Exhibit 10.10


 


FOURTH
EXTENSION AND AMENDMENT


OF
SECURED PROMISSORY NOTE


 


THIS
AGREEMENT, made to be effective this 27th day of August, 2003, between Dorothy
E. Sadler, Jill D. Sadler, and Kurt T. Sadler, the personal representatives of
the Estate of William S. Sadler, deceased, and Dotronix, Inc., a Minnesota
corporation.


 


Reference is
hereby made to that Secured Promissory Note dated February 23, 2000, from
Dotronix, Inc., a Minnesota corporation ( “Borrower”),  in favor of William S.  Sadler (“Lender”), in the original principal
amount of One Million Dollars ($1,000,000) as amended by First, Second and
Third Extensions and Amendments thereto, the Second of which previously
increased principal amount of the Note to One Million Five Hundred Thousand
Dollars ($1,500,000) (hereinafter, collectively referred to as the
“Note”).  Capitalized terms which are
used in this Fourth Extension and Amendment and which are not otherwise defined
herein have the meanings assigned to them in the Note.


 


The parties
hereby agree to amend the Note as follows:


 


1.                                       As a result of
the death of William S. Sadler, the Borrower hereby acknowledges that the Note
is now payable to Kurt T. Sadler, Jill D. Sadler and Dorothy E. Sadler, as
personal representatives of the Estate of William S. Sadler, and hereby agree
to substitute said personal representatives as the Lender under the Note.


 


2.                                       The phrase set
out at the top left of the Note is amended to read “Not to


 


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exceed One Million Dollars and no/100
($1,000,000.00).


 


3.                                       The dollar
amount set forth in the first paragraph of the Note is amended to read

One Million Dollars and no/100 ($1,000,000.00).


 


4.                                       The date set
forth in (i) in the first paragraph of the Note is amended to read

November 30, 2003.


 


5.                                       The clause set
forth in (ii) in the first paragraph of the Note is amended to read as 


follows:      “or an earlier date on which
the Loan Agreement terminates by its terms or is terminated by either party in
accordance with its terms.


 


The Note, as
amended, and this Fourth Extension and Amendment are hereby ratified and
confirmed.


 


This Agreement
is only a revision and not a novation. 
Except as provided in this Agreement, all terms and conditions of the
Secured Promissory Note, the Loan and Security Agreement as amended, and any
other documents given in connection therewith shall remain in full force and
effect.


 


IN WITNESS
WHEREOF, the parties who signed this Agreement effective the day and year first
above written.


 


 


	
   

  	
  /s/ Dorothy E. Sadler

  	
   

  
	
   

  	
  Dorothy E.  Sadler, personal
  representative

  of the Estate of William S. Sadler

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Jill D. Sadler

  	
   

  
	
   

  	
  Jill D. Sadler, personal representative of the

  Estate of William S. Sadler

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Kurt T. Sadler

  	
   

  
	
   

  	
  Kurt T. Sadler, personal representative of

  the Estate of William S. Sadler

  



 


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  DOTRONIX, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By: /s/ Robert V. Kling

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Its:  Chief Financial Officer

  



 


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