EXHIBIT 10.21
SUBLEASE TERMINATION AGREEMENT
This Sublease Termination Agreement (
“Agreement” ) is entered into as of the 12 th day of October,
2007, between INSIGNIA SYSTEMS,
INC. , a Minnesota corporation (
“Sublessor” ) and VASCULAR SOLUTIONS,
INC. , a Minnesota corporation (
“Sublessee” ).
Recitals
A. Pursuant
to that certain Lease dated October 31, 2002, between 321
Corporation, a Minnesota Limited Liability Company, and assigned to
IRET-Plymouth, a Minnesota Limited Liability Company (the
“Landlord” ), as Landlord, and Sublessor as tenant (the
“Lease” ),
the Landlord leased a portion of the building known as Northgate I,
located at 6464-6470 Sycamore Court, Maple Grove, MN 55369
(the “Leasehold”
) to Sublessor.
B. Pursuant
to that certain Sublease dated March 31, 2005 between Sublessor and
Sublessee, as amended (the “Sublease” ), Sublessor
subleased unto Sublessee those portions of the Leasehold identified
in the Sublease (the “Premises” ).
C. Section
4 of the Sublease provides that the term of the Sublease shall
terminate on the later of (i) September 30, 2008, or (ii) such date
after September 30, 2008 as Sublessee may elect (by written notice
which, to be effective, must be received by Sublessor no later than
August 1, 2008), but not to extend past January 13,
2010.
D. Sublessor
and Sublessee desire to enter into this Agreement for purposes of
establishing a Termination Date (defined below) and for the other
purposes described below.
NOW, THEREFORE, in consideration of the premises and
mutual covenants and conditions contained in this Agreement, and
for other good and valuable consideration, the parties agree as
follows:
1. Subject
to the terms of this Agreement, the Sublease shall terminate on
July 31, 2008 (the “Termination
Date” ). Until the Termination
Date, all of Sublessee’s obligations
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