Document:

EXHIBIT 10-o

 

CONSENT AND FOURTH
AMENDMENT TO CREDIT AGREEMENT

 

This Consent
and Fourth Amendment to Credit Agreement (this “Amendment”) is dated as of
December 31, 2003, and is by and among General Electric Capital Corporation, a
Delaware corporation, individually as a Lender and as Agent and Security
Trustee for the Lenders, Analysts International Corporation, a Minnesota
corporation (“Borrower”), Analysts International Management Services, LLC, a
Minnesota limited liability company (“AIMS”), Analysts International Business
Solution Services, LLC, a Minnesota limited liability company (“AIBSS”),
Analysts International Business Resource Services, LLC, a Minnesota limited
liability company (“AIBRS”), and Analysts International Strategic Sourcing
Services, LLC, (“AISSS” and together with AIMS, AIBSS and AIBRS, the “Staffing
Subsidiaries” and each a “Staffing Subsidiary”).

 

W I T N E S S E T H:

 

WHEREAS,
pursuant to a certain Credit Agreement dated as of April 11, 2002, by and among
General Electric Capital Corporation, a Delaware corporation, individually as a
Lender and as Agent and Security Trustee for the Lenders, the other Credit
Parties signatory from time to time thereto, and Borrower (as amended or
otherwise modified from time to time, the “Credit Agreement”; capitalized terms
used herein and not otherwise defined herein shall have the meaning ascribed to
such terms in the Credit Agreement), Agent and Lenders agreed, subject to the
terms and provisions thereof, to provide certain loans and other financial
accommodations to Borrower;

 

WHEREAS,
Borrower has advised Agent and Lenders that Borrower desires (a) to create the
Staffing Subsidiaries, each a direct wholly-owned Subsidiary of Borrower (the
“Staffing Subsidiary Formation”), (b) establish a Blocked Account for each
Staffing Subsidiary (the “Blocked Account Establishment”) and (c) to transfer
substantially all of Borrower’s employees to the Staffing Subsidiaries to be
leased back to the Borrower under the Employee Services Agreements (the
“Reorganization”);

 

WHEREAS,
absent the prior written consent of Requisite Lenders, consummation of the
Staffing Subsidiary Formation, the Blocked Account Establishment and the
Reorganization would constitute breaches of Sections 1.8, 6.1, 6.4 and 6.8 and
Annex C of the Credit Agreement and separate Events of Default pursuant to
Section 8.1(b) of the Credit Agreement;

 

WHEREAS,
Borrower has requested that Agent and Requisite Lenders (i) consent to the
Staffing Subsidiary Formation, (ii) consent to the Blocked Account Establishment,
(iii) consent to the consummation of the Reorganization and (iv) agree to amend
the Credit Agreement in certain respects, as set forth below.

 

NOW,
THEREFORE, in consideration of the premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

1.        Joinder and Consent.  Agent, Lenders, Borrower and each Staffing
Subsidiary hereby agree that from and following the date hereof each Staffing
Subsidiary shall at all times be a Credit Party for purposes of the Credit
Agreement and all other Loan Documents. 
Subject to the satisfaction of the conditions precedent set forth in
Section 4 of this Amendment, and in reliance on the representations and
warranties set forth in Section 6 of this Amendment, Agent and Lenders hereby
consent to the Staffing Subsidiary Formation, the Blocked Account Establishment
and the Reorganization.  Except to the
extent expressly set forth herein, the foregoing consents shall not constitute
(a) a modification or alteration of the terms, conditions or covenants of the
Credit Agreement or any document entered into in connection therewith,
(including, without limitation, the terms and provisions of Sections 6.2 and
6.3 of the Credit Agreement), or (b) a waiver, release or limitation upon the
exercise by Agent or Lender of any of its rights, legal or equitable, hereunder
or under the Credit Agreement or any other Loan Document.  Except as set forth above, each of the Agent
and Lender reserves any and all rights and remedies which it has had, has or
may have under the Credit Agreement and each other Loan Document.

 

2.        Amendments to Credit Agreement.  Subject to the satisfaction of the
conditions precedent set forth in Section 3 of this Amendment, and in reliance
on the representations and warranties set forth in Section 5 of this Amendment,
the Credit Agreement is hereby amended as follows:

 

(a)       Section
5.1 is hereby amended by inserting the words “or limited liability company”
prior to the word “existence” in the first clause thereof.

 

1

 

(b)      Clause
(vii) of subsection 6.3(a) of the Credit Agreement is hereby amended by
inserting “other than the Staffing Subsidiaries” after the words “(x) any other
Credit Party” in such clause.

 

(c)       Section
6.14 is hereby amended and restated in its entirety as follows:

 

“No Credit
Party shall make any Restricted Payment, except (a) intercompany loans and
advances between Borrower and Guarantors other than the Staffing Subsidiaries
and between Borrower and Analysts UK, in each case to the extent permitted by Section
6.3, (b) dividends and distributions by Subsidiaries of Borrower paid
to Borrower, (c) employee payments and loans permitted under either Section
6.4 or Section 6.22, (d) payments of principal and interest of
Intercompany Notes issued in accordance with Section 6.3 and
(e) purchases of stock for purposes of funding matching grants to 401(k)
plans maintained by Borrower.”

 

(d)      Section
6.20 of the Credit Agreement is hereby amended and restated in its entirety as
follows:

 

“None of the
Credit Parties other than Borrower shall engage in any trade or business, or
own any assets (other than Stock of their Subsidiaries) or incur any
Indebtedness or Guaranteed Indebtedness (other than the Obligations), provided
that Medical Staffing shall be permitted to engage in its relevant
business and own assets and the Staffing Subsidiaries shall be permitted to
employ personnel to be leased back to the Borrower under those certain Employee
Services Agreements by and between Borrower and each Staffing Subsidiary (the
“Employee Services Agreement”).”

 

(e)       Annex
A to the Credit Agreement is hereby amended by inserting the following
definition in appropriate alphabetical order:

 

“Staffing
Subsidiaries” means Analysts International Management Services, LLC, a
Minnesota limited liability company, Analysts International Business Solution
Services, LLC, a Minnesota limited liability company, Analysts International
Business Resource Services, LLC, a Minnesota limited liability company and
Analysts International Strategic Sourcing Services, LLC, each a direct
wholly-owned Subsidiary of Borrower.

 

3.        Conditions Precedent.  The effectiveness of the consents and
amendments contemplated hereby is subject to the prior receipt by Agent of each
of the following documents and agreements, each in form and substance
acceptable to Agent in its sole discretion:

 

(a)       Guaranties
executed by each Staffing Subsidiary;

 

(b)      A
Pledge Agreement Amendment executed by Borrower with respect to all of the
outstanding Stock of each Staffing Subsidiary;

 

(c)       Security
Agreements executed by each Staffing Subsidiary in favor of Agent;

 

(d)      Secretaries’
Certificates of each Staffing Subsidiary, with respect to articles of
organization, bylaws, authorizing resolutions and incumbency signatures;

 

(e)       an
opinion of counsel to the Staffing Subsidiaries with respect to the documents,
agreements and transactions described herein; and

 

(f)       A
supplement to the Disclosure Schedule contemplating the effectiveness of the
formation of the Staffing Subsidiaries and the consummation of the
Reorganization as set forth in Section 5.6 of the Credit Agreement.

 

4.        References; Effectiveness.  Agent and Borrower hereby agree that all
references to the Credit Agreement which are contained in any of the other Loan
Documents shall refer to the Credit Agreement as amended by this Amendment.

 

5.        Representations and Warranties.  To induce Agent to enter into this
Amendment, the Borrower and each Staffing Subsidiary hereby jointly and
severally represents and warrants to Agent that:

 

(a)       The
execution, delivery and performance by Borrower and each Staffing Subsidiary of
this Amendment and each other agreement and document contemplated hereby are
within their corporate or limited liability company power, have been duly
authorized by all necessary corporate or limited liability company action, have
received all necessary governmental approval (if any shall be required), and do
not and will not contravene or conflict with any provision of law applicable to
Borrower or any Staffing Subsidiary, the articles of incorporation and by-laws
of Borrower or the articles of organization and bylaws of any Staffing
Subsidiary, any order, judgment or decree of any court or governmental agency,
or any agreement, instrument or document binding upon Borrower or any Staffing
Subsidiary or any of their respective properties;

 

2

 

(b)      Each
of the Credit Agreement, the other Loan Documents, as amended by this
Amendment, and each other agreement and document contemplated hereby is the
legal, valid and binding obligation of Borrower and the Staffing Subsidiaries
(as applicable), enforceable against Borrower and the Staffing Subsidiaries (as
applicable) in accordance with their terms, except as such enforceability may
be limited by applicable bankruptcy, reorganization, moratorium, fraudulent
transfer or other similar laws affecting creditors’ rights generally or by
principles governing the availability of equitable remedies;

 

(c)       After
giving effect to the amendments set forth herein, the representations and
warranties contained in the Credit Agreement and the other Loan Documents are
true and accurate as of the date hereof with the same force and effect as if
such had been made on and as of the date hereof;

 

(d)      After
giving effect to the amendments set forth herein, Borrower has performed all of
its obligations under the Credit Agreement and the Loan Documents to be
performed by it on or before the date hereof and as of the date hereof,
Borrower is in compliance with all applicable terms and provisions of the
Credit Agreement and each of the Loan Documents to be observed and performed by
it and, except to the extent otherwise waived by the provisions hereof, no
Event of Default or other event which, upon notice or lapse of time or both,
would constitute an Event of Default, has occurred.

 

6.        Additional Event of Default.  An Event of Default shall exist if the
Borrower, Medical Staffing and the Staffing Subsidiaries do not within 45 days
of the date hereof enter into either (a) an amendment to that certain Pledged
Account Agreement, dated July 24, 2002, by and among Borrower, Agent and Harris
Trust and Savings Bank (“Harris”) to join Medical Staffing and the Staffing
Subsidiaries thereto and to cover the Blocked Accounts of Medical Staffing and
the Staffing Subsidiaries or (b) new blocked account agreements, by and among
Agent, Harris and each Staffing Subsidiary and Medical Staffing covering the
Blocked Accounts of Medical Staffing and the Staffing Subsidiaries, each in
form and substance satisfactory to Agent.

 

7.        Amendment Fee.  Borrower hereby agrees to pay to
Agent, for distribution to the Lenders existing as of the date hereof based
upon their respective Pro Rata Shares as of the date hereof, a fee (the
“Amendment Fee”) in respect of the transactions contemplated pursuant to this
Amendment in the amount of $5,000, which amount shall be fully earned as of the
date hereof, and shall be payable in full on the date hereof.

 

8.        Counterparts.  This Amendment may be executed in any number
of counterparts and by the different parties on separate counterparts, and each
such counterpart shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same Amendment.

 

9.        Continued Effectiveness.  Except as amended hereby, the Credit
Agreement and each of the Loan Documents shall continue in full force and
effect according to its terms.

 

10.      Costs and Expenses. Borrower hereby
agrees that all expenses incurred by Agent in connection with the preparation,
negotiation and closing of the transactions contemplated hereby, including,
without limitation, reasonable attorneys’ fees and expenses, shall be part of the
Obligations.

 

IN WITNESS
WHEREOF, this Amendment has been executed as of the day and year first written
above.

 

 

	
   

  	
  ANALYSTS
  INTERNATIONAL CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
  Its

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ANALYSTS
  INTERNATIONAL MANAGEMENT SERVICES,

  LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
  Its

  	
   

  	
   

  

 

3

 

	
   

  	
  ANALYSTS
  INTERNATIONAL BUSINESS SOLUTION

  SERVICES, LLC

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
  Its

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ANALYSTS
  INTERNATIONAL BUSINESS RESOURCE

  SERVICES, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
  Its

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ANALYSTS
  INTERNATIONAL STRATEGIC SOURCING

  SERVICES, LLC

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
  Its

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GENERAL
  ELECTRIC CAPITAL CORPORATION,

  as Agent, Security Trustee and Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
  An
  Authorized Signatory

  	
   

  

 

 

REAFFIRMATION

 

Medical
Concepts Staffing, Inc., a Minnesota corporation (the “Guarantor”), hereby (i)
acknowledges receipt of a copy of the foregoing Consent and Fourth Amendment to
Credit Agreement (the “Amendment”); (ii) affirms that nothing contained
in the Amendment shall modify in any respect whatsoever any Loan Document to
which Guarantor is a party; and (iii) reaffirms that such Loan Documents and
all obligations of the Guarantor thereunder shall continue to remain in full
force and effect.

 

IN WITNESS
WHEREOF, Guarantor has executed this Reaffirmation on and as of the date of the
Amendment.

 

 

	
   

  	
  MEDICAL
  CONCEPTS STAFFING, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
  Its

  	
   

  	
   

  

 

4Exhibit 10.1

 

THIRD AMENDMENT TO THIRD ADDENDUM

 

THIS
THIRD AMENDMENT TO THIRD ADDENDUM (“Amendment”) dated the 8th day of
December, 2003, amends the Third Addendum to the Transportation Agreement dated
as of January 30, 2003 (the “Agreement”) between The United States Postal
Service (“USPS”) and Federal Express Corporation (“FedEx”).

 

Preamble

 

WHEREAS,
USPS and FedEx entered into the Agreement in order to provide for the
transportation of certain Products (as such term is defined in the Agreement”),

 

WHEREAS,
the parties now desire to amend certain provisions of the Third Addendum to the
Agreement as more specifically set forth in this Amendment.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements contained in
this Amendment, the parties agree as follows:

 

1.               Definitions 

 

For
the purposes of this Amendment, capitalized terms used as defined terms and not
otherwise defined in this Amendment shall have the meanings outlined in the
Agreement and the Third Addendum.  

 

2.               Service for Offshore Locations

 

Section 11
(b) of the Third Addendum sets forth the gateway locations for [  *  ] which are effective during the Interim
Period.  However, for the period [  *  ],
the parties agree to change the gateway locations for [  *  ] as follows:

 

[  *  ]

 

On
[  * 
], the gateway locations shall revert to those set forth in the Third
Addendum.

 

3.               Except as amended by this Amendment, the
terms and conditions of the Agreement and Third Addendum shall remain in full
force and effect and are ratified and confirmed in all respects.

 

*                 Blank spaces contained confidential
information which has been filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as
amended.

 

 

IN WITNESS WHEREOF, the parties have signed this Amendment in duplicate, one for each of
the Parties, as of December 8, 2003.

 

	
   

  	
  THE
  UNITED STATES POSTAL SERVICE

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  CHARLES A. PAWLUS

  	
   

  
	
    

  	
  Title:

  	
   Purchasing & Supply Management
  Specialist

  
	
   

  	
   

  
	
   

  	
  FEDERAL
  EXPRESS CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  PAUL J. HERRON

  	
   

  
	
   

  	
  Title:

  	
   VP – Postal Transportation

  
						

 

 

FOURTH ADDENDUM

 

THIS FOURTH ADDENDUM (“Fourth Addendum”), dated the 16th day of March,
2004, revises and supplements the Transportation Agreement between the United
States Postal Service (“USPS” or “the Postal Service”) and Federal Express
Corporation (“FedEx”).

 

BACKGROUND FACTS

 

On January 10, 2001, USPS and FedEx entered into the
Transportation Agreement (“Agreement”) which states that FedEx will provide for
the transportation of certain USPS Products.

 

On December 13, 2001, USPS and FedEx entered into the Addendum to
the Agreement (“Addendum”) due to the USPS’ immediate need for the
transportation of its Product over and above the Minimum Guaranteed Volumes
listed in the Agreement.

 

On April 3, 2002 and April 26, 2002, USPS and FedEx entered
into the First Amendment to the Addendum and the Second Amendment to the
Addendum, respectively.

 

On August 29, 2002 and December 4, 2002, USPS and FedEx
entered into the Second Addendum to the Agreement (“Second Addendum”) and the
First Amendment to the Second Addendum, respectively which addressed the
obligations of both parties through June 1, 2003.

 

On January 30, 2003, USPS and FedEx entered into the Third
Addendum to the Agreement (“Third Addendum”) which addressed the obligations of
both parties through May 30, 2004.

 

On June 4, 2003, USPS and FedEx entered into the First Amendment
to the Third Addendum.

 

On November 21, 2003 and December 8, 2003, USPS and FedEx
entered into the Second Amendment to the Third Addendum and the Third Amendment
to the Third Addendum, respectively.

 

 

The parties now desire to extend the Interim Period beyond May 30,
2004, subject to the following terms:

 

AGREEMENT

 

1.                                       Definitions

 

For the purposes of this Fourth Addendum, capitalized terms used as
defined terms and not otherwise defined in this Fourth Addendum shall have the
meanings outlined in the Agreement.  The
following additional terms shall have the following meaning:

 

“Billable Weekday Volume” means the greater of the actual Mid-week
Volume tendered by USPS to FedEx during the Schedule Period or [  *  ]
of the aggregate Daily Mid-Week Volume Commitment for the Schedule Period.

 

“Billable Weekend Volume” means the greater of the actual Weekend Volume
tendered by USPS to FedEx during the Schedule Period or [  *  ]
of the aggregate Daily Weekend Volume Commitment for the Schedule Period.

 

“Daily Mid-week Volume Commitment” means the daily volume committed for
transport during the Day Turn Operations on Tuesday through Friday of a week
for a Schedule Period.

 

“Daily Weekend Volume Commitment” means the volume committed for
transport during the Day Turn Operations on Saturday and Sunday of a week for a
Schedule Period.

 

“Interim Period” means the period of time commencing May 31, 2004 and
terminating November 30, 2004.

 

“Night-Turn Mid-week Volume Commitment” means the daily volume
committed for transport during the Night-Turn Operations on Monday through
Friday of a week for a Schedule Period.

 

“Non-Widely Observed Holiday” means Columbus Day and Veteran’s Day.

 

“Offshore Locations” means [ 
*  ]

 

“Operating Day” means any day other than a Monday or a FedEx Holiday
for the Day-Turn Operations.

 

“Revised Schedule Period Request Forecast” means the volume forecasting
document which USPS will provide to FedEx after the Schedule Period
Request Forecast.

 

*                 Blank spaces contained confidential
information which has been filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as
amended.

 

2

 

USPS
will provide the Revised Schedule Period Request Forecast no later than
[  * 
] calendar days prior to each Schedule Block Implementation Date.

 

“Trucking Location” means a location specified on Exhibit A, attached.

 

“Weekend Volume” means volume transported during the Day Turn
Operations on Saturday and Sunday of a week.

 

2.                                       Volume

 

(a)                                  During
the Interim Period, the Committed Volume and the Committed Volume
Schedule will be as set forth in the following table:

 

[  *  ]

 

(b)                                 During
the Interim Period, USPS will tender and FedEx must transport between [  *  ]
and [  *  ] of the Committed Volume for each applicable Schedule Block
listed in the chart above.

 

3.                                       Schedule Period Request Forecast

 

Section 3.3.0 of Exhibit A of the
Agreement is hereby modified for the Interim Period as follows:  For any Schedule Period in which the
USPS Schedule Period Request Forecast is greater than [  *  ]
the USPS shall deliver to FedEx a Revised Schedule Period Request Forecast
no later than [  *  ] calendar days prior to each
Schedule Block Implementation Date. 
[  *  ] If USPS does not make the Revised Schedule Period Request
Forecast available by the required deadline, the Schedule Period Request
Forecast shall be used.

 

*                 Blank spaces contained confidential
information which has been filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as
amended.

 

3

 

4.                                       Non-Fuel Transport

 

During the Interim Period, FedEx will invoice USPS for the non-fuel
transport portion of the Day System pricing at the rates provided below:

 

[ 
*  ]

 

*                 Blank spaces contained confidential
information which has been filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as
amended.

 

4

 

5.                                       No Non-Widely Observed
Holiday

 

During the Interim
Period, the parties agree that for those months in which there is no Non-Widely
Observed Holiday (i.e. June, 2004, July, 2004, August, 2004 and September,
2004), the monthly billed volume will be computed on the following basis:

 

[  *  ]

 

6.                                       Non-Widely Observed
Holidays

 

The parties agree
that during those months within the Interim Period in which there is a
Non-Widely Observed Holiday (i.e. October, 2004 and November, 2004), [  * ].

 

7.                                       Bypass Container
Handling Charge 

 

During the Interim Period, FedEx and the USPS agree that
notwithstanding the provisions of Exhibit B, paragraph A(3) of the Agreement,
USPS shall be invoiced a handling charge of [ 
*  ] for packages unloaded from
By-pass ULDs which are destined to a Trucking Location.  FedEx and USPS agree to the following
methodology to simplify invoicing:

 

FedEx will invoice USPS on the daily invoice
at the contractual rate for all Handling Units, including packages unloaded
from a By-Pass ULD destined for a Trucking Location.  FedEx will then calculate a credit at the end of each
Schedule Period.  [  *  ]

 

*                 Blank spaces contained confidential
information which has been filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as
amended.

 

5

 

8.                                       Density

 

The provisions of Exhibit B, paragraph A, subparagraphs 1 and 2 of the
Agreement will be revised for the Interim Period to eliminate the cubic footage
conversion factor of [  *  ]

 

*                 Blank spaces contained confidential
information which has been filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as
amended.

 

6

 

9.             7-day By-Pass Matrix Review

 

Section 3.6.0 of Exhibit A, Operating
Specifications, is hereby modified for the Interim Period as follows:

 

[  *  ]

 

10.                                 Saturday Volume

 

Attachment 1 of the Agreement is hereby
modified for the remaining Term of the Interim Period which ends
November 30, 2004, as follows:

 

USPS agrees that if the Daily Weekend Volume
Commitment it tenders to FedEx consists of equal amounts of volume for the
Saturday and Sunday, [  *  ]

 

*                 Blank spaces contained confidential
information which has been filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as
amended.

 

7

 

11.                                 Prior Agreements to be Extended

 

(a)                                  Preliminary Network Flow

 

Notwithstanding the provisions of
Section 3.6.0 of the Operating Specifications, during the Interim Period,
the parties agree that FedEx will not be required to furnish USPS with the
Preliminary Network Flow document.

 

(b)                                 Service
for Offshore Locations

 

During the Interim Period, the Market Service
Commitment Time provided for in Attachments 1 and 2 to Exhibit A for volume to
or from the Offshore Locations will be adjusted by [  *  ]  If USPS requests FedEx to accept for
transport an amount in excess of the maximum volumes for the Offshore Locations
but FedEx is unable to transport the excess volume to such destination by such
adjusted Market Service Commitment Time, FedEx shall tender such excess volume
to the gateway for the destination not later than the adjusted Market Service
Commitment Time.  The gateway locations
for the following destinations are:

 

[  *  ]

 

12.                                 Full
Force and Effect

 

Except as amended by this Fourth Addendum,
the terms and conditions of the Agreement shall remain in full force and effect
and are ratified and confirmed in all other respects.

 

*                 Blank spaces contained confidential
information which has been filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as
amended.

 

8

 

13.                                 Provision
Conflict

 

If any provision of this Fourth Addendum
conflicts with any provision of the Agreement, the provision of the Agreement
shall govern, unless otherwise provided for in the Addendum.

 

The parties have signed this Fourth Addendum
in duplicate, one for each of the parties, as of March 16, 2004.

 

 

	
   

  	
  THE UNITED STATES POSTAL SERVICE

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ CHARLES A. PAWLUS

  	
   

  
	
   

  	
   

  
	
   

  	
  Printed Name: Charles A. Pawlus

  
	
   

  	
   

  
	
   

  	
  Printed Title: Purchasing & Supply
  Management Specialist

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FEDERAL EXPRESS CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ PAUL J. HERRON

  	
   

  
	
   

  	
   

  
	
   

  	
  Printed Name: Paul J. Herron

  
	
   

  	
   

  
	
   

  	
  Printed Title: VP – Postal Transportation

  

 

9

 

Exhibit
A

 

to the

 

Fourth Addendum

 

The Trucking Locations are as follows:

 

[ 
*  ]

 

The list of Trucking Locations may be amended during the Interim Period
by mutual agreement of the parties.

 

*                 Blank spaces contained confidential
information which has been filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as
amended.

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