Exhibit 10.8


 


FOURTH AMENDMENT


TO LOAN AND SECURITY
AGREEMENT


 


This
Agreement, effective the 27th day of August, 2003 between Dorothy E.
Sadler, Jill D. Sadler, and Kurt T. Sadler, personal representatives of the
Estate of William S. Sadler, deceased and Dotronix, Inc., a Minnesota
corporation.


 


Reference is
hereby made to that certain Loan and Security Agreement dated February 23,
2000, as amended by the First, Second, Third Amendments thereto, hereinafter,
collectively, the ( “Loan Agreement”). Capitalized terms that are used in this
amendment and that are not otherwise defined herein have the meanings assigned
to them in the Loan Agreement.


 


The parties
hereby agreed to amend the Loan Agreement as follows:


 


1.                                       The
parties acknowledge that William S. Sadler, the original Lender died on June
16, 2003.  The parties acknowledge and
agree that Dorothy E. Sadler, Jill D. Sadler, and Kurt T. Sadler, have been
appointed as personal representatives of the Estate of William S. Sadler, are
duly authorized to act on behalf of the Estate, and are hereby substituted as
Lender named in the Loan Agreement. References to “Sadler” in said Loan and
Security Agreement shall refer to said personal representatives.


 


2.             The following
sentence is added to Paragraph 4 of the Loan Agreement:


 


“The parties
agree that Lender’s security interests shall not extend to that certain Thirty
Thousand Dollars ($30,000.00) deposited in


 


Borrower’s
account at following Lending Institution


Anchor Bank


2700 East 7th
Avenue


North Saint
Paul, MN 55109


 


Account No.
XXXX


 


3.                                                                                       The
parties agree that the number of warrants held by Lender pursuant to Section
8.8 of the Loan Agreement is currently 365,094.


 


4.                                                                                       Section
9.1 of the Loan Agreement is hereby amended to read as follows:


“9.1 Maturity
Date. This Agreement shall continue in effect until The Maturity Date”


 


5.                             Section 2 of the
Schedule to Loan and Security Agreement shall be amended to read as follows:


 


1

















 


“Section 2.1 -
Credit Limit: A. Maximum Dollar Amount. 
The total amount outstanding on any Loans at any time shall not exceed
One Million Dollars ($1,000,000.00) (“the maximum dollar amount”).  The amount outstanding as of the date of
this Amendment is $991,256.84.”


 


6.                             Section 5.2 of the
Schedule to Loan and Security Agreement is hereby deleted.


 


7.                             Section 9 of the
Schedule to Loan and Security Agreement is hereby amended to read as follows:


 


“Section 9 -
Term


Section 9.1 -
Maturity Date:


November 30,
2003, subject to early termination as provided in Section 9.2 of the
Agreement.”


 


8.                                                                                       Borrower,
Dotronix, Inc. hereby ratifies all its representations and warranties contained
in the Loan and Security Agreement as if made on the date hereof, and
represents that Lender has not breached any of its terms.


 


9.                                                                                       Borrower,
Dotronix, Inc. hereby acknowledges that Lender has properly received the
proceeds of Midland National Life Insurance Policy No. 1558908208, and properly
applied those proceeds to said Loan. 
Borrower, Dotronix, Inc. acknowledges that the parties intended that the
proceeds would reduce the amount outstanding and effectuate a reduction in the
Credit Limit.


 


10.                                                                                 The
Loan and Security Agreement, as previously amended, and as amended by this
Amendment No. 4, is hereby ratified and confirmed.


 


	
   

  	
  /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

  
	
   

  	
   

  
	
   

  	
  DOTRONIX,
  INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert
  V. Kling

  	
   

  
	
   

  	
  Its:
  Chief  Financial Officer

  
							



 


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