Document:

Libor 1 Month Exhibit between PDSi and KeyBank National Assoc. (12/31/04)

 Exhibit 10(al) 
  
 LIBOR 1 MONTH EXHIBIT 
  

															
	 Principal

	  	Loan Date

	  	Maturity

	  	Loan No

	  	Call / Colt

	  	Account

	  	Officer

	  	Initials

	 $6,000,000.00
	  	12-28-2004	  	05-15-2006	  	10001	  	402 / 326	  	0100391753	  	RDC09	  	 

  
 References in the shaded area are for
Lender’s use only and do not limit the applicability of this document to any particular loan or item. Any item above containing “***” has been omitted due to text length limitations. 
  

							
	Borrower:	    	PINNACLE DATA SYSTEMS, INC.	  	Lender:	    	KeyBank National Association
	 	    	6600 Port Road	  	 	    	OH-MM-Columbus
	 	    	Groveport, OH 43125	  	 	    	88 East Broad Street
	 	    	 	  	 	    	Columbus, OH 43215

  
 This LIBOR 1 MONTH EXHIBIT is
attached to and by this reference is made a part of the Promissory Note, dated December 28, 2004, and executed in connection with a loan or other financial accommodations between KEYBANK NATIONAL ASSOCIATION and PINNACLE DATA SYSTEMS, INC. .

  
 1. DEFINITIONS: For the purposes of this Addendum, the following
definitions will apply: 
  
 “Business
Day” means a day on which dealings are carried on in the London interbank eurodollar market. 
  
 “LIBOR Interest Period” means the period commencing on the date an advance bearing interest at the LIBOR Rate is made, continued,
or converted and continuing for one month, with successive periods commencing on the same day of each month thereafter; 
  
 “LIBOR Rate” means the rate per annum calculated by the Lender in good faith, which Lender determines with reference to the rate
per annum (rounded upwards to the next higher whole multiple of 1/16% if such rate is not such a multiple) at which deposits in United States dollars are offered by prime banks in the London interbank eurodollar market two Business Days prior to the
day on which such rate is calculated by Bank, in an amount comparable to the amount of such advance and with a maturity equal to the LIBOR Interest Period; 
  
 “LIBOR Reserve Requirements” means, for any advance bearing interest at the LIBOR Rate, the maximum reserves (whether basic,
supplemental, marginal, emergency, or otherwise) prescribed by the Board of Governors of the Federal Reserve System (or any successor) with respect to liabilities or assets consisting of or including “Eurocurrency liabilities” (as defined
in Regulation D of the Board of Governors of the Federal Reserve System) having a term equal to the term of such advance. 
  
 “Margin” means two and forty five one hundredths percent (2.45%). 
  
 “Note Rate” means the interest rate provided for in the Note based on the Lender’s Prime Rate
(as defined in the Note). 
  
 2. INTEREST RATE. Notwithstanding anything
contained in the Note to the contrary, advances under the Note shall bear interest at a fixed rate of interest equal to the LIBOR Rate plus the Margin for the duration of a LIBOR Interest Period; provided that no such advance shall be in an amount
of less than $500,000.00 and provided further that no LIBOR Interest Period may extend beyond the maturity date of the Note. Upon the expiration of the initial LIBOR Interest Period, Borrower may elect a new LIBOR Rate or the Note Rate. If Borrower
fails to make an election, the advances will bear interest at the LIBOR Rate plus the Margin for consecutive LIBOR Interest Periods until an election is made. During any LIBOR Interest Period, Borrower shall continue to make interest payments as
required by the Note. 
  
 3. INCREASED COSTS. If, because of the
introduction of or any change in, or because of any judicial, administrative, or other governmental interpretation of, any law or regulation, there shall be any increase in the cost to Lender of making, funding, maintaining, or allocating capital to
any advance bearing interest at the LIBOR Rate, including a change in LIBOR Reserve Requirements, then Borrower shall, from time to time upon demand by Lender, pay to Lender additional amounts sufficient to compensate Lender for such increased cost.

  
 4. ILLEGALITY. If, because of the introduction of or any change in, or
because of any judicial, administrative, or other governmental interpretation of, any law or regulation, it becomes unlawful for Lender to make, fund, or maintain any advance at the LIBOR Rate, then Lender’s obligation to make, fund, or
maintain any such advance shall terminate and each affected outstanding advance shall be converted to the Note Rate on the earlier of the termination date for each LIBOR Interest Period or the date the making, funding, or maintaining of each such
advance becomes unlawful. 
  
 5. REIMBURSEMENT OF COSTS. If Borrower repays
any advance bearing interest at the LIBOR Rate prior to the end of the applicable LIBOR Interest Period, including without limitation a prepayment under paragraphs 3 or 4 above, Borrower shall reimburse Lender on demand for the resulting loss or
expense incurred by Lender, including without limitation any loss or expense incurred in obtaining, liquidating or reemploying deposits from third parties, with a minimum amount due for each prepayment of $200.00 for each such LIBOR advance. If the
actual reimbursement amount for any such advance exceeds $200.00, a statement as to the amount of such loss or expense, prepared in good faith and in reasonable detail by Lender and submitted by Lender to the Borrower, shall be conclusive and
binding for all purposes absent manifest error in computation. Calculation of all amounts payable to Lender under this paragraph shall be made as though Lender shall have actually funded the relevant advance through deposits or other funds acquired
from third parties for such purpose; provided, however, that Lender may fund any advance bearing interest at the LIBOR Rate in any manner it sees fit and the foregoing assumption shall be utilized only for purposes of calculation of amounts payable
under this paragraph. Lender will be entitled to receive the reimbursement provided for herein regardless of whether the prepayment is voluntary or involuntary (including demand or acceleration of the Note upon Borrower’s default). 

 
 THIS LIBOR 1 MONTH EXHIBIT IS EXECUTED ON DECEMBER 28, 2004. 
  
 BORROWER: 
  

			
	PINNACLE DATA SYSTEMS, INC.
		
	By:	 	 /s/ Michael R. Sayre

	 	 	Michael R. Sayre, Executive Vice President of
	 	 	PINNACLE DATA SYSTEMS, INC.

  
 LASER PRO
Lending, V«. S.24.10.002 Copr. Hartand Fin«noi»l Solutions, Inc. 1987. 2004. 
 All Right*
Raservad. - OH N:\Lpro\CR\LPL\D20.FC Tfl-B1Q09 PR-3Letter Agreement

 Exhibit 10.1 
  
 December 21, 2004 
  
 Mr. Alan Cormier 
  
 Dear Alan: 
  
 It is a sincere pleasure for me to
extend an employment offer to you as General Counsel with Sycamore Networks reporting to Richard Gaynor, at an annualized salary of $179,950, paid bi-weekly at $6,921.15. Your employment will commence on (TBD). In addition, subject to approval by
the Company’s Board of Directors, Sycamore Networks will offer you an option to purchase 50,000 shares of common stock at the fair market value on your first day of employment pursuant to the terms and conditions of the 1999 Stock Incentive
Plan, as amended. 
  
 In addition to your compensation, you may take advantage of
the various benefits offered by Sycamore Networks. These benefits, of course, may be modified or changed from time to time at the discretion of Sycamore Networks. Information regarding Sycamore Networks’ present benefit structure will be
provided to you upon commencement of your employment. Where a particular benefit is subject to a formal plan (for example, medical and life insurance, stock options, etc.), eligibility to participate in and receive the particular benefit shall be
governed solely by the applicable plan document. Should you ever have any questions, you should ask Human Resources for a copy of the applicable plan document. 
  

Upon (i) termination of your employment by Sycamore Networks (and for this purpose Sycamore Networks includes any successor in interest) other than for cause, your
disability or death or by you and for good reason and (ii) and your execution of a Separation Agreement and Release, you will be entitled to salary continuation (of your base salary) as separation pay for a period of twelve months from your last day
of active employment, or at Sycamore Networks’ discretion, a lump sum payment of your annual base salary. In addition, Sycamore Networks will pay your COBRA premiums for such twelve month period. 
  
 As a condition of your employment offer, it is necessary for you to read, sign, date and have
witnessed the enclosed Employee Agreement Regarding Confidentiality and Inventions, which you should carefully review. You must sign and return the Agreement prior to your first day of employment. This offer is contingent upon your certification to
us that you do not have any continuing legal obligations to your previous employer, including any agreement relating to confidentiality, non-solicitation or non-competition. If you do have such an agreement, please fax it to our Human Resources
department along with a copy of this letter for our review. Our fax number is (978) 256-4429. 

 To comply with Federal law, we ask that you bring certification of eligibility to work in the United States on your first
workday. A list of acceptable documents is listed on the enclosed I-9 form. 
  
 This letter, along with the Employee Agreement Regarding Confidentiality and Inventions, constitutes our entire offer regarding the terms and conditions of your prospective employment by Sycamore Networks. It is our wish that our
association be mutually rewarding. You should understand, however, that all employees at Sycamore Networks are employed “at will,” which means that each employee, as well as the Company, has the right to terminate the employment
relationship at any time for any reason, with or without cause. The terms of your employment shall be governed by the laws of the Commonwealth of Massachusetts. 
  

We look forward to your joining Sycamore Networks and feel confident the relationship will be mutually rewarding. Please remember to return to me prior to your first
day of employment the Employee Agreement Regarding Confidentiality and Inventions and the signed original of this offer letter indicating your official start date. If you have any questions, do not hesitate to call. This offer will be valid for five
(5) business days from above date. 
  
 Sincerely, 
  
 Cheryl L. Moisan 
 Human Resources Manager 
  
 Enclosure (1)

  

	1.	Employee Agreement Regarding Confidentiality and Inventions 

  
 I have read, understand and accept the terms and conditions as outlined in the offer letter, and the Employee Agreement Regarding Confidentiality and Inventions.

  
 I certify that (check one): 
  

					
	 __________
	  	I do not have any continuing legal obligations to my previous employer.
		
	 __________
	  	I have provided Sycamore Networks with a copy of my agreement with my previous employer.
			
	 	  	Date Provided:	 	__________________________________________________
			
	 	  	Previous Employer:	 	__________________________________________________
			
	 	  	Name of Agreement:	 	__________________________________________________

  

	

	

	Signed:	                                      
                                        
                       Start Date:

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