Document:

ICONET, INC

ARGENTUM EXPLORATION, INC.

 

2710 Thomes Ave., Cheyenne, Wyoming, 82001

May 30, 2008

Peter Leontowicz

RR 1

NEW DENVER

BRITISH COLUMBIA

V0G1S0

Dear Mr. Leontowicz: 

RE: OPTION TO PURCHASE INTEREST IN SLOCAN MINERAL PROPERTY 

This Agreement sets forth the general terms and conditions of our agreement concerning the granting of an option by Peter Leontowicz (the “VENDOR”) to Argentum Exploration, Inc. (“OPTIONEE”) to purchase a 100% interest in and to those mineral claims more particularly described in Schedule “A” hereto (including, without limitation, all prospecting, research, exploration, exploitation, operating and mining permits, licenses and leases associated therewith), covering property in Slocan, British Columbia (the “Property” or “Mineral Claims”). 

In consideration of the sum of $10.00 paid by OPTIONEE to the VENDOR, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

1.0 

REPRESENTATIONS AND WARRANTIES 

1.1 

OPTIONEE represents and warrants to the VENDOR that: 

(a)

it is a valid and subsisting corporation duly incorporated and in good standing under the laws of Wyoming; 

(b)

entering into this Agreement does not and will not conflict with, and does not and will not result in a breach of, any of the terms of its incorporating documents or any agreement or instrument to which OPTIONEE is a party; 

(c)

this Agreement has been authorized by all necessary corporate action on the part of OPTIONEE ; and 

1.2 

The VENDOR represents to OPTIONEE that: 

(a)

he is the beneficial and recorded owner of the Property and owns 100% right, title and beneficial interest in the Property; 

(b)

he has paid all necessary access, administration, assessment and other fees as are required to register, hold title to, and pass good title to the Property; 

(c)

to the best of his knowledge, other than for aboriginal land claims, there are no adverse claims or challenges against or to the ownership of or title to the Property, nor to the best of his knowledge is there any basis therefor; 

(d)

save and except as set out in Schedule “B”, there do not exist any outstanding agreements or options to acquire or purchase any interest in the Property, or to explore, develop or exploit any mineral claims comprising the Property, and no person has any royalty or other interest whatsoever in the Property or any production therefrom;

(e)

entering into this Agreement does not and will not conflict with, and does not and will not result in a breach of, any agreement or instrument to which the VENDOR is a party; and

(f)

he has due and sufficient right to enter into this Agreement and to transfer the Property in accordance with this Agreement.

2. 

GRANT OF OPTION 

2.1 

The VENDOR hereby grants to OPTIONEE an exclusive option (the “Option”) to earn an undivided 100% interest in the Property. In order to exercise the Option, OPTIONEE agrees to: 

(a)

Upon signing of this agreement, the OPTIONEE will make a $15,000 cash payment to VENDOR.

(b)

Prior to April 30, 2009 the OPTIONEE will make a $30,000 cash payment to VENDOR.

(c)

Prior to April 30, 2010 the OPTIONEE will make a $50,000 cash payment to VENDOR.

(d)

Prior to April 30, 2009 the OPTIONEE will agree to expend a total of $50,000 exploration funds (“Exploration Funds”) towards a Work Program of the property hereby “Work Programs” means exploration programs on the Mineral Claims which are agreed to between the VENDOR and OPTIONEE, acting on a commercially reasonable basis, which may include bulk sampling, line-cutting, geological mapping and sampling, geophysical surveys, back-hoe trenching and water stripping of trenches; humus sampling; or any forms of surface or subsurface exploration or drilling.

(e)

Prior to April 30, 2010 the OPTIONEE will agree to expend a total of $70,000 Exploration Funds towards the Work Program of the property.

(f)

Prior to April 30, 2011 the OPTIONEE will agree to expend a total of $200,000 Exploration Funds towards the Work Program of the property.

(g)

Expenditures on the property it is agreed that not more than 10% of the Exploration Funds will be allocated to; travel, accommodations, vehicle expenses, camp costs, office, general & administrative expenses, etc..

(h)

VENDOR shall retain a royalty equal to 2.5% of Net Smelter Returns from production, excluding existing dumps and tailings, from the Property.  The term “Net Smelter Returns” shall be specifically defined by the parties in an addendum to this agreement. The NSR shall be payable quarterly, with payment due 30 days after the end of the prior calendar quarter, together with a detailed accounting of the production and evidencing the calculation of the 2.5% NSR. OPTIONEE shall, at any time, have the right to buy-back from the VENDOR and/or assignees/ successors, up to a maximum of a 1% NSR from the 2.5% NSR, leaving VENDOR with 1.5% NSR. The buy-back price shall be at the rate of $1,000,000 per 1% NSR.

The VENDOR shall retain a royalty equal to 7.0% of Net Smelter Returns from the existing dumps and tailings from the Property.

In the event OPTIONEE defaults on the minimum expenditures and/or option payments, then any and all rights, titles and interests in and to the claims shall revert back to the VENDOR upon sixty days’ prior written notice to OPTIONEE, giving OPTIONEE and opportunity to cure such default within such 60 days. 

2.2 

The parties hereto may extend in writing any of the deadlines set out in paragraph 2.1. 

2.3 

If and when OPTIONEE exercises the Option, the parties agree to negotiate in good faith and enter into an industry standard joint venture agreement to govern the further development of the Property. 

3. 

EXPLORATION PROGRAMS 

3.1 

The OPTIONEE will act as the Operator of any exploration program (“Work Programs”) under the direction of an operating committee comprised of one member appointed by VENDOR and one member appointed by the OPTIONEE prior to the time that the Option is exercised. The OPTIONEE, in its role as Operator, will perform its exploration and development work on the property comprising the Mineral Claims in accordance with good mining practice and shall comply with all applicable laws and regulations.

3.2 

During the Option Period, the OPTIONEE shall at all times occupy, manage and use the Mineral Claims in full compliance with all Environmental Laws. In this 

Agreement, “Environmental Laws” means all applicable federal, provincial, municipal, regional or foreign laws, statutes or rules, regulations, bylaw or orders (having the force of law) or environmental permits relating to the environment, including, without limitation, those pertaining to reporting, licensing, permitting, investigation, remediation and clean up in connection with any presence, release, discharge, escape or disposal of contaminants (being any substance or material that is prohibited, controlled or regulated pursuant to any applicable Environmental Laws) or relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of contaminants. 

The OPTIONEE promptly perform any reclamation, remediation or pollution control, which is required and arises from all operations on the Mineral Claims during the Option Period, such performance to include, without limitation, the provision of all financial assurances required by applicable Laws with respect to the costs of such reclamation, remediation or pollution control. This provision shall survive the termination of this Agreement.

3.3

The OPTIONEE shall maintain all customary drill logs, exploration information, assays, maps, metallurgical studies and other information relating to its exploration and development activities on the Mineral Claims and provide copies to VENDOR in accordance with this Agreement. 

3.4

By no later than 60 days after the completion of each Work Program, OPTIONEE shall provide to VENDOR a copy of the any geological reports prepared in relation to that Work Program. The parties, subject to the terms of this Agreement, shall keep these items confidential.

3.5

It its agreed that upon the completion of each significant Work Program, the OPTIONEE will arrange to have prepared a geological report in compliance with National Instrument 43-101 recommending additional Work Programs, or alternatively recommending the cessation of work on the Mineral Claims. The cost of such report will be paid from Exploration Funds.

4. 

RIGHT OF ENTRY 

4.1 

For so long as the Option continues in full force and effect, OPTIONEE, its employees, agents, permitted assigns and independent contractors shall have the right to: 

(a)

enter upon the Property; 

(b)

have exclusive and quiet possession of the Property; 

(c)

incur expenditures;

(d)

bring upon and erect upon the Property such mining facilities as OPTIONEE may consider advisable; and

(e)

remove from the Property and sell or otherwise dispose of mineral products subject the NSR in paragraph 2.1(h).

5. 

REGISTRATION AND TRANSFER OF PROPERTY INTERESTS 

5.1 

Upon the request of OPTIONEE, the VENDOR shall assist OPTIONEE to record this Agreement with the appropriate mining recorder. OPTIONEE will be responsible for all reasonable costs associated with this registration.

5.2 

Until OPTIONEE fully exercises the Option hereunder, title to the Property shall remain in the name of the VENDOR. At such time as OPTIONEE fully exercises the Option, the VENDOR agrees to deliver or arrange for delivery of duly executed and recordable transfers transferring an undivided 100% interest in the Property to OPTIONEE within 10 days of the complete exercise of the Option. OPTIONEE will be responsible for all reasonable costs associated with recording this transfer. 

6. 

COVENANTS 

6.1 

During the currency of this Agreement and the Option, the VENDOR covenants and agrees with OPTIONEE to: 

(a)

refrain from doing any act or thing which would prevent OPTIONEE from exercising its rights in accordance with the terms and conditions of this Agreement, provided OPTIONEE has and continues to meet all of its obligations hereunder; 

(b)

make available to OPTIONEE and its representatives all records and files relating to the Property and permit OPTIONEE and its representatives at its own expense to take abstracts therefrom and make copies thereof; and 

(c)

promptly provide OPTIONEE with any and all notices and correspondence from Government agencies in respect of the Property. 

6.2 

During the currency of this Agreement and the Option, OPTIONEE covenants and agrees with the VENDOR to: 

(a)

keep the Property in good standing, and free and clear of all liens, charges and encumbrances arising from its own operations hereunder and in good standing by the doing and filing of all necessary work and by the doing of all other acts and things and making all other payments which may be necessary in that regard; 

(b)

permit the VENDOR, or its representatives duly authorized by it in writing, at their own risk and expense, access to the Property at all reasonable times and to all records prepared by OPTIONEE in connection with the work done on or with respect to the Property and furnish the VENDOR with annual reports and copies of all data (upon request), in written and electronic format with respect to the work carried out by OPTIONEE on or with respect to the Property and results obtained, together with timely current reports and information on any material results obtained; and 

(c)

furnish to the VENDOR as soon as practical in each year but not later than sixty (60) days after the fiscal year end of OPTIONEE a comprehensive report in written and in electronic format on the work carried out by OPTIONEE on or with respect to the Property during the preceding year and results obtained. 

7. 

RIGHT OF ASSIGNMENT 

7.1 

OPTIONEE may sell, transfer and otherwise assign any or all of its rights under this Agreement without prior notice to or the prior written consent of the VENDOR. 

8. 

DEFAULTS IN PAYMENT OF OPTION PRICE 

8.1 

The Option shall terminate if OPTIONEE fails to make any of the payments of the Option Price in accordance with paragraph 2.1 herein within the time periods specified therein. 

8.2 

If OPTIONEE shall be in default of any requirement other than those set forth in paragraph 2.1 herein, the VENDOR shall give written notice to OPTIONEE specifying the default, and OPTIIONEE shall not lose any rights granted under this Agreement, unless within thirty calendar days after the giving of notice of default by the VENDOR, OPTIONEE has failed to cure the default by the appropriate performance. 

9. 

FORCE MAJEURE 

9.1 

OPTIONEE shall not be liable to the VENDOR, and shall not be deemed in default hereunder for any failure or delay to pay any portion of the Option Price if, prior to payment thereof, any dispute as to ownership or title to the Property or the minerals therein arises. All times provided for in this Agreement shall be extended for the period commensurate with the period of the delay and, so far as possible, both parties shall take all reasonable steps to remedy the delay caused by the events referred to above. 

9.2 

Neither party shall be liable to the other party hereto and neither party shall be deemed in default hereunder for any failure or delay to perform any of its covenants and agreements hereunder caused or arising out of any act not 

reasonably within the control of such party, excluding lack of funds but including without limitation acts of God, strikes, lockouts or other industrial disputes, acts of public enemies, native land claims, blockades, disputes as to Property ownership, war, riots, fire, storm, flood, explosion, government restriction or the obtaining of governmental approvals unavailability of equipment or other causes whether of the kind enumerated above or otherwise. The party affected shall give prompt notice to the other party of the commencement and termination of one of the events referred to above. No right of a party shall be affected for failure or delay of a party to meet any condition of this Agreement, if the failure or delay is caused by one of the events referred to above. All times provided for in this Agreement shall be extended for the period commensurate with the period for the delay and, so far as possible, the party affected shall take all reasonable steps to remedy the delay caused by the events referred to above. 

10. 

RETURN OF PROPERTY 

10.1 

In the event that OPTIONEE should decide that it shall not proceed with the Option, then it will cease to use and shall deliver to the VENDOR all reports, maps, drill logs, core assay results and any other relevant technical data in written and electronic format compiled by OPTIONEE with respect to the Property. 

11. 

MISCELLANEOUS 

11.1 

Time is of the essence of this Agreement except as otherwise provided for in this Agreement. 

11.2 

The parties hereto agree that they and each of them will execute all documents and do all acts and things within their respective powers to carry out and implement the provisions or intent of this Agreement.

11.3 

Any notice to be required hereunder will be in writing and sent by delivery, facsimile transmission, or prepaid registered mail addressed to the party entitled to receive the same or delivered to such party at the address specified above, or to such other address as either party may give to the other for that purpose. The date of receipt of any notice, demand or other communication hereunder will be the date of delivery if delivered, the date of transmission if sent by facsimile or, if given by registered mail as aforesaid, will be the date on which the notice, demand or other communication is actually received by the addressee. 

11.4 

The Agreement contains the entire agreement and understanding of the parties and replaces all prior agreements bearing on the subject matter hereof.

11.5 

This Agreement shall enure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, successors and permitted assigns. 

11.6 

This Agreement shall be interpreted and construed in accordance with the federal laws of Canada and the laws of the Province of British Columbia and the parties hereto shall attorn to the courts thereof. 

11.7

All disputes, controversies or claims (“Disputes”) arising out of or relating to this Agreement shall in the first instance be the subject of a meeting between a representative of each party who has decision-making authority with respect to the matter in question.  Should the meeting either not take place or not result in a resolution of the Dispute within twenty (20) business days following notice of the Dispute to the other party, then the Dispute shall be resolved in a binding arbitration proceeding to be held in Vancouver, British Columbia in accordance with the Commercial Arbitration Act (British Columbia).  Both parties agree to limit their respective testimony during the arbitration session to two hours each.  The arbitrators may award attorneys’ fees and other related arbitration expenses, as well as pre- and post-judgment interest on any award of damages, to the prevailing party, in their sole discretion.  The parties agree that a panel of three arbitrators shall be required, all of whom shall be fluent in the English language, and that the arbitration proceeding shall be conducted entirely in the English language.  Any award of the arbitrators shall be deemed confidential information for a minimum period of five years.

11.8 

All amounts set forth in the Agreement are expressed in US dollars. 

11.9 

This Agreement and the performance of the covenants and obligations of OPTIONEE hereunder are expressly conditional upon the acceptance for filing of this Agreement by the Exchange, which acceptance OPTIONEE agrees to take all reasonably necessary steps to secure forthwith.

11.10

This Agreement may be executed by the parties in counterparts and, when so executed, such parts taken together shall comprise a completely executed agreement. 

IN WITNESS WHEREOF the parties make this Agreement effective as of the date first above written. 

PETER LEONTOWICZ

ARGENTUM EXPLORATION, INC.. 

/s/ Peter Leontowicz

/s/ Jan Vrba

--------------------------------

----------------------------------- 

Name: Peter Leontowicz

Name: Jan Vrba

Title: 

President

SCHEDULE “A”

DESCRIPTION OF PROPERTY

The Property includes mineral claim located in Slocan, British Columbia as follows: 

										
	Tenure Number 

	Claim Name 

	Owner Number 

	Map Number 

	Work Recorded To 

	Status 

	Mining Division 

	Area 

	Tag Number 

	255653

	REFER TO LOT TABLE  

	115553

	  100%

	  082K005  

	 2005.10.15 

	 Good Standing 2005.10.15 

	 20   SLOCAN  

	 1  un 

	   

	255922

	REFER TO LOT TABLE  

	115553

	  100%

	  082K005  

	 2005.10.15 

	 Good Standing 2005.10.15 

	 20   SLOCAN  

	 1  un 

	   

	255923

	REFER TO LOT TABLE  

	115553

	  100%

	  082K005  

	 2005.10.15 

	 Good Standing 2005.10.15 

	 20   SLOCAN  

	 1  un 

	   

	257284

	 
	115553

	  100%

	  082K005  

	 2005.12.21 

	 Good Standing 2005.12.21 

	 20   SLOCAN  

	 44.39  ha 

	   

	331084

	LEO  

	115553

	  100%

	  082K005  

	 2005.10.15 

	 Good Standing 2005.10.15 

	 20   SLOCAN  

	 1  un 

	 641498M  

	331756

	OLYMPUS  

	115553

	  100%

	  082K005  

	 2005.10.15 

	 Good Standing 2005.10.15 

	 20   SLOCAN  

	 18  un 

	 211820  

	350455

	GRIZZLY GOLD I  

	115553

	  100%

	  082K005  

	 2005.10.15 

	 Good Standing 2005.10.15 

	 20   SLOCAN  

	 1  un 

	 661414M  

	350456

	GRIZZLY GOLD II  

	115553

	  100%

	  082K005  

	 2005.10.15 

	 Good Standing 2005.10.15 

	 20   SLOCAN  

	 1  un 

	 661415M  

	352218

	LEMAC 4  

	115553

	  100%

	  082K005  

	 2005.10.15 

	 Good Standing 2005.10.15 

	 20   SLOCAN  

	 1  un 

	 603994M  

	352219

	LEMAC 5  

	115553

	  100%

	  082K005  

	 2005.10.15 

	 Good Standing 2005.10.15 

	 20   SLOCAN  

	 1  un 

	 661495M  

	364023

	WELL 1  

	115553

	  100%

	  082K005  

	 2005.10.15 

	 Good Standing 2005.10.15 

	 20   SLOCAN  

	 1  un 

	 677689M  

	364024

	WELL 2  

	115553

	  100%

	  082K005  

	 2005.10.15 

	 Good Standing 2005.10.15 

	 20   SLOCAN  

	 1  un 

	 677690M  

	364025

	WELL  

	115553

	  100%

	  082K005  

	 2005.10.15 

	 Good Standing 2005.10.15 

	 20   SLOCAN  

	 9  un 

	 211872  

	366953

	LEMAX  

	115553

	  100%

	  082K005  

	 2005.10.15 

	 Good Standing 2005.10.15 

	 20   SLOCAN  

	 3  un 

	 211801  

	378564

	NEW KASLO  

	115553

	  100%

	  082K005  

	 2005.10.15 

	 Good Standing 2005.10.15 

	 20   SLOCAN  

	 1  un 

	 684870M  

	380583

	WELL 4  

	115553

	  100%

	  082K005  

	 2005.10.15 

	 Good Standing 2005.10.15 

	 20   SLOCAN  

	 1  un 

	 684872M  

	390396

	LYLE 1  

	115553

	  100%

	  082K005  

	 2005.10.15 

	 Good Standing 2005.10.15 

	 20   SLOCAN  

	 18  un 

	 211821  

	517089

	CHARLESTON

	155553

	  100%

	 
	 
	 
	 
	 
	 

SCHEDULE “B”

AGREEMENTS/OPTIONS

VENDOR shall retain a royalty equal to 2.5% of Net Smelter Returns from production, excluding existing dumps and tailings, from the Property.  The term “Net Smelter Returns” shall be specifically defined by the parties in an addendum to this agreement. The NSR shall be payable quarterly, with payment due 30 days after the end of the prior calendar quarter, together with a detailed accounting of the production and evidencing the calculation of the 2.5% NSR. OPTIONEE shall, at any time, have the right to buy-back from the VENDOR and/or assignees/ successors, up to a maximum of a 1% NSR from the 2.5% NSR, leaving VENDOR with 1.5% NSR. The buy-back price shall be at the rate of $1,000,000 per 1% NSR.

The VENDOR shall retain a royalty equal to 7.0% of Net Smelter Returns from the existing dumps and tailings from the Property.

Minerals means the ores or concentrates of minerals, as that term is defined in the British Columbia Mineral Tenure Act, and the rock that is part of such ores and concentrates sold by the OPTIONEE/VENDOR

Net Smelter Return means, for any period the difference between:

(a) 

the sum of:

(i) 

the gross proceeds received by the OPTIONEE/VENDOR in that period from the sale of Minerals produced from the property to a party that is arm’s length to the Optionee, or that would have been received by the OPTIONEE/VENDOR if the purchase of the Minerals were at arm’s length to the OPTIONEE/VENDOR; and

(ii)

in the case of the sale of Minerals that are ores that have not been processed in a Mill, the estimated cost that would have been incurred in crushing and beneficiating such Minerals in a Mill as agreed by the parties or otherwise determined by a competent mining or metallurgical engineer;

and

(b) 

the sum of:

(i) 

all amounts paid on account of Advance Royalty Payments;

(ii) 

any insurance costs in connection with shipping such Minerals;

(iii) 

any costs of transport;

(iv) 

all costs of the OPTIONEE/VENDOR associated with such sales involving handling, weighing, sampling, determination of water content, insuring and packaging;

(v) 

the costs of marketing, adjusted for rebates or allowance made or given;

(vi) 

any sales, severance, gross production, privilege or similar taxes (other than income taxes or mining taxes based on income) assessed on or in connection with the Minerals or the value thereof; and

(vii) 

any treatment, beneficiation or other charges or penalties deducted by any smelter or refinery to which such Minerals are shipped that have not been previously deducted in the computation of gross proceeds.r8k63008exh1.htm

    
      

    

    EXHIBIT
10.1

    FOURTH
AMENDMENT TO CREDIT AGREEMENT

    

    

    THIS FOURTH AMENDMENT TO CREDIT
AGREEMENT (this "Amendment"), dated as of
June 20, 2008, is by and among
HNI CORPORATION, an Iowa corporation (the "Borrower"), those Domestic
Subsidiaries of the Borrower identified as a "Guarantor" on the signature pages
hereto (the "Guarantors"), the Lenders
(defined below) party hereto and WACHOVIA BANK, NATIONAL
ASSOCIATION, a national banking association, as administrative agent for
the Lenders (the "Administrative
Agent").

    

    W
I T N E S S E T H

    

    WHEREAS, the Borrower, the
Guarantors, the lenders from time to time party thereto (the "Lenders"), and the
Administrative Agent have entered into that certain Credit Agreement dated as of
January 28, 2005 (as amended, restated, amended and restated, modified,
supplemented or otherwise modified through the date hereof, the "Credit Agreement";
capitalized terms used herein shall have the meanings ascribed thereto in the
Credit Agreement);

    

    WHEREAS, the Credit Parties
have requested the Required Lenders amend certain provisions of the Credit
Agreement; and

    

    WHEREAS, the Required Lenders
are willing to make such amendments to the Credit Agreement, subject to the
terms and conditions set forth herein.

    

    NOW, THEREFORE, in
consideration of the agreements hereinafter set forth, and for other good and
valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto agree as follows:

    

    ARTICLE
I

    AMENDMENTS
TO CREDIT AGREEMENT

    

    1.1     New
Definition.  The following
definition is hereby added to Section 1.1 of the Credit Agreement in the
appropriate alphabetical order:

    

     "Term Loan Agreement"
shall mean that certain Credit Agreement, to be dated on or about June 27, 2008,
by and among the Borrower, the guarantors from time to time party thereto, the
lenders from time to time party thereto and Wachovia Bank, National Association,
as administrative agent.

    

    1.2     Amendment
to Definition of Permitted Liens.  The definition of
Permitted Liens is amended by (1) adding a new clause (o) and (2) amending and
restating the existing clause (o) to be a new clause (p), and making the
appropriate punctuation and grammatical changes thereto to read as
follows:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (o)   Liens
created by or otherwise existing, under or in connection with the Term Loan
Agreement or the other credit documents related thereto so long as the Credit
Party Obligations are equally and ratably secured with such Liens;
and

    

    (p)   other
Liens in addition to those permitted by the foregoing clauses securing
Indebtedness in an aggregate amount not to exceed 15% of Consolidated Net Tangible Assets
determined at such time.

    

    1.3     Amendment
to Section 6.5.  Section 6.5 of
the Credit Agreement is hereby amended by (1) adding a new clause (i) and (2)
amending and restating the existing clause (i) to be a new clause (j), and
making the appropriate punctuation and grammatical changes thereto to read as
follows:

     

    (i)      guarantees
permitted by Section 6.1(f); and

    

    (j)     the
Borrower and Subsidiaries may make or permit to remain outstanding any
Investment in any other Person, which is not otherwise included in the foregoing
clauses (a) through (i), inclusive, provided that the
aggregate of such Investments shall not, at any time, exceed 15% of Consolidated
Net Tangible Assets determined at such time.

    

    1.4     Amendment
to Section 6.11.  Section 6.11 of
the Credit Agreement is hereby amended and restated in its entirety to read as
follows:

    

    6.11     No Further Negative
Pledges.

    

    Enter
into, assume or become subject to any agreement prohibiting or otherwise
restricting the creation or assumption of any Lien upon its properties or
assets, whether now owned or hereafter acquired, in favor of the Administrative
Agent (for the benefit of the Lenders) to secure the Credit Party Obligations
(provided that any restriction (a) on the amount of Indebtedness under this
Credit Agreement and the other Credit Documents that can be secured shall not be
deemed a restriction prohibited by this Section 6.11 so long as the
permitted amount of secured Indebtedness is equal to or greater than the
aggregate Commitments hereunder including the permitted amount of any Additional
Loans as then in effect when such restriction is entered into and (b) in the
Note Purchase Agreement or the Term Loan Agreement shall not be deemed a
restriction prohibited by this Section 6.11 if such Liens in favor of the
Administrative Agent shall be permitted thereunder on the condition that the
Senior Notes or the Credit Party Obligations (as defined in the Term Loan
Agreement), as applicable, be equally and ratably secured with the Credit Party
Obligations secured thereby pursuant to an agreement reasonably satisfactory to
the Required Holders (as defined in the Note Purchase Agreement) or the Required
Lenders (as defined in the Term Loan Agreement), as
applicable).

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    ARTICLE
II

    CONDITIONS
TO EFFECTIVENESS

    

    2.1     Closing
Conditions.

    

    This
Amendment shall become effective as of the day and year set forth above (the
"Amendment Effective
Date") upon satisfaction of the following conditions (in form and
substance reasonably acceptable to the Administrative Agent):

    

    (a)        Executed
Documents.  Receipt by the Administrative Agent of counterparts
of this Amendment executed by each Credit Party, the Administrative Agent and
the Required Lenders.

    

    (b)       
Fees and
Expenses.  The Administrative Agent and the Lenders shall have
received from the Borrower the aggregate amount of fees and expense payable in
connection with the consummation of the transactions contemplated
hereby.

    

    

    ARTICLE
III

    MISCELLANEOUS

    

    3.1     Amended
Terms.  On and after the Amendment Effective Date, all
references to the Credit Agreement in each of the Credit Documents shall
hereafter mean the Credit Agreement as amended by this
Amendment.  Except as specifically amended hereby or otherwise agreed,
the Credit Agreement is hereby ratified and confirmed and shall remain in full
force and effect according to its terms.

    

    3.2     Representations
and Warranties of Credit Parties.  Each of the Credit
Parties represents and warrants as follows:

    

    (a)       
It has taken all necessary action to authorize the execution, delivery and
performance of this Amendment.

    

    (b)      
This Amendment has been duly executed and delivered by such Person and
constitutes such Person's legal, valid and binding obligations, enforceable in
accordance with its terms, except as such enforceability may be subject to
(i) bankruptcy, insolvency, reorganization, fraudulent conveyance or
transfer, moratorium or similar laws affecting creditors' rights generally and
(ii) general principles of equity (regardless of whether such
enforceability is considered in a proceeding at law or in equity).

    

    (c)       
No consent, approval, authorization or order of, or filing, registration or
qualification with, any court or governmental authority or third party is
required in connection with the execution, delivery or performance by such
Person of this Amendment.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    (d)      
After giving effect to this Amendment, the representations and warranties set
forth in Article III of the Credit Agreement or which are contained in any
certificate furnished at any time under or in connection with the Credit
Agreement are true and correct as of the Amendment Effective Date (except for
those which expressly relate to an earlier date).

    

    (e)      
After giving effect to this Amendment, no Default or Event of Default has
occurred and is continuing.

    

    (f)       
The Credit Party Obligations are not reduced by this Amendment.

    

    3.3     Reaffirmation
of Credit Party Obligations.  Each Credit Party hereby ratifies
the Credit Agreement (as amended) and acknowledges and reaffirms (a) that it is
bound by all terms of the Credit Agreement applicable to it and (b) that it is
responsible for the observance and full performance of its respective Credit
Party Obligations.

    

    3.4     Credit
Document.  This Amendment
shall constitute a Credit Document under the terms of the Credit Agreement and
shall be subject to the terms and conditions thereof.

    

    3.5     Entirety.  This
Amendment and the other Credit Documents embody the entire agreement between the
parties hereto and supersede all prior agreements and understandings, oral or
written, if any, relating to the subject matter hereof.

    

    3.6     Counterparts;
Telecopy.  This Amendment may be executed in any number of
counterparts, each of which when so executed and delivered shall be an original,
but all of which shall constitute one and the same
instrument.  Delivery of an executed counterpart to this Amendment by
telecopy shall be effective as an original and shall constitute a representation
that an original will be delivered.

    

    3.7     No
Actions, Claims, Etc. As of the date hereof,
each of the Credit Parties hereby acknowledges and confirms that it has no
knowledge of any actions, causes of action, claims, demands, damages and
liabilities of whatever kind or nature, in law or in equity, by it against the
Administrative Agent, the Lenders, or the Administrative Agent's or the Lenders'
respective officers, employees, representatives, agents, counsel or directors
arising from any action by such Persons, or failure of such Persons to act,
under the Credit Agreement on or prior to the date hereof.

    

    3.8     GOVERNING
LAW.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

    

    3.9     Consent
to Jurisdiction; Service of Process; Waiver of Jury Trial.  The jurisdiction,
services of process and waiver of jury trial provisions set forth in Sections
10.14 and 10.17 of the Credit Agreement are hereby incorporated by reference,
mutatis
mutandis.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    3.10   Expenses.  The Borrower
agrees to pay all reasonable costs and expenses of the Administrative Agent in
connection with the preparation, execution and delivery of this Amendment,
including without limitation the reasonable fees and expenses of the
Administrative Agent's legal counsel.

    

    3.11  
Further
Assurances.  The Credit
Parties agree to promptly take such action, upon the request of the
Administrative Agent, as is necessary to carry out the intent of this
Amendment.

    

    [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      HNI
CORPORATION

      FOURTH
AMENDMENT TO CREDIT AGREEMENT

       

    

         IN
WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be duly
executed and delivered as of the date first above written.

    

    
      
        	
                BORROWER:

              	
                HNI
      CORPORATION,

              
	 
      	
                an
      Iowa corporation

              
	 
      	 
      	 
      
	 
      	
                By:

              	/s/ Steven M. Bradford	
                 

              
	 
      	
                Name:

              	
                 Steven
      M. Bradford

              
	 
      	
                Title:

              	
                Vice
      President, General Counsel and Secretary

              
	 
      	 
      	 
      
	
                GUARANTORS:

              	
                THE
      HON COMPANY

              
	 
      	
                ALLSTEEL
      INC.

              
	 
      	
                HEARTH
      & HOME TECHNOLOGIES INC.

              
	 
      	
                PAOLI
      INC.

              
	 
      	
                RIVER
      BEND CAPITAL CORPORATION

              
	 
      	
                THE
      GUNLOCKE COMPANY L.L.C.

              
	 
      	
                MAXON
      FURNITURE INC.

              
	 
      	
                HICKORY
      BUSINESS FURNITURE, LLC

              
	 
      	 
      	 
      
	 
      	
                By:

              	/s/ Steven M. Bradford	
                 

              
	 
      	
                Name:

              	
                Steven
      M. Bradford

              
	 
      	
                Title:

              	
                Vice
      President and Secretary

              

      

    

    
      
         

        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      HNI
CORPORATION

      FOURTH
AMENDMENT TO CREDIT AGREEMENT

       

    

    
      	
              LENDERS:

            	
              WACHOVIA BANK, NATIONAL
      ASSOCIATION,

            
	 
      	
              individually
      in its capacity as a

            
	 
      	
              Lender
      and in its capacity as Administrative Agent

            
	 
      	 
      
	 
      	
              By:

            	/s/ Martha M. Winters	
               

            
	 
      	
              Name:

            	
              Martha
      M. Winters

            
	 
      	
              Title:

            	
              Director

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      HNI
CORPORATION

      FOURTH
AMENDMENT TO CREDIT AGREEMENT

       

    

    
      	 
      	
              BANK OF AMERICA,
      N.A.,

            
	 
      	
              as
      a Lender

            
	 
      	 
      
	 
      	
              By:

            	/s/ Scott T. Hitchens	
               

            
	 
      	
              Name:

            	
              Scott
      T. Hitchens

            
	 
      	
              Title:

            	
              Vice
      President

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    HNI
CORPORATION

    FOURTH
AMENDMENT TO CREDIT AGREEMENT

    
      	 
      	
              WELLS FARGO BANK,
      N.A.,

            
	 
      	
              as
      a Lender

            
	 
      	 
      
	 
      	
              By:

            	/s/ Denise L. Vastine	
               

            
	 
      	
              Name:

            	
              Denise
      L. Vastine

            
	 
      	
              Title:

            	
              Vice
      President

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    HNI
CORPORATION

    FOURTH
AMENDMENT TO CREDIT AGREEMENT

    
      	 
      	
              BNP
    PARIBAS,

            
	 
      	
              as
      a Lender

            
	 
      	 
      
	 
      	
              By:

            	/s/ Andrew Strait	
               

            
	 
      	
              Name:

            	
              Andrew
      Strait

            
	 
      	
              Title:

            	
              Managing
      Director

            
	 
      	 
      
	 
      	 
      
	 
      	
              By:

            	/s/ Nader Tannous	
               

            
	 
      	
              Name:

            	
              Nader
      Tannous

            
	 
      	
              Title:

            	
              Vice
      President

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    HNI
CORPORATION

    FOURTH
AMENDMENT TO CREDIT AGREEMENT

    
      	 
      	
              NATIONAL
      CITY BANK,

            
	 
      	
              as
      a Lender

            
	 
      	 
      
	 
      	
              By:

            	/s/ Derek R. Cook	
               

            
	 
      	
              Name:

            	
              Derek
      R. Cook

            
	 
      	
              Title:

            	
              Senior
      Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00144-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00144-of-00352.parquet"}]]