Document:

exv10w49

Exhibit 10.49

SEVENTH AMENDMENT TO CREDIT AGREEMENT

     THIS AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as of March 24, 2009, by
and between HEALTH FITNESS CORPORATION, a Minnesota corporation (“Borrower”), and WELLS FARGO BANK,
NATIONAL ASSOCIATION (“Bank”).

RECITALS

     WHEREAS, Borrower is currently indebted to Bank pursuant to the terms and conditions of that
certain Credit Agreement between Borrower and Bank dated as of August 22, 2003, as amended from
time to time (“Credit Agreement”).

     WHEREAS, Bank and Borrower have agreed to certain changes in the terms and conditions set
forth in the Credit Agreement and have agreed to amend the Credit Agreement to reflect said
changes.

     NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree that the Credit Agreement shall be amended as follows:

     1. Section 1.1 is hereby amended to delete the defined terms “Base LIBO Rate”, “Base Rate”,
“Business Day”, “Floating Rate”, “Floating Rate Advance”, “LIBO Rate”, “LIBO Rate Advance”, LIBOR
Reserve Percentage”, and “Margin”, which shall be deleted in their entirety and not replaced, and
the definitions of “Eligible Accounts” and “Maturity Date” shall be deleted in their entirety and
the following substituted therefor:

     ““Eligible Accounts” means trade accounts created in the ordinary course of Borrower’s
business, upon which Borrower’s right to receive payment is absolute and not contingent upon the
fulfillment of any condition whatsoever, and in which Bank has a perfected security interest of
first priority, and shall not include:

     (i) any account which is more than sixty (60) days past the date of the invoice, or
thirty (30) days from the due date, not to exceed ninety (90) days from the invoice date;

     (ii) that portion of any account for which there exists any right of setoff, defense or
discount (except regular discounts allowed in the ordinary course of business to promote
prompt payment) or for which any defense or counterclaim has been asserted;

     (iii) any account which represents an obligation of any state or municipal government
or of the United States government or any political subdivision thereof (except accounts
which represent obligations of the United States government and for which the assignment
provisions of the Federal Assignment of Claims Act, as amended or recodified from time to
time, have been complied with to Bank’s satisfaction);

     (iv) any account which represents an obligation of an account debtor located in a
foreign country other than an account debtor located in a Canadian province or territory, so
long as, in Bank’s determination, such Canadian jurisdiction recognizes Bank’s first
priority security interest in and right to collect such account as a consequence of any
security agreements and UCC filings in favor of Bank;

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     (v) any account which arises from the sale or lease to or performance of services for,
or represents an obligation of, an employee, affiliate, partner, member, parent or
subsidiary of Borrower;

     (vi) that portion of any account, which represents either prebillings or interim or
progress billings or retention rights on the part of the account debtor;

     (vii) any account which represents an obligation of any account debtor when twenty
percent (20%) or more of Borrower’s accounts from such account debtor are not eligible
pursuant to (i) above;

     (viii) that portion of any account from an account debtor which represents the amount
by which Borrower’s total accounts from said account debtor exceeds twenty-five percent
(25%) of Borrower’s total accounts;

     (ix) any account deemed ineligible by Bank when Bank, in its sole discretion, deems the
creditworthiness or financial condition of the account debtor, or the industry in which the
account debtor is engaged, to be unsatisfactory.”

     “Maturity Date” means June 30, 2011.”

     2. Section 2.7 (b) is hereby deleted in its entirety, and the following substituted therefor:

     “(b) Non -Usage Fees. The Borrower shall pay the Bank a non-usage fee at the rate of 0.375%
per annum on the average daily unused amount of the Facility Amount from the Closing Date to and
including the Maturity Date, payable quarterly on the last day of each calendar quarter, commencing
on June 30, 2009. Any non-usage fee remaining unpaid on the Maturity Date shall be due and payable
on that date.”

     3. Sections 2.4, 2.8, 2.11, 2.12, 2.13, and 2.15 shall be deleted in their entirety without
replacement and without the renumbering of the surviving sections of Article II of the Agreement.

     4. Section 2.16 is hereby modified to provide that the maximum aggregate amount of all undrawn
and outstanding Letters of Credit issued under the Revolving Facility shall not exceed Four Hundred
Fifty Thousand Dollars ($450,000.00) at any time.

     5. All pricing with respect to the Revolving Facility will be set forth in the new Note, which
shall be executed by Borrower and given as a replacement for, and not in satisfaction of, the
original $7,500,000.00 Note dated August 22, 2003, which Note shall be delivered by Borrower to
Bank as a condition precedent to the obligations of the Bank hereunder. Exhibit A to the Agreement
shall be deleted in its entirety and shall not be replaced, and the defined term “Note” shall be
deleted in its entirety and restated as follows:

     “Note” means the Borrower’s promissory note dated the same date as the Seventh Amendment to
the Agreement, and all modifications, amendments, renewals and replacements thereto.”

     Each reference in the Agreement to the “Note” shall mean the Note as defined in this Amendment.

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     6. Sections 5.10 and 5.11 are hereby deleted in its entirety, and Section 5.10 shall not be
replaced or renumbered, and Section 5.11 shall be replaced as follows:

     “Section 5.11 Quick Ratio. The Borrower will maintain at all times a minimum Quick
Ratio of not less than 1.5 to 1.0 at each fiscal quarter end, with “Quick Ratio” defined as the
aggregate of unrestricted cash, unrestricted marketable securities, and Accounts (less an allowance
for Accounts deemed doubtful by Bank in its sole discretion) as of each quarter end, divided by
total current liabilities (including then outstanding borrowings under the Revolving Facility) as
of that quarter end.”

     7. Section 5.12 shall be deleted in its entirety and restated as follows:

     “Section 5.12 EBITDA not less than $4,500,000.00 as of March 31, 2009 and as of each
fiscal quarter end thereafter, determined on a trailing twelve month basis, with “EBITDA” defined
as net profit before tax plus interest expense (net of capitalized interest expense), depreciation
expense, amortization expense, and non-cash stock based compensation.”

     8. Except as specifically provided herein, all terms and conditions of the Credit Agreement
remain in full force and effect, without waiver or modification. All terms defined in the Credit
Agreement shall have the same meaning when used in this Amendment. This Amendment and the Credit
Agreement shall be read together, as one document.

     9. Borrower hereby remakes all representations and warranties contained in the Credit
Agreement and reaffirms all covenants set forth therein. Borrower further certifies that as of the
date of this Amendment there exists no Event of Default as defined in the Credit Agreement, nor any
condition, act or event which with the giving of notice or the passage of time or both would
constitute any such Event of Default.

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

	 	 	 	 	 	 	 	 	 
	HEALTH FITNESS CORPORATION	 	WELLS FARGO BANK, NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	Wesley Winnekins, Chief Financial Officer
	 	 	 	Cynthia Goplen, Vice President	 	 

-3-EX-4.4

Exhibit 4.4

[Croghan Bancshares, Inc. Letterhead]

March 25, 2009

Securities and Exchange Commission

100 F Street, NE

Washington, D.C. 20549

			
	     Re:	 	Croghan Bancshares, Inc. – Annual Report on Form 10-K for the fiscal year ended
December 31, 2008

Ladies and Gentlemen:

     Croghan Bancshares, Inc., an Ohio corporation (“Croghan”), is today filing with the
Securities and Exchange Commission (the “SEC”) the Annual Report on Form 10-K of Croghan for the
fiscal year ended December 31, 2008 (“Croghan’s 2008 Form 10-K”)

     Pursuant to the instructions relating to the Exhibits in Item 601(b)(4)(iii) of Regulation
S-K, Croghan hereby agrees to furnish to the SEC, upon request, copies of instruments and
agreements defining the rights of holders of long-term debt and of the long-term debt of its
consolidated subsidiary, which are not being filed as exhibits to Croghan’s 2008 Form 10-K.
None of such long-term debt exceeds 10% of the total assets of Croghan and its subsidiaries on a
consolidated basis.

	 	 	 	 	 
	 	Very truly yours,

CROGHAN BANCSHARES, INC.

 	 
	 	/s/ Kendall W. Rieman
 	 
	 	Kendall W. Rieman 	 
	 	Treasurer 	 
	 

35EX-10.1(B)

Exhibit 10.1(b)

	FIRST AMENDMENT TO EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN AGREEMENT

This First Amendment (“Amendment”) to the Executive Supplemental Retirement Plan Agreement
(“Agreement”) dated April 29, 1999 is effective as of this 21st day of November, 2008 by and
between Croghan Colonial Bank, an Ohio banking corporation (the “Bank”), and Barry F. Luse, a
current employee of the Bank (the “Executive).

RECITALS

WHEREAS, the Bank and the Executive previously entered into the Agreement for the purpose of
providing the benefits described therein; and

WHEREAS, the Agreement must be amended to comply with Section 409A of the Internal Revenue
Code of 1986, as amended (“Section 409A”) by no later than December 31, 2008;

WHEREAS, the Agreement must have been, and the Bank has, operated the Agreement in good faith
compliance with Section 409A since January 1, 2005; and

WHEREAS, pursuant to transition relief issued under Section 409A, the Bank and the Executive
may change the time and/or form of payments under the Agreement, subject to certain limitations, by
no later than December 31, 2008; and

WHEREAS, the Bank and the Executive desire to amend the Agreement by using transition relief
under Section 409A to change the time and form of payments of the Index Retirement Benefit payable
on or after January 1, 2009 as described herein; and

WHEREAS, the Agreement may be amended by the mutual consent of the Bank and the Executive;
and

WHEREAS, the Bank and the Executive desire to amend the Agreement as described herein
effective as of the date first set forth above.

AMENDMENT

NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Bank and the
Executive hereby agree as follows:

1. Each payment of the Index Retirement Benefit shall be treated as a separate payment for
purposes of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”).

2. Payment of the Index Retirement Benefit for all calendar years beginning on or after January 1,
2009 shall be made in the form selected by the Executive on the “Election Form”, attached hereto as
Exhibit A, which Election Form must be signed and returned to the Bank by the Executive by
no later than November 27, 2008.

 

 

	3. Notwithstanding the foregoing, payment of any Index Retirement Benefit that would otherwise
have been paid prior to January 1, 2009 shall be paid pursuant to the terms of the Agreement in
effect immediately prior to the effective date of this Amendment. Nothing herein shall be
construed as causing payment of any portion of the Index Retirement Benefit that would not
otherwise be payable in calendar year 2008 to be paid in calendar year 2008.

4. Any payment(s) made pursuant to this Amendment shall be in full satisfaction of the Bank’s
obligations under the Agreement and, following such payment(s), no further payment shall be due to
the Executive and/or his beneficiary(ies).

5. Capitalized terms not defined herein shall have the meanings ascribed to them in the Agreement.

6. This Amendment is intended to comply with the requirements of Section 409A and the regulations
promulgated thereunder, and, to the maximum extent permitted by law, shall be interpreted,
administered and operated accordingly. Nothing herein shall be construed as an entitlement to or
guarantee of any particular tax treatment to the Executive, and none of the Bank, its Board of
Directors or any other person shall have any liability with respect to any failure to comply with
Section 409A. The Bank may accelerate the time or schedule of payment of the Index Retirement
Benefit at any time the Agreement fails to meet the requirements of Section 409A. Such payment may
not exceed the amount required to be included in income as a result of the failure to comply with
Section 409 A.

7. Agreed to and understood by both the Bank and the Executive that there is no change to the
previously entered into Life Insurance Endorsement Method Split Dollar Plan dated April 9, 1999.

IN WITNESS WHEREOF, the Bank and the Executive have caused this Amendment to be executed as of
the date set forth above.

BANK:

By:

Title: VP/CFO

EXECUTIVE:

BARRY F. LUSE

Printed Name

 

 

	EXHIBIT A

ELECTION FORM

Croghan Colonial Bank
Attention: Kendall Rieman 323
Croghan Street 
Fremont, Ohio
43410

Re: Executive Supplemental Retirement Plan Agreement

Pursuant to the terms of the First Amendment (“Amendment”) to the Executive Supplemental Retirement
Plan Agreement dated April 29, 1999 (“Agreement”) by and between you and Croghan Colonial Bank, an
Ohio banking corporation (“Bank”), you may elect to receive payment of the remaining installments
of your Index Retirement Benefit (as defined in the Agreement) as follows (please initial one):

• [ X ] Lump sum of $128,905.00 in 2009

The discount rate used to determine present value of your remaining Index Retirement Benefit
payments is 6.00%.

The payment will be made the week of January 1, 2009. An amount of 15% or $19,335.75 will be
withheld and made payable to the IRS, and the remaining funds of $109,569.25 will be made payable
to Barry F. Luse.

Notwithstanding the foregoing, any election pursuant to this Election Form shall not cause any
payment of the Index Retirement Benefit that would otherwise be payable in calendar year 2008 to be
paid in a later calendar year or cause any payment of the Index Retirement Benefit that would not
otherwise be paid in calendar year 2008 to be paid in calendar year 2008.

By signing below, you understand that the payment described above is in full satisfaction of all
obligations to you under the Agreement and no further payments will be due to you or your
beneficiary(ies).

Barry F. Luse

Date: 11/21, 2008

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