b) Disability. “Disability” shall mean that:

               (i) Executive has been unable to perform his Company duties as the result of his incapacity
due to physical or mental illness, and such inability, at least twenty-six (26) consecutive weeks
after its commencement, is determined to be total and permanent by a physician selected by the
Company or its insurers and acceptable to Executive or Executive’s legal representative (such
agreement as to acceptability not to be unreasonably withheld); and

               (ii) Executive is disabled pursuant to the terms of the Company’s long-term disability
insurance covering Executive as then in effect. Termination resulting from Disability may only be
effected after at least thirty (30) days’ written notice by the Company of its intention to
terminate Executive’s employment. In the event that Executive resumes the performance of
substantially all of his duties hereunder before the termination of his employment becomes
effective, the notice of intent to terminate shall automatically be deemed to have been revoked.

          (c) Voluntary Termination for Good Reason. “Voluntary Termination for Good Reason”
shall mean Executive voluntarily resigns after the occurrence of any of the following:

               (i) Without Executive’s express written consent, a material reduction of Executive’s duties,
title, authority or responsibilities, relative to Executive’s duties, title, authority or
responsibilities as in effect immediately prior to such reduction, or the assignment to Executive
of such reduced duties, title, authority or responsibilities; provided, however,
that a “Voluntary Termination for Good Reason” shall not be deemed to have occurred in connection
with a reduction of duties, title, authority or responsibilities resulting solely from (A) a Change
of Control, or (B) any change in Executive’s position as Chairman of the Board as a result of any
legislation, statute, rule or regulation (including rule or regulation of Nasdaq) that would
require, or encourage for purposes

-5-

 

of prudent corporate governance, the separation of the roles of the Chairman and the Chief
Executive Officer, or any stockholder proposal to similar effect approved by a majority of the
stockholders;

               (ii) Without Executive’s express written consent, a material reduction, without good business
reasons, of the facilities and perquisites (including office space and location) available to
Executive immediately prior to such reduction;

               (iii) A reduction by the Company in the Base Salary of Executive as in effect immediately
prior to such reduction;

               (iv) A material reduction by the Company in the aggregate level of employee benefits,
including bonuses, to which Executive was entitled immediately prior to such reduction with the
result that Executive’s aggregate benefits package is materially reduced (other than a reduction
that generally applies to Company employees); or

               (v) Any act or set of facts or circumstances which would, under Illinois case law or statute,
constitute a constructive termination of Executive.

     13. Conditional Nature of Severance Payments.

          (a) Noncompete. Executive acknowledges that the nature of the Company’s business is
such that if Executive were to become employed by, or substantially involved in, the business of a
competitor of the Company during the twelve (12) months following the termination of Executive’s
employment (the “Restricted Period”) with the Company for any reason (whether during the Employment
Term or subsequent to the end of such period), it would be very difficult for Executive not to rely
on or use the Company’s trade secrets and confidential information. Thus, Executive agrees and
acknowledges that his right to receive the severance payments set forth in Section 7 (to the extent
Executive is otherwise entitled to such payments) shall be conditioned upon Executive not directly
or indirectly engaging in (whether as an employee, consultant, agent, proprietor, principal,
partner, stockholder, corporate officer, director or otherwise), nor having any ownership interest
in or participating in the financing, operation, management or control of, any person, firm,
corporation or business that competes in the markets for the Restricted Business (as defined below)
during the Restricted Period; provided, however, that nothing in this Section 13(a)
shall prevent Executive from owning as a passive investment less than one percent (1%) of the
outstanding shares of the capital stock of a publicly-held company if (A) such shares are actively
traded on the New York Stock Exchange or the Nasdaq Global Market and (B) Executive is not
otherwise associated with such company or any of its affiliates. The “Restricted Business” for
purposes of this Agreement is one which is engaged in the design, development, manufacture,
production, marketing, sale, licensing or servicing of any products, or the provision of any
services, that are the same as or substantially similar to those of the Company during the
Restricted Period. Upon any breach of this section, all severance payments and benefits pursuant
to this Agreement shall immediately cease.

          (b) Non-Solicitation. During the twelve (12) months following the termination of
Executive’s employment with the Company for any reason (whether during or after the Employment
Term), Executive agrees and acknowledges that Executive’s right to receive the severance payments
set forth in Section 7 (to the extent Executive is otherwise entitled to such payments) shall be
conditioned upon Executive not either directly or indirectly soliciting, inducing, attempting to
hire,

-6-

 

recruiting, encouraging, taking away, hiring any employee of the Company or causing an
employee to leave his or her employment either for Executive or for any other entity or person.

     14. Assignment. This Agreement will inure to the benefit of the heirs, executors and
legal representatives of Executive upon Executive’s death and will be binding upon and inure to
the benefit of any successor of the Company. Any such successor of the Company will be deemed
substituted for the Company under the terms of this Agreement for all purposes. For this purpose,
“successor” means any person, firm, corporation or other business entity which at any time,
whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all
of the assets or business of the Company. None of the rights of Executive to receive any form of
compensation payable pursuant to this Agreement may be assigned or transferred except by will or
the laws of descent and distribution. Any other attempted assignment, transfer, conveyance or
other disposition of Executive’s right to compensation or other benefits will be null and void.

     15. Notices. All notices, requests, demands and other communications called for
hereunder shall be in writing and shall be deemed given (i) on the date of delivery if delivered
personally, (ii) one (1) day after being sent by a well established commercial overnight service,
or (iii) four (4) days after being mailed by registered or certified mail, return receipt
requested, prepaid and addressed to the parties or their successors at the following addresses, or
at such other addresses as the parties may later designate in writing:

If to the Company:

PCTEL, Inc.

8725 West Higgins Road

Suite 400

Chicago, Illinois 60631

Attn: General Counsel

If to Executive:

Martin H. Singer

at the last residential address known by the Company.

     16. Severability. In the event that any provision hereof becomes or is declared by a
court of competent jurisdiction to be illegal, unenforceable or void, this Agreement will continue
in full force and effect without said provision.

     17. Arbitration and Equitable Relief.

          (a) Arbitration. Except as provided in Section 17(b) below, Executive agrees that any
dispute or controversy arising out of, relating to, or concerning Executive’s employment with the
Company or the termination of Executive’s employment with the Company, or any interpretation,
construction, performance or breach of this Agreement, shall be settled by arbitration to be held
in Cook County, Illinois, in accordance with the National Rules for Resolution of Employment
Disputes then in effect of the American Arbitration Association, except as provided in Section
17(b) below. The arbitrator may grant injunctions or other relief in such dispute or controversy.
The decision of the arbitrator shall be final, conclusive and binding on the parties to the

-7-

 

arbitration. Judgment may be entered on the arbitrator’s decision in any court having
jurisdiction. The Company and Executive shall each pay one-half of the costs and expenses of such
arbitration, and each party shall separately pay its counsel fees and expenses.

     This arbitration clause constitutes a waiver of Executive’s and the Company’s right to a jury
trial and relates to the resolution of all disputes relating to all aspects of the
employer/employee relationship, except as provided in Section 17(b) below, including, but not
limited to, the following claims:

               (i) Any and all claims for wrongful discharge of employment; breach of contract, both express
and implied; breach of the covenant of good faith and fair dealing, both express and implied;
negligent or intentional infliction of emotional distress; negligent or intentional
misrepresentation; negligent or intentional interference with contract or prospective economic
advantage; and defamation;

               (ii) Any and all claims for violation of any federal, state or municipal statute, including,
but not limited to, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the
Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act of 1990, and the
Fair Labor Standards Act;

               (iii) Any and all claims arising out of any other laws and regulations relating to employment
or employment discrimination.

          (b) Equitable Remedies. Executive agrees that it would be impossible or inadequate to
measure and calculate the Company’s damages from any breach of the covenants set forth in Section
13. Accordingly, Executive agrees that if Executive breaches such covenants, the Company will have
available, in addition to any other right or remedy available, the right to obtain an injunction
from a court of competent jurisdiction restraining such breach or threatened breach and to specific
performance of any such provision of this Agreement. Executive further agrees that no bond or
other security shall be required in obtaining such equitable relief, and Executive hereby consents
to the issuance of such injunction and to the ordering of specific performance.

          (c) Administrative Relief. Executive understands that this Agreement does not
prohibit Executive from pursuing an administrative claim with a local, state or federal
administrative body, such as the Illinois Department of Human Rights, the Equal Employment
Opportunity Commission or the Workers’ Compensation Commission. This Agreement does, however,
preclude Executive from pursuing court action regarding any such claim (other than workers’
compensation claims).

     18. Integration. This Agreement represents the entire agreement and understanding
between the parties as to the subject matter herein and supersedes all prior or contemporaneous
agreements whether written or oral, including any consulting or independent contractor agreements.
No waiver, alteration, or modification of any of the provisions of this Agreement will be binding
unless in writing and signed by duly authorized representatives of the parties hereto.

     19. Tax Withholding. All payments made pursuant to this Agreement will be subject to
withholding of applicable taxes.

-8-

 

     20. Governing Law. This Agreement will be governed by the laws of the State of
Illinois (with the exception of its conflict of laws provisions), and all actions to enforce its
terms will be venued exclusively in Cook County, Illinois.

     IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the
Company by their duly authorized officers, as of the day and year first above written.

	 	 	 	 	 	 
	PCTEL, INC.
	 	 	 	 
	 
	/s/ Richard C. Alberding

	 	Date:
	 	April 20, 2007	 
	 

	 	 	 	 
	By: Richard C. Alberding
	 	 	 	 
	Title: Chair of the Compensation Committee
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	EXECUTIVE:
	 	 	 	 
	 
	 	 	 	 
	/s/ Martin H. Singer

	 	Date:
	 	April 7, 2007	 
	 

	 	 	 	 
	Martin H. Singer
	 	 	 	 

-9-

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