Document:

Exhibit 10.10

 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

 

This Amended and Restated Employment
Agreement (the “Agreement”) is made and entered into effective as of the 1st
day of October 2003, by and between United Online, Inc., a Delaware corporation
(the “Company”), with principal corporate offices 2555 Townsgate Road, Westlake
Village, California 91361, and Brian Woods, whose address is 4726 San Sebastian
Drive, Woodland Hills, California 91364 (“Employee”).

 

WHEREAS, the Employee had previously entered
into an employment agreement (the “Prior Agreement”) effective December 1,
1999, with NetZero, Inc., a wholly-owned subsidiary of the Company; and

 

WHEREAS, the Prior Agreement was amended
effective February 9, 2001 and that, effective as of the date hereof, the
Employee and the Company desire to further amend the Prior Agreement.

 

NOW THEREFORE, the Employee and the Company
hereby amend and restate the Prior Agreement as follows.

 

1.             Employment.

 

1.1           The
Company hereby agrees to employ Employee, and Employee hereby accepts such
employment, on the terms and conditions set forth herein, commencing the date
hereof, and continuing through February 9, 2005 (the “Term”), unless such
employment is terminated earlier as provided in Section 4 below.

 

2.             Duties
of Employee.

 

2.1           Employee
shall serve as Executive Vice President and Chief Marketing Officer of the
Company.  In this capacity, Employee
shall perform such customary, appropriate and reasonable executive duties as
are usually performed by the Chief Marketing Officer, including such duties as
are delegated to him from time to time by the Board of Directors of the Company
or a committee thereof (the “Board”). 
Employee shall report directly to the Company’s Chief Executive Officer.

 

2.2           Employee
agrees to devote Employee’s full time, attention, skill and efforts to the
performance of his duties for the Company during the Term; provided, however,
that the Company acknowledges that Employee has certain responsibilities to,
and involvement in and with, the following entities and the Company agrees that
Employee may fulfill such responsibilities and continue such involvement
without in any way jeopardizing or otherwise affecting his employment by the
Company or

 

 

any of his rights hereunder so long as such
involvement does not materially interfere with Employee’s duties hereunder.

 

(a)           WHITE BONE ENTERTAINMENT LLC, its affiliates
and their respective successors and assigns. 
Employee has a non-employee ownership interest in, and is a member of,
White Bone Entertainment LLC.  White
Bone’s principal business is the development, production, financing,
distribution and exploitation of motion pictures, television programs and
related activities.

 

(b)           RETAIL MEDIA SYSTEMS.  Employee serves on the board of directors of
Retail Media Systems.

 

In addition, this Agreement shall not be interpreted to prohibit
Employee from making passive personal investments or engaging in charitable and
public service activities to the extent such activities do not materially
interfere with Employee’s duties hereunder.

 

3.             Compensation
and Other Benefits.

 

3.1           Base
Salary.  During the Term, the
Company shall pay to Employee a base per fiscal year equal to Employee’s
current base salary (the “Base Salary”), with payments to be made in accordance
with the Company’s standard payment policy and subject to such withholding as
may be required by law.  Employee’s Base
Salary shall be increased to include any increases in Employee’s base salary as
approved by the Board.

 

3.2           Bonus.  During the Term, the Employee shall also be
eligible to receive an annual cash bonus of up to 100% of Employee’s base
salary for each fiscal year (the “Annual Bonus”), less withholding required by
law, based on performance criteria established by the Board.  Employee’s Annual Bonus shall be increased
to include any increases in Employee’s annual bonus as approved by the
Board.  Employee shall not be eligible
to receive any unpaid Annual Bonus if his employment hereunder is terminated pursuant
to either Section 4.1, or if Employee voluntarily resigns.

 

3.3           Vacation.  Employee shall be entitled initially to four
(4) weeks paid vacation with increases in accordance with the Company’s
standard vacation policies.

 

3.4           Other Benefits.  Employee shall be eligible to participate,
as of the date of Employee’s employment, in all group life, health, medical,
dental or disability insurance or other employee, health and welfare benefits
made available generally to other executives of the Company.  If Employee elects to participate in any of such
plans, Employee’s portion of the premium(s) will be deducted from Employee’s
paycheck.

 

3.5           Business Expenses.  The Company shall promptly reimburse
Employee

 

2

 

for all reasonable and necessary business expenses incurred by Employee
in connection with the business of the Company and the performance of his
duties under this Agreement, subject to Employee providing the Company with
reasonable documentation thereof.

 

4.             Termination.

 

4.1           Termination for
Cause.

 

(a)           Termination
“for cause” is defined as follows: the Company terminates Employee’s employment
with the Company (1) if Employee is convicted of a felony or commits an
act of moral turpitude, in either case which adversely impacts the Company, (2) if
Employee materially breaches the Company’s Confidentiality and Proprietary
Agreement, or (3) if Employee fails, after receipt of detailed written notice
and after receiving a period of at least thirty (30) days following such notice
to cure such failure,  to use his
reasonable good faith efforts to follow the direction of the Company’s Board of
Directors and to perform his obligations hereunder.

 

(b)           The
Company may terminate this Agreement for any of the reasons stated in
Section 4.1(a) by giving written notice to Employee without prejudice to
any other remedy to which the Company may be entitled.  The notice of termination shall specify the
grounds for termination.  If Employee’s
employment hereunder is terminated “for cause” pursuant to this Section 4.1,
Employee shall be entitled to receive hereunder his accrued but unpaid Base
Salary and vacation pay through the date of termination, and reimbursement for
any expenses as set forth in Section 3.5, through the date of termination, but
shall not be entitled to receive any unpaid portion of the Annual Bonus or any
other amount.

 

4.2           Termination
Without Cause.  If Employee’s
employment is terminated without “cause” as defined in Section 4.1(a), or
if Employee is Involuntarily Terminated (as defined below), the Company (or its
successor, as the case may be) shall pay to Employee (i) any accrued but unpaid
Base Salary and vacation through the date of termination, (ii) reimbursement
for any expenses as set forth in Section 3.5, through the date of termination and
(iii)  a severance payment in an amount
equal to (A) three times Employee’s Base Salary and Annual Bonus in the event
of an Involuntary Termination or (B) four times Employee’s Base Salary and
Annual Bonus in the event Employee’s employment is terminated without cause,
payable in one lump sum on the date of termination, subject to withholding as
may be required by law.  For the
purposes of Section 4.2(iii)(A) above, Annual Bonus shall mean the greater of
75% of Employee’s then current Base Salary or the Annual Bonus paid to Employee
for the preceding fiscal year.  For the
purposes of Section

 

3

 

4.2(iii)(B)
above, Annual Bonus shall mean 75% of Employee’s then current Base Salary.  In addition, if Employee’s employment is
terminated without cause (other than if Employee is Involuntarily Terminated)
or if Employee’s employment is terminated due to death or permanent disability,
Employee will be credited with an additional twelve (12) months of service
toward vesting in all stock options and restricted stock awards then held by
Employee (the “Option Shares”) in addition to the service he has accrued toward
vesting through the date of termination.   
If Employee is Involuntarily Terminated, vesting of all Option Shares
will be accelerated in full and all such options shall remain in effect for a
one (1) year period following the date of termination.

 

As used in
this Section 4.2, Employee shall be deemed “Involuntarily Terminated” if (i)
the Company or any successor to the Company terminates Employee’s employment
without cause in connection with or following a Corporate Transaction or Change
of Control (as defined in the Company’s 1999 Stock Incentive Plan); or (ii) in
connection with or following a Corporate Transaction or Change of Control there
is (a) a decrease in Employee’s title or responsibilities (it being deemed to
be a decrease in title and/or responsibilities if Employee is not offered the
position of Executive Vice President and Chief Marketing Officer of the Company
or its successor as well as the acquiring and ultimate parent entity, if any,
following the Corporate Transaction or Change of Control), (b) a decrease in
pay and/or benefits from those provided by the Company immediately prior to the
Corporate Transaction or (c) a requirement that Employee re-locate out of the
greater Los Angeles metropolitan area.

 

5.             Noncompetition.  For the eighteen (18) month period following
the termination of Employee’s employment with the Company (but only if Employee
has received the severance payments specified in Section 4.2 above) (the
“Noncompetition Period”), Employee shall not directly engage in, or manage or
direct persons engaged in, a Competitive Business Activity (as defined below)
anywhere in the Restricted Territory (as defined below); provided, that the
Noncompetition Period shall terminate if the Company terminates operations or
if the Company no longer engages in any Competitive Business Activity.  The term “Competitive Business Activity”
shall mean the business of providing consumers with dial-up Internet access
services (free or pay).  The term
“Restricted Territory” shall mean each and every county, city or other
political subdivision of the United States in which the Company is engaged in
business or providing its services.  The
Company agrees that providing services to a company or entity that is involved
in a Competitive Business Activity but which services are unrelated to the
Competitive Business Activity shall not be deemed a violation of this Agreement.  For the purposes of damages to the Company
with respect to any breach of this Section 5, the value of Employee’s
obligations to the Company under this Section 5 equals 37.5% of the cash
severance payment in Section 4.2(iii) above.

 

6.             Gross-Up
Payment.  If the aggregate of all
payments or benefits made or provided to the Employee under this Agreement and
under all other plans and

 

4

 

programs of
the Company (the “Aggregate Payment”) is determined to constitute a “parachute
payment,” as such term is defined in Section 280G(b)(2) of the Internal Revenue
Code of 1986, as amended (the “Code”), the Company shall pay to the Employee,
prior to or coincident with the time any excise tax imposed by Section 4999 of
the Code (the “Excise Tax”) is payable with respect to such Aggregate Payment,
an additional amount that, after the imposition of all penalties, income,
excise and other federal, state and local taxes thereon, is equal to the sum of
the Excise Tax on the Aggregate Payment and interest and penalties imposed with
respect to the Excise Tax and such additional amount (the “Gross-Up
Payment”).  For example, if the Excise
Tax imposed with respect to the Aggregate Payment equals $1,000,000 and all
penalties, income, excise and other federal, state and local taxes on the
Gross-Up Payment equal $2,333,333, the Gross-Up Payment will be
$3,333,333.  The determination of
whether the Aggregate Payment constitutes a parachute payment and, if so, the
amount to be paid to the Employee and the time of payment pursuant to this
Section 6 shall be made by an independent auditor (the “Auditor”) selected and
paid by the Company and reasonably acceptable to the Employee.  The Auditor shall be a nationally recognized
United States public accounting firm. 
For purposes of determining the amount of the Gross-Up Payment, the
Employee shall be deemed to pay income tax at the highest marginal rates of
federal, state and local income taxation in the calendar year in which the
Gross-Up Payment is to be made, net of the maximum reduction in federal income
taxes which could be obtained from deduction of such state and local taxes.

 

In the event
that the Excise Tax is finally determined to be less than the amount taken into
account hereunder in calculating the Gross-Up Payment, the Employee shall repay
to the Company, within five (5) business days following the time that the
amount of such reduction in the Excise Tax is finally determined, the portion
of the Gross-Up Payment attributable to such reduction plus that portion of the
Gross-Up Payment attributable to the Excise Tax and federal, state and local
income and employment taxes imposed on the Gross-Up Payment being repaid by the
Employee, to the extent that such repayment results in a reduction in the
Excise Tax and a dollar-for-dollar reduction in the Employee’s taxable income
and wages for purposes of federal, state and local income and employment taxes,
plus interest on the amount of such repayment at 120% of the rate provided in
section 1274(b)(2)(B) of the Code.  In
the event that the Excise Tax is determined to exceed the amount taken into
account hereunder in calculating the Gross-Up Payment (including by reason of
any payment the existence or amount of which cannot be determined at the time
of the payment of the Gross-Up Payment), the Company shall make an additional
Gross-Up Payment in respect of such excess (plus any interest, penalties or
additions payable by the Employee with respect to such excess) within five (5)
business days following the time that the amount of such excess is finally
determined.  The Employee and the
Company shall cooperate with each other in connection with any proceeding or
claim relating to the existence or amount of liability for Excise Tax, and all
expenses incurred by the Employee in connection therewith shall be paid by the
Company promptly upon notice of demand from the Employee.

 

5

 

7.             Assignment.  Neither the Company nor Employee may assign
this Agreement or any rights or obligations hereunder.   This Agreement will be binding upon the
Company and its successors and assigns. 
In the event of a Corporate Transaction or Change of Control, the
Company shall cause this Agreement to be assumed by the Company’s successor as
well as any acquiring or ultimate parent entity, if any, following any
Corporate Transaction or Change of Control.

 

8.             Miscellaneous.

 

8.1           This Agreement
supersedes any and all other agreements, either oral or in writing, between the
parties hereto with respect to the employment of Employee by the Company, other
than the Confidentiality and Proprietary Agreement, and constitutes the entire
agreement between the Company and the Employee with respect to its subject
matter.

 

8.2           This Agreement may not
be amended, supplemented, modified or extended, except by written agreement
which expressly refers to this Agreement, which is signed by each of the
parties hereto and which is authorized by the Company’s Board.

 

8.3           This Agreement is made
in and shall be governed by the laws of California, without giving effect to
its conflicts-of-law principles.

 

8.4           If any provision of
this Agreement is held by an arbitrator or a court of competent jurisdiction to
conflict with any federal, state or local law, or to be otherwise invalid or
unenforceable, such provision shall be construed in a manner so as to maximize
its enforceability while giving the greatest effect as possible to the parties’
intent.   To the extent any provision
cannot be construed to be enforceable, such provision shall be deemed to be
eliminated from this Agreement and of no force or effect and the remainder of
this Agreement shall otherwise remain in full force and effect and be construed
as if such portion had not been included in this Agreement.

 

8.5           Employee represents and
warrants to the Company that there is no restriction or limitation, by reason
of any agreement or otherwise, upon Employee’s right or ability to enter into
this Agreement and fulfill his obligations under this Agreement.

 

8.6           All notices and other
communications required or permitted hereunder shall be in writing and shall be
mailed by first-class mail, postage prepaid, registered or certified, or
delivered either by hand, by messenger or by overnight courier service, and
addressed to the receiving party at the respective address set forth in the
heading of this Agreement, or at such other address as such party shall have
furnished to the other party in accordance with this Section 8.6 prior to
the giving of such notice or other communication.

 

6

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the first date written above.

 

	
   

  	
  UNITED
  ONLINE, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Mark
  Goldston

  	
   

  
	
   

  	
   

  	
  Mark
  Goldston, Chief Executive Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ Brian Woods

  	
   

  
	
   

  	
  Brian Woods

  

 

7EXHIBIT 10.1

 

THIRD AMENDMENT TO
AMENDED AND RESTATED

CREDIT AGREEMENT

This THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT
AGREEMENT (this “Amendment”), made and entered into as of September
30, 2003, is by and between MagStar Technologies, Inc. f/k/a Reuter
Manufacturing, Inc., a Minnesota corporation (the “Borrower”), and U.S. Bank
National Association, a national banking association (the “Lender”).

RECITALS

1.             The
Lender and the Borrower entered into a Amended and Restated Credit Agreement
dated as of October 10, 2000, as amended by that First Amendment to Amended and
Restated Credit Agreement dated as of November 30, 2001 and as further amended
by that Second Amendment to Amended and Restated Credit Agreement dated as of
August 7, 2003 (as amended the “Credit Agreement”); and

2.             The
Borrower desires to amend certain provisions of the Credit Agreement, and the
Lender has agreed to make such amendments, subject to the terms and conditions
set forth in this Amendment.

AGREEMENT

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

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

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

2.1          The
Commitments. 
Section 2.1 of the Credit Agreement is amended to read in its entirety
as follows:

Section 2.1  The Commitments  On the terms and subject to the conditions
hereof, the Lender agrees to make the following lending facility available to
the Borrower:

2.1 (a)  Revolving
Credit.  A revolving loan (the
“Revolving Loan”) to the Borrower available as advances (“Advances”) at any
time and from time to time from the Closing Date to December 31, 2003 (the
“Revolving Maturity Date”), during which period the Borrower may borrow, repay
and reborrow in accordance with the provisions hereof, provided, that
the unpaid principal amount of 
revolving Advances shall not at any time exceed One Million Seven
Hundred Fifty Thousand Dollars ($1,750,000) (the “Revolving Commitment
Amount”); and provided, further, that no revolving Advance will
be made if, 

 

 

after
giving effect thereto, the unpaid principal amount of the Advances would exceed
the Borrowing Base.

2.2          Interest Rates, Interest Payments and Default Interest.  Section 2.4 of the Credit Agreement is
amended to read in its entirety as follows:

Section 2.4  Interest Rates, Interest Payments and Default Interest.  Interest shall accrue and be payable on the
unpaid balance of the Advances at a floating rate per annum equal to the sum of
the Reference Rate plus 2% (the latter being the “Applicable Revolving
Margin”); provided, however, that upon the happening of any Event of Default,
then, at the option of the Lender, the Advances shall thereafter bear interest
at a floating rate equal to the sum of (a) the Reference Rate, plus (b) the Applicable
Revolving Margin, plus (c) 4%.  Interest
shall be payable monthly in arrears on the first day of each month and upon
final payment of the Advances.

Section
3. Effectiveness of Amendments.  The
amendments contained in this Amendment shall become effective upon delivery by
the Borrower of, and compliance by the Borrower with, the following:

3.1          This
Amendment duly executed by the Borrower.

3.2          A copy of
the resolutions of the Board of Directors of the Borrower authorizing the
execution, delivery and performance of this Amendment and the Notes certified
as true and accurate by its Secretary or Assistant Secretary, along with a
certification by such Secretary or Assistant Secretary (i) certifying that
there has been no amendment to the Articles of Incorporation or Bylaws of the
Borrower since true and accurate copies of the same were delivered to the
Lender with a certificate of the Secretary of the Borrower dated
October 10, 2000, and (ii) identifying each officer of the Borrower
authorized to execute this Amendment and any other instrument or agreement
executed by the Borrower in connection with this Amendment  (collectively, the “Amendment Documents”),
and certifying as to specimens of such officer’s signature and such  officer’s incumbency in such offices as such
officer holds.

3.3          Certified
copies of all documents evidencing any necessary corporate action, consent or
governmental or regulatory approval (if any) with respect to this Amendment.

3.4          The Borrower
shall have satisfied such other conditions as specified by the Lender,
including payment of all unpaid legal fees and expenses incurred by the Lender
through the date of this Amendment in connection with the Credit Agreement and
the Amendment Documents.

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

4.1          Reassertion
of Representations and Warranties, No Default.  The Borrower hereby represents that
on and as of the date hereof and after giving effect to this Amendment
(a) all of the representations and warranties contained in the Credit
Agreement are true, correct and complete in all respects as of the date hereof
as though made on and as of such date, except for changes permitted by the
terms of the Credit Agreement, and (b) 

 

 

 

there will exist no Default or Event
of Default under the Credit Agreement as amended by this Amendment on such date
which has not been waived by the Lender.

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

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

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

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

 

 

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

Section
8. Successors.  The Amendment Documents shall be binding
upon the Borrower and the Lender and their respective successors and assigns,
and shall inure to the benefit of the Borrower and the Lender and the
successors and assigns of the Lender.

Section
9. Legal Expenses.  As provided in Section 8.2 of
the Credit Agreement, the Borrower agrees to reimburse the Lender, upon
execution of this Amendment, for all reasonable out-of-pocket expenses
(including attorney’ fees and legal expenses of Dorsey & Whitney LLP,
counsel for the Lender) incurred in connection with the Credit Agreement,
including in connection with the negotiation, preparation and execution of the
Amendment Documents and all other documents negotiated, prepared and executed
in connection with the Amendment Documents, and in enforcing the obligations of
the Borrower under the Amendment Documents, and to pay and save the Lender
harmless from all liability for, any stamp or other taxes which may be payable
with respect to the execution or delivery of the Amendment Documents, which
obligations of the Borrower shall survive any termination of the Credit
Agreement.

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

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

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

 

 

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

BORROWER:

MAGSTAR TECHNOLOGIES, INC.

F/K/A REUTER MANUFACTURING, INC.

 

 

	
   

  	
  By:

  	
  /s/ J. L. Reissner

  
	
   

  	
  Title:

  	
  CEO

  
	
   

  	
   

  	
   

  
	
  LENDER:

  
	
   

  	
   

  	
   

  
	
   

  	
  U.S. BANK NATIONAL
  ASSOCIATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s / W. Sweeney

  
	
   

  	
  Title:

  	
  VP

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