Director Resignation Letter between Angeion Corporation and BlueLine Partners, L.L.C.
This letter is a formal resignation from a director of Angeion Corporation, addressed to the company and BlueLine Partners, L.L.C. The director agrees to resign, with the resignation becoming effective upon acceptance by Angeion's Board. The resignation cannot be revoked until either three directors have resigned and the board is reconstituted, or until September 2, 2010, whichever comes first. This is part of an agreement between Angeion and BlueLine Partners regarding changes to the board's composition.
Exhibit 10.2
August 18, 2010
K. James Ehlen, Chair
Angeion Corporation
350 Oak Grove Parkway
Saint Paul, Minnesota 55127-8599
BlueLine Partners, L.L.C.
c/o Scott Shuda
Managing Director
402 Railroad Avenue, Suite 201
Danville, California 94526
Gentlemen,
In connection with the execution of the Agreement dated as of August 18, 2010 between Angeion Corporation (“Angeion’) and BlueLine Partners, L.L.C., individually and on behalf of the other entities listed in the Joint Filing Agreement attached as Exhibit A to the Schedule 13D/A dated August 10, 2010 (collectively “BlueLine”):
I hereby tender my resignation as a director of Angeion to be effective upon acceptance by the Board of Angeion;
I agree that I may not revoke this resignation until the earlier of (i) the date that Angeion and BlueLine complete the process of reconstituting the Angeion Board of Directors by accepting three resignations of current directors of Angeion and (ii) September 2, 2010.
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