Document:

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

  
							

 

2Exhibit
10.9

 

FOURTH
EXTENSION AND AMENDMENT OF MORTGAGE

 

THIS
AGREEMENT, made to be effective this 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 (“Lender”) and Dotronix, Inc., a
Minnesota corporation, (“Borrower”). 
WITNESSETH, that whereas the said Lender, is the owner and holder of a
certain Secured Promissory Note in the original principal amount of $1,000,000.00
made by the Borrower, dated February 23, 2000 as amended by the first, second
and third extensions and amendments thereto, the second of which previously
increased such principal amount to One Million Five Hundred Thousand Dollars
($1,500,000) (the “Note”), payable to the order of Lender as successors to the
original Lender, William S. Sadler,  and
which Note is secured by a mortgage on real estate owned by Borrower, situated
in the County of Chippewa and the State of Wisconsin, and recorded in the
office of the Register of Deeds of said County, dated February 23, 2000, and
filed March 9, 2000, as Document No. 
605192 and amended by the first extension and amendment thereto  filed January 26, 2001 as Document No.
617200 (the “Mortgage”), and Fixture Filing Statement filed April 24, 2000 as
Document No.  00410145, and by the third
extension and amendment thereto dated on or about October 7, 2002 which
property is legally described as follows:

 

Lots 1, 2, 3, 4 and 5, Block 1, Chamber of Commerce Addition to the
City of Eau Claire, Chippewa County, Wisconsin

 

AND WHEREAS,
at the special instance and request of Borrower, as the present owner of said
real estate, the Lender has agreed to extend the due date of the Note to
November 30, 2003 pursuant to that certain Fourth Extension and Amendment of
Secured Promissory Note of even date herewith given by the Borrower to the
Lender.

 

1

 

NOW,
THEREFORE, said Borrower does hereby agree with the Lender as follows:

 

1.                                       The parties
acknowledge that William S. Sadler, the Lender described in the Mortgage died
on June 16, 2003 and that Dorothy E. Sadler, Jill D. Sadler and Kurt T. Sadler
have been appointed personal representatives of the Estate of William S.
Sadler.  The Borrower hereby
acknowledges and agrees that said personal representatives are the successors
to William S. Sadler, the Lender named in said Mortgage.

 

2.                                       The dollar
amount set forth in the second paragraph of the Mortgage is amended to read
“$1,000,000.00”.

 

3.                                       The dollar
amount set forth in the third paragraph following Granting Clause D in the
Mortgage is amended to read “$1,000,000.00”.

 

4.                                       The date set
forth in the third paragraph following Granting Clause D is amended to read
“November 30, 2003”.

 

5.                                       The maximum
principal indebtedness secured by this Mortgage has been amended to read
“$1,000,000.00”.

 

6                                          .Borrower
restates each and every agreement, representation and warranty contained in
said Mortgage as if made on the date hereof.

 

7.                                       Section 4.6
(Paragraph 2 ) is amended to read as follows name and address of Mortgagee:

 

Dorothy E. Sadler, Jill D. Sadler, and Kurt T. Sadler, personal
representatives of the Estate of William S. Sadler

1370 Ryan Avenue West, Roseville, MN 55113

 

IT IS HEREBY
FURTHER AGREED that all the stipulations, provisions, conditions and covenants
of said Note, as amended, and Mortgage are ratified and confirmed, and shall
remain in full force and effect, except as herein modified or otherwise
expressly agreed to by the parties, and nothing herein contained shall be

 

2

 

construed to impair the
security or lien of the holder of said mortgage, nor to affect nor impair any
rights or powers which it may have under said Note and Mortgage for
nonfulfillment of this agreement.

 

IN TESTIMONY
WHEREOF, the parties hereto have caused these presents to be executed effective
the day and year first above written.

 

	
   

  	
   

  	
  LENDER:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /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

  

 

	
  STATE OF MINNESOTA

  	
  )

  
	
   

  	
  ) ss.

  
	
  COUNTY OF RAMSEY

  	
  )

  

 

The foregoing
was acknowledged before me this 25th day of September, 2003, by Dorothy E.
Sadler, Jill D. Sadler, and Kurt T. Sadler, Personal Representatives of the
Estate of William S. Sadler.

 

 

	
   

  	
  /s/ Robert A. Koch

  	
   

  
	
   

  	
  Notary Public

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  Dotronix, Inc.

  
	
   

  	
   

  
	
   

  	
  By: /s/ Robert V. Kling

  	
   

  
	
   

  	
   

  
	
   

  	
  Its: Chief  Financial Officer

  
				

 

3

 

	
  STATE OF MINNESOTA

  	
  )

  
	
   

  	
  ) ss.

  
	
  COUNTY OF RAMSEY

  	
  )

  

 

The foregoing
was acknowledged before me this  29th
day of  September, 2003, by Robert V.
Kling, the Chief Financial Officer of Dotronix, Inc., a corporation under the
laws of the State of Minnesota.

 

	
   

  	
  /s/ Sandra Pollack

  	
   

  
	
   

  	
  Notary Public

  	
   

  

 

4

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