Document:

<PAGE>
                                                                   EXHIBIT 10.39

                                AMENDMENT TO THE
                            CAPELLA EDUCATION COMPANY
                             RETIREMENT SAVINGS PLAN

WHEREAS, Capella Education Company (the "Company") adopted the Capella Education
Company Retirement Savings Plan (the "Plan") effective July 1, 1994 and as
amended through April 1, 2005; and

WHEREAS, Article VIII of the Plan document grants the Company the right to amend
the Plan at any time;

NOW THEREFORE BE IT RESOLVED, that the Plan Adoption Agreement as in effect as
of April 1, 2005 is hereby amended effective January 1, 2006 as follows:

Item 31(f) - Period of Determining Employer Matching Contributions - shall be
replaced and substituted with Item 31(e) to provide that matching contributions
shall be determined on the basis of the entire Plan Year.

IN WITNESS WHEREOF, this amendment is executed this 20th day of April, 2006.

CAPELLA EDUCATION COMPANY

BY: Gregory W. Thom

TITLE: VP, General Counsel and Secretary
<PAGE>

                                AMENDMENT TO THE
                            CAPELLA EDUCATION COMPANY
                             RETIREMENT SAVINGS PLAN

WHEREAS, Capella Education Company (the "Company") adopted the Capella Education
Company Retirement Savings Plan (the "Plan") effective July 1, 1994 and as
amended through April 1, 2005; and

WHEREAS, Article VIII of the Plan document grants the Company the right to amend
the Plan at any time;

NOW THEREFORE BE IT RESOLVED, that the Plan Adoption Agreement as in effect as
of April 1, 2005 is hereby amended effective for the payroll period beginning
July 9, 2006 as follows:

Item 31(d) - Formula for Determining Employer Matching Contributions - shall be
replaced and substituted with Item 31(d) to read as follows:

"The Employer will make matching contributions equal to the sum of 100% of the
portion of the Participant's Elective Deferrals which do not exceed 2% of the
Participant's Compensation plus 50% of the portion of the Participant's Elective
Deferrals which do not exceed the next 4% of the Participant's Compensation."

IN WITNESS WHEREOF, this amendment is executed this 1st day of June, 2006.

CAPELLA EDUCATION COMPANY

BY: Gregory W. Thom

TITLE: VP, General Counsel and Secretaryexv4w2

 

EXHIBIT 4.2

[LOGO]

WIRELESS RONIN TECHNOLOGIES, INC.

			
	 	 	 
	NUMBER
	 	SHARES

COMMON STOCK

CUSIP 97652A 20 3

INCORPORATED UNDER THE LAWS OF THE STATE OF MINNESOTA

SEE REVERSE FOR

CERTAIN DEFINITIONS

			
	 	 	 
	This Certifies that
	 	is the owner of

FULLY PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK, $0.01 PAR VALUE PER SHARE OF

WIRELESS RONIN TECHNOLOGIES, INC.

transferable on the books of the Corporation by the holder hereof, in person or by duly authorized
attorney upon the surrender of this certificate properly endorsed. THIS SECURITY IS NOT A DEPOSIT
OR ACCOUNT AND IS NOT FEDERALLY INSURED OR GUARANTEED.

WITNESS the signatures of its duly authorized officers.

Dated:

	 	 	 
	Chief Executive Officer

	 	Chief Financial Officer

COUNTERSIGNED AND REGISTERED:

REGISTRAR AND TRANSFER COMPANY

TRANSFER AGENT

AND REGISTRAR

BY

AUTHORIZED SIGNATURE

 

 

THE ARTICLES OF INCORPORATION OF THE CORPORATION GRANT TO THE BOARD OF DIRECTORS THE POWER TO
ESTABLISH MORE THAN ONE CLASS OR SERIES OF SHARES AND TO FIX THE RELATIVE RIGHTS AND PREFERENCES OF
ANY SUCH DIFFERENT CLASS OR SERIES. THE CORPORATION WILL FURNISH TO ANY SHAREHOLDER UPON REQUEST
AND WITHOUT CHARGE A FULL STATEMENT OF THE DESIGNATIONS, PREFERENCES, LIMITATIONS AND RELATIVE
RIGHTS OF THE SHARES OF EACH CLASS OR SERIES AUTHORIZED TO BE ISSUED, SO FAR AS THEY HAVE BEEN
DETERMINED, AND THE AUTHORITY OF THE BOARD TO DETERMINE THE RELATIVE RIGHTS AND PREFERENCES OF
SUBSEQUENT CLASSES OR SERIES.

     The following abbreviations, when used in the inscription on the face of this certificate,
shall be construed as though they were written out in full according to applicable laws or
regulations:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	TEN COM

	 	as tenants in common	 	 	 	 	 	 	 	 	 	 
	TEN ENT

	 	as tenants by the entireties
	 	UNIF GIFT MIN ACT
	 	 	 	Custodian	 	 	 	 
	JT TEN

	 	as joint tenants with right of
	 	 	 	 

(Cust)
	 	 	 	 

(Minor)
	 	 
	 	 	survivorship and not as tenants	 	 	 	under Uniform Gifts to Minors
	 

	 	in common
	 	 	 	Act	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	(State)	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	UNIF TRAN MIN ACT
	 	 	 	Custodian	 	 	 	 
	 

	 	 	 	 	 	 

(Cust)
	 	 	 	 

(Minor)
	 	 
	 	 	 	 	 	 	under Uniform Transfers to Minors
	 

	 	 	 	 	 	Act	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	(State)	 	 	 	 

Additional abbreviations may also be used though not in the above list.

          For value received,                      hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR

OTHER IDENTIFYING NUMBER OF ASSIGNEE
 

      

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

 

        
                  
                  
                  
              
                 
                 
                 
                 
                 Shares
of the common stock represented by the within Certificate, and do hereby irrevocably constitute and
appoint
                 
                 
                 
                 
              Attorney
to transfer the said stock on the books of the within-named Corporation with full power of
substitution in the premises.

Dated        
                  
                  
                 

	 	 	 	 	 
	NOTICE:
	 	 	 	 
	 	 	 
	 	 	THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE
NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR
ANY CHANGE WHATEVER.
	 
	SIGNATURE(S) GUARANTEED:	 	 
	 

	 	 	 	 
	 	 	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE
GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN
APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.exv4w3

 

EXHIBIT 4.3

THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED ON AND HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY APPLICABLE STATE
SECURITIES LAW, AND IN THE ABSENCE OF SUCH REGISTRATION MAY NOT BE SOLD OR TRANSFERRED
UNLESS THE ISSUER OF THIS WARRANT HAS RECEIVED AN OPINION OF ITS COUNSEL, OR OF COUNSEL
REASONABLY SATISFACTORY TO IT, THAT THE PROPOSED SALE OR TRANSFER WILL NOT VIOLATE THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAW.

Certificate No. W-                    

Issue Date:                     

WARRANT TO PURCHASE COMMON STOCK

WIRELESS RONIN® TECHNOLOGIES, INC.

     This
is to certify that ___ (“Holder”) is entitled to purchase, subject to the
provisions of this Warrant, from Wireless Ronin® Technologies, Inc., a Minnesota corporation, its
successors and assigns (the “Company”), at any time on or after the Issue Date and for a period of
Five years thereafter (the “Exercise Period”) up to
___ shares (the “Warrant Shares”) of the
common stock, $.01 par value, of the Company (the “Common Stock”) for an exercise price of $___
per share. The number of shares of Common Stock to be received upon the exercise of this Warrant
and the exercise price to be paid for a share of Common Stock may be adjusted from time to time as
herein set forth. The exercise price for the shares of Common Stock in effect at any time is
hereinafter sometimes referred to as the “Exercise Price.”

     Certain capitalized terms used herein are defined in paragraph 8.

     1. Method of Exercise. Subject to the provisions of this Warrant, this Warrant may
only be exercised in whole or in part during the Exercise Period by (i) payment of the Exercise
Price, and (ii) presentation and surrender of this Warrant to the Company with the Exercise Notice
substantially in the form attached hereto as Exhibit A duly executed. Upon receipt by the
Company of this Warrant and the Exercise Notice in proper form for exercise, the Holder shall be
deemed to be the Holder of record of the shares of Common Stock issuable upon such exercise,
notwithstanding that the stock transfer books of the Company shall then be closed or that
certificates representing such shares of Common Stock shall not then be actually delivered to the
Holder. The Company shall use its best efforts to issue the proper stock certificate within five
(5) business days after receiving all required documentation. Such stock certificate shall bear
such legends as the Company may deem necessary or appropriate. Notwithstanding the foregoing, this
Warrant may not be exercised if, in the opinion of the Company’s legal counsel, approval of this
Warrant by the shareholders of the Company is required to permit the Company’s securities to be
listed on

 

 

the Nasdaq Stock Market. In such event, the Company agrees to use reasonable commercial efforts to
cause this warrant to be approved by its shareholders pursuant to applicable Nasdaq Marketplace
Rules.

     2. Payment of Taxes. All shares of Common Stock issuable upon the exercise of this
Warrant pursuant to the terms hereof shall be validly issued, fully paid and nonassessable. The
Company shall pay all expenses in connection with, and all taxes and other governmental charges
that may be imposed with respect to, the issue or delivery thereof, unless such tax or charge is
imposed by law upon Holder, in which case such taxes or charges shall be paid by Holder.

     3. Reservation of Shares.

          (a) Number of Shares. From and after the date hereof, the Company shall at all times
reserve and keep available for issuance and delivery upon exercise of this Warrant such number of
shares of its Common Stock as shall be sufficient to permit the exercise in full of this Warrant.
All shares of Common Stock which shall be so issuable, when issued upon exercise of this Warrant
and payment therefor in accordance with the terms of this Warrant, shall be duly and validly issued
and fully paid and nonassessable.

          (b) Authorizations, Exemptions and Registration. (A) Before taking any action which
would result in an adjustment in the number of shares of Common Stock for which this Warrant is
exercisable or (B) if any shares of Common Stock required to be reserved for issuance upon exercise
of this Warrant require registration or qualification with any governmental authority under any
federal or state law (other than as provided elsewhere in this Warrant) before such shares may be
so issued, the Company shall obtain all such authorizations or exemptions thereof, or consents
thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

     4. Fractional Shares. No fractional shares or scrip representing fractional shares
shall be issued upon the exercise of this Warrant. With respect to any fraction of a share called
for upon exercise hereof, the Company shall pay to the Holder an amount in cash equal to such
fraction multiplied by the current Market Price of a full share.

     5. Exchange, Assignment or Loss of Warrant.

          (a) Exchange. This Warrant is exchangeable, without expense, at the option of the
Holder, upon presentation and surrender hereof to the Company for other Warrants in identical form
of different denominations entitling the Holder thereof to purchase in the aggregate the same
number of shares of Common Stock purchasable hereunder.

          (b) Assignment. This Warrant may not be assigned or transferred by the Holder without
the consent of the Company. Any assignment shall be made by surrender of this Warrant to the
Company with the Assignment Form substantially in the form attached hereto as Exhibit B
duly executed. The Company shall, within ten days of receipt of the Warrant and Assignment Form
and without charge, either, (i) consent to such assignment and

2

 

execute and deliver a new Warrant in identical form in the name of the assignee named in such
instrument of assignment and this Warrant shall promptly be canceled or (ii) notify the Holder that
Company is withholding its consent to such assignment. The term “Warrant” as used herein
includes any Warrants issued in substitution for or replacement of this Warrant or into which this
Warrant may be divided or exchanged.

          (c) Loss. Upon receipt by the Company of evidence satisfactory to it of the loss,
theft, destruction, or mutilation of this Warrant, and (in the case of loss, theft or destruction)
of reasonably satisfactory indemnification, and upon surrender and cancellation of this Warrant if
mutilated, the Company will execute and will deliver a new Warrant in identical form. Any such new
Warrant executed and delivered shall constitute an additional contractual obligation on the part of
the Company, whether or not this Warrant so lost, stolen, destroyed or mutilated shall be at any
time enforceable by anyone.

     6. Rights of the Holder. The Holder, by virtue hereof, shall not be entitled to any
rights of a stockholder in the Company, either at law or in equity, and the rights of the Holder
are limited to those expressed in this Warrant.

     7. Exercise Price. The initial Exercise Price for each Warrant Share will be $___.
In order to prevent dilution of the exercise rights granted hereunder, the Exercise Price will be
subject to adjustment from time to time pursuant to this paragraph 7.

          (a) Adjustments for Other Dividends and Distributions. In the event the Company at
any time prior to the expiration of this Warrant makes or issues, or fixes a record date for the
determination of holders of Common Stock entitled to receive, a dividend or other distribution
payable in securities of the Company other than shares of Common Stock, then and in each such event
provision shall be made so that the Holder shall receive upon exercise thereof, in addition to the
number of shares of Common Stock receivable thereupon, the amount of securities of the Company
which the Holder would have received had this Warrant been exercised for Common Stock on the date
of such event and had the Holder thereafter, during the period from the date of such event to and
including the exercise date, retained such securities receivable by the Holder as aforesaid during
such period, subject to all other adjustments called for during such period under this paragraph 7
with respect to the rights of the Holder of this Warrant.

          (b) Subdivision or Combination of Common Stock. If the Company at any time subdivides
(by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its
outstanding shares of Common Stock into a greater number of shares, the number of shares of Common
Stock for which this Warrant is exercisable shall immediately be proportionately increased and the
Exercise Price proportionately decreased, and if the Company at any time combines (by reverse stock
split or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller
number of shares, the number of shares of Common Stock for which this Warrant is exercisable shall
immediately be proportionately decreased and the Exercise Price proportionately increased.

3

 

          (c) Reorganization, Reclassification, Consolidation, Merger or Sale. Any capital
reorganization, reclassification, consolidation, merger or sale of all or substantially all of the
Company’s assets to another Person which is effected in such a way that holders of Common Stock are
entitled to receive (either directly or upon subsequent liquidation) stock, securities or assets
with respect to or in exchange for Common Stock is referred to herein as an “Organic Change”.
Prior to the consummation of any Organic Change, the Company will make appropriate provisions to
insure that the Holder will thereafter have the right to acquire and receive, in lieu of or in
addition to the shares of Common Stock immediately theretofore acquirable and receivable upon the
exercise of this Warrant, such shares of stock, securities or assets as the Holder would have
received in connection with such Organic Change if the Holder had exercised this Warrant
immediately prior to such Organic Change. In any such case, the Company will make appropriate
provisions to insure that the provisions of this paragraph 7 will thereafter be applicable to this
Warrant. The Company’s board of directors may, in its sole discretion, elect to cancel this
Warrant effective upon the occurrence of an Organic Change. If the board of directors elects to
cancel this Warrant, the rights of the Holder shall cease, except for the right to receive a cash
payment equal to the amount of value of the consideration (in cash, securities or other property)
that Holder would have been entitled to receive had Holder exercised this Warrant on or before the
date of the Organic Change, less the Exercise Price then applicable.

     8. Definitions.

          “Common Stock” means, collectively, the Company’s Common Stock, $.01 par value, and any
capital stock of any class of the Company hereafter authorized which is not limited to a fixed sum
or percentage of par or stated value in respect to the rights of the holders thereof to participate
in dividends or in the distribution of assets upon any liquidation, dissolution or winding up of
the Company.

          “Market Price” of any security means the average of the closing prices of such security’s
sales on all securities exchanges on which such security may at the time be listed, or, if there
has been no sales on any such exchange on any day, the average of the highest bid and lowest asked
prices on all such exchanges at the end of such day, or, if on any day such security is not so
listed, the average of the representative bid and asked prices quoted in the NASDAQ System as of
4:00 P.M., New York time, or, if on any day such security is not quoted in the NASDAQ System, the
average of the highest bid and lowest asked prices on such day in the domestic over-the-counter
market as reported by the National Quotation Bureau, Incorporated, or any similar successor
organization, in each such case averaged over a period of 21 days consisting of the day as of which
“Market Price” is being determined and the 20 consecutive business days prior to such day. If at
any time such security is not listed on any securities exchange or quoted in the NASDAQ System or
the over-the-counter market, the “Market Price” will be the fair value thereof determined by the
Company’s board of directors.

          “Person” means an individual, a partnership, a limited liability company, a corporation, an
association, a joint stock company, a trust, a joint venture, an unincorporated

4

 

organization and a governmental entity or any department, agency or political subdivision thereof.

     9. Notices. Except as otherwise expressly provided, all notices referred to herein
will be in writing and will be delivered by registered or certified mail, return receipt requested,
postage prepaid and will be deemed to have been given when so mailed (i) to the Company, at its
principal executive offices and (ii) to Holder, at Holder’s address as it appears in the stock
records of the Company (unless otherwise indicated by Holder).

     10. Applicable Law. This Warrant shall be governed by and construed in accordance
with the laws of the State of Minnesota.

[Remainder of Page Intentionally Left Blank]

5

 

     IN WITNESS WHEREOF, Wireless Ronin® Technologies, Inc. has caused this Warrant to be signed by
its duly authorized officer under its corporate seal, attested by its duly authorized officer, and
dated as of the date set forth above.

	 	 	 	 	 	 	 	 	 	 	 
	Holder:	 	 	 	 	 	Wireless Ronin® Technologies, Inc.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Name

	 	 	 	 	 	Name	 	 	 	 
	 

	 	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Signature

	 	 	 	 	 	Signature	 	 	 	 
	 

	 	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Its

	 	 	 	 	 	Its	 	 	 	 
	 

	 	 

	 	 	 	 	 	 

	 	 

6

 

EXHIBIT A

EXERCISE NOTICE

[To be executed only upon exercise of Warrant]

     The undersigned registered owner of this Warrant irrevocably exercises this Warrant for the
purchase of ___ Shares of Common Stock of Wireless Ronin® Technologies, Inc., and herewith makes
payment therefor, all at the price and on the terms and conditions specified in this Warrant and
requests that certificates for the shares of Common Stock hereby purchased (and any securities or
property issuable upon such exercise) be issued in the name of and delivered to
___ whose address is ___ and, if such shares of Common
Stock shall not include all of the shares of Common Stock issuable as provided in this Warrant,
that a new Warrant of like tenor and date for the balance of the shares of Common Stock issuable
hereunder be delivered to the undersigned.

	 	 	 	 	 	 	 	 	 
	Dated:
	 	 	 	 	 	 	 	 
	 

	 	 

	 	 	 	 

(Name of Registered Owner)
	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 

(Signature of Registered Owner)
	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 

(Street Address)
	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 

	 	 	 	 	 	 

(City)       (State)      (Zip Code)
	 	 

7

 

EXHIBIT B

ASSIGNMENT FORM

     FOR VALUE RECEIVED the undersigned registered owner of this Warrant, conditioned upon the
consent of Wireless Ronin® Technologies, Inc. which must be obtained pursuant to paragraph 5(b) of
this Warrant, hereby sells, assigns and transfers unto the Assignee named below all of the rights
of the undersigned under this Warrant, with respect to the number of shares of Common Stock set
forth below:

	 	 	 
	 	 	No. of Shares of
	Name and Address of Assigns	 	Common Stock
	 
	 	 

and if such shares of Common Stock shall not include all of the shares of Common Stock issuable as
provided in this Warrant, then new Warrants of like tenor and date shall be issued. The
undersigned does hereby irrevocably constitute and appoint ___
attorney-in-fact to register such transfer on the books of Wireless Ronin® Technologies, Inc.,
maintained for the purpose, with full power of substitute in the premises.

	 	 	 	 	 	 	 	 	 
	Dated:
	 	 	 	 	 	 	 	 
	 

	 	 

	 	 	 	 

(Name of Registered Owner)
	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 

	 	 	 	 	 	 

(Signature of Registered Owner)
	 	 

8

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