Document:

Filed by Bowne Pure Compliance

Exhibit 10.4

First Amendment to the

Consolidated Graphics, Inc. Indemnification Agreement

WHEREAS, Consolidated Graphics, Inc. (the “Corporation”) entered into the Consolidated
Graphics, Inc. Indemnification Agreement with the undersigned individual (the “Indemnitee”) on

 _____, 200       (the “Agreement”); and

WHEREAS, the Agreement may be amended by a written instrument executed by or on behalf of each
of the parties thereto; and

WHEREAS, the parties desire to amend the Agreement to be compliant with Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”);

NOW THEREFORE, this First Amendment (this “Amendment”) is hereby made with all the amendments
set forth herein to be effective as of December 31, 2008 (the “Effective Date”) as follows:

1. Section 6.5 of the Agreement is hereby amended by inserting the following sentence at the
end thereof:

Under this Section 6.5, (i) the amount of Expenses eligible for reimbursement during the
Indemnitee’s taxable year may not affect the Expenses eligible for reimbursement in any other
taxable year; (ii) the reimbursement of Expenses must be made on or before the last day of the
Indemnitee’s taxable year following the taxable year in which the Expenses were incurred; (iii) the
right to reimbursement may not be subject to liquidation or exchange for another benefit; and (iv)
the Indemnitee’s recovery from the Corporation of any Expenses must take place during the duration
of this Agreement (see Section 7.6 which follows).

So that Section 6.5 of the Agreement, as amended hereby, shall provide as follows:

6.5. Indemnitee Entitled to Expenses of Judicial Proceeding. In the event that
Indemnitee seeks a judicial adjudication of or an award in arbitration to enforce his rights under,
or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from
the Corporation, and shall be indemnified by the Corporation against, any and all Expenses actually
and reasonably incurred by Indemnitee in such judicial adjudication or arbitration but only if
Indemnitee prevails therein. If it shall be determined in said judicial adjudication or
arbitration that Indemnitee is entitled to receive part but not all of the indemnification or
advancement of expenses or other benefit sought, the Expenses reasonably incurred by Indemnitee in
connection with such judicial adjudication or arbitration shall be reasonably prorated in good
faith by counsel for Indemnitee. Notwithstanding the foregoing, if a Change in Control shall have
occurred, Indemnitee shall be entitled to indemnification under this Section 6.5 regardless of
whether Indemnitee ultimately prevails in such judicial adjudication or arbitration, unless it is
determined in such adjudication or arbitration that such indemnification is not lawful. Under this
Section 6.5, (i) the amount of Expenses eligible for reimbursement during the Indemnitee’s taxable
year may not affect the Expenses eligible for reimbursement in any
other taxable year; (ii) the reimbursement of Expenses must be made on or before the last day
of the Indemnitee’s taxable year following the taxable year in which the Expenses were incurred;
(iii) the right to reimbursement may not be subject to liquidation or exchange for another benefit;
and (iv) the Indemnitee’s recovery from the Corporation of any Expenses must take place during the
duration of this Agreement (see Section 7.6 which follows).

[Signature page follows]

 

 

 

IN WITNESS WHEREOF, the undersigned have approved, ratified and executed this Amendment on
this
 _____ 
day of                                         , 2008, to be effective as of the Effective Date.

	 	 	 	 	 
	 	CONSOLIDATED GRAPHICS, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	INDEMNITEE

 	 
	 	 	 
	 	 	 

 

- 2 -Filed by Bowne Pure Compliance

Exhibit 10.1

Note No. 44958155/10000

REVOLVING CREDIT NOTE

			
	 	 	 
	 
	 	St. Louis, Missouri
	US $10,000,000.00
	 	January 1, 2009

For value received, the undersigned, Zoltek Companies, Inc., a Missouri corporation, Zoltek
Corporation, a Missouri corporation, (individually and collectively hereinafter “Borrowers”; all
references to “Borrowers” or “Borrower” shall mean each and all of the Borrowers), hereby jointly
and severally promise to pay to the order of Southwest Bank of St. Louis (the “Bank”), in lawful
money of the United States of America, the principal sum of Ten Million Dollars and no/00
($10,000,000.00), or if less, the amount outstanding under the Credit Agreement (as hereinafter
defined), together with interest from the date hereof at the rate provided for in the Credit
Agreement. Principal and interest of this Note shall be payable at the time or times provided in
the Credit Agreement.

This Revolving Credit Note (this “Note”) is the Revolving Credit Note referred to in, and is
issued pursuant to, that certain Credit Agreement between the Borrowers and the Bank dated even
date herewith (as amended or otherwise modified from time to time, the “Credit Agreement”), and is
entitled to all of the benefits and security of the Credit Agreement. All of the terms, covenants
and conditions of the Credit Agreement and all other instruments evidencing or securing the
indebtedness hereunder are hereby made a part of this Note and are deemed incorporated herein in
full. All capitalized terms used herein, unless otherwise specifically defined in this Note, shall
have the meanings ascribed to them in the Credit Agreement.

This Note is secured by the Collateral described in the Credit Agreement.

Interest hereunder shall be computed on, the basis of actual days elapsed over the period of a
360-day year. Upon or after the occurrence and during the continuation of any Event of Default,
the outstanding principal balance of this Note shall bear interest at a variable rate per annum
equal to the Default Rate until the principal balance of this Note is paid in full.

In no contingency or event whatsoever, whether by reason of advancement of the proceeds hereof
or otherwise, shall the amount paid or agreed to be paid to the Bank for the use, forbearance or
detention of money advanced hereunder exceed the highest lawful rate permissible under any law
which a court of competent jurisdiction may deem applicable hereto.

The Borrowers may prepay this Note, in whole or in part, at any time without premium or
penalty, together with accrued interest on the principal amount so prepaid at the prepayment date.

The termination of the Credit Agreement or the occurrence of an Event of Default shall entitle
the Bank, at its option, to declare the then outstanding principal balance and accrued interest
hereon to be, and the same shall thereupon become, immediately due and payable without notice to or
demand upon the Borrowers, all of which the Borrowers hereby expressly waive.

Time is of the essence of this Note. To the fullest extent permitted by applicable law, the
Borrowers, for themselves and their successors and assigns, expressly waive presentment, demand,
protest, notice of dishonor, and any and all other notices, demands and consents in connection with
the delivery, acceptance, performance, default or enforcement of this Note, and hereby consent to
any extensions of time, renewals, releases or any parties to or guarantors of this Note, waivers
and any other modifications that may be granted or consented to by the Bank from time to time in
respect of the time of payment or any other provision of this Note.

 

 

 

Wherever possible each provision of this Note shall be interpreted in such a manner as to be
effective and valid under applicable law, but if any provision of this Note shall be prohibited or
invalid under applicable law, such provision shall be ineffective to the extent of such prohibition
or invalidity without invalidating the remainder of such provision or remaining provisions of this
Note. No delay or failure on the part of the Bank in the exercise of any right or remedy hereunder
shall operate as a waiver thereof, nor as an acquiescence in any default, nor shall any single or
partial exercise by the Bank of any right or remedy preclude any other right, or remedy. The Bank,
at its option, may enforce its rights against any collateral securing this Note without enforcing
its rights against the Borrowers, any guarantor of the indebtedness evidenced hereby or any other
property or indebtedness due or to become due to the Borrowers. The Borrowers agree that, without
releasing or impairing the Borrowers’ liability hereunder, the Bank may at any time release,
surrender, substitute or exchange any collateral securing this Note and may at any time release any
party primarily or secondarily liable for the indebtedness evidenced by this Note.

This Note shall be governed by, and construed and enforced in accordance with, the internal
laws of the State of Missouri.

BORROWERS HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY (WHICH BANK ALSO WAIVES) IN ANY ACTION,
SUITE, PROCEEDING OR COUNTERCLAIM OF ANY KIND ARISING OUT OF OR RELATING TO THIS NOTE OR ANY OF THE
LOAN DOCUMENTS, THE COLLATERAL, OR BANK’S CONDUCT IN RESPECT OF ANY OF THE FOREGOING.

IN WITNESS WHEREOF, the Borrowers have caused this Note to be executed and delivered by their
respective duly authorized representatives as of the date first above written.

	 	 	 	 	 
	 	ZOLTEK COMPANIES, INC.

 	 
	 	By:  	                                              /s/ Zsolt Rumy
 	 
	 	 	Name:  	Zsolt Rumy 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	ZOLTEK CORPORATION

 	 
	 	By:  	                                              /s/ Zsolt Rumy
 	 
	 	 	Name:  	Zsolt Rumy 	 
	 	 	Title:  	Chief Executive OfficerFiled by Bowne Pure Compliance

Exhibit 10.2

Southwest Bank of St. Louis

St. Louis Commercial Lending

Mr. Robert Witterschein

13205 Manchester Rd

Des Peres, Missouri 63131

February 6, 2009

Dear Mr. Witterschein:

In respect to the Credit Agreement (the “Agreement”), dated as of May 11, 2001 and as amended,
between Southwest Bank of St. Louis (the “Bank”) and Zoltek Companies, Inc., Zoltek Corporation,
Engineering Technology Corporation, and Zoltek Properties, Inc., (collectively, the “Borrowers”),
the Bank hereby confirms the following via execution below:

	 	•	 	The Bank hereby waives compliance with financial covenants contained in Section 6.03 of
the Agreement. Such waiver is effective from and including Janaury 2, 2008 through all
covenant testing dates prior to and including December 31, 2008.

	 	•	 	Section 6.03—Specific Financial Covenants of the Agreement is hereby deleted in its
entirety effective January 1, 2009.

	 	•	 	The applicable definition set forth in Section 1.01 of the Agreement is hereby deleted
and replaced with the following:

Borrowing Base — At any date of determination, an amount equal to: (i) eighty
percent (80%) of the face amount of Eligible Accounts outstanding at such date;
plus (ii) the Eligible Inventory Advance Amount; minus (iii) the
aggregate undrawn face amount of all outstanding letters of credit issued by the Bank
for the account of any one or more of the Borrowers (excluding the Appeal Bond Letter of
Credit). In no event, however, shall the amount advanced by the Bank pursuant to the
Borrowing Base exceed Ten Million and no/100 Dollars ($10,000,000.00).

	 	•	 	Section 3.02 of the Agreement is hereby deleted in its entirety and replaced by the
following:

Term of Revolving Credit Facility — Subject to the Bank’s right to cease making
Loans to the Borrowers at any time upon or after the occurrence and during the
continuation of any Default or Event of Default, the Borrowers shall be entitled to
request advances under the Revolving Credit Note for the period from the date hereof to
and including January 1, 2010 (the “Revolving Loan Maturity Date”). In no event may the
Borrowers terminate this Agreement until the Borrowers have repaid all Loans and
otherwise paid and performed their Obligations hereunder. All indemnities given by the
Borrowers to the Bank under any of the Loan Documents shall survive the repayment of the
Loans and the termination of the Agreement.

Your prompt attention to this matter is greatly appreciated.

Sincerely,

/s/ Andrew W. Whipple

Andrew W. Whipple

Chief Accounting Officer

Cc: Zsolt Rumy

Acknowledgement by Southwest Bank of St. Louis:

	 	 	 	 	 	 	 
	Signed:

	 	/s/ Robert Witterschein
	 	Dated:
	 	2/9/09
	 

	 	 
	 	 	 	 
	Print Name:

	 	Robert Witterschein
	 	Title:
	 	President

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