Document:

Form of Non Negotiable Certificate - DJC and its Subsidiaries

 Exhibit 10.5(a) 
  
 Non-Negotiable Certificate 
 Representing an Employee Participant Interest in the 
 Daily Journal Corporation (“DJC”) Plan for
Supplemental Compensation 
 to an Employee, as long as that Employee Remains Employed by DJC or one of its Subsidiaries, 
 based on Pre-tax Earnings of DJC and its Subsidiaries 
 on a Consolidated Basis (“DJC Consolidated”) 
             
            , 2003 
  
 This non-negotiable certificate represents the right of
                                 (the “Employee”) to receive, in
addition to all other compensation due or awarded: 
  

	 	(1)	 	in December 2003,             /1,805,053 of the pre-tax earnings of DJC Consolidated for the year ended September
30, 2003; plus 

  

	 	(2)	 	in December of each of the following nine years, the same fraction of the pre-tax earnings of DJC Consolidated for the year ended the preceding September 30.

  
 If more shares of DJC are issued for consideration (e.g., in a
merger or public offering), the denominator of the Employee’s fractional interest will be increased by the number of shares issued, effective with the first payment due thereafter, to reflect the share increase. Both the numerator and the
denominator of the fraction will be appropriately adjusted to reflect any changes in shares outstanding which occur without additional consideration to DJC, as in stock splits and stock dividends. 
  
 No additional payments will be made to the Employee under this or any other certificate after
the employee either (1) shall have left the employ of DJC, prior to the Employee’s reaching age 65, for any reason whatsoever (including but not limited to being unreasonably fired by DJC prior to reaching age 65) or (2) directly or indirectly
enters the employ (either as a direct or indirect employee or direct or indirect independent contractor) of any competitor of DJC or any of its subsidiaries whether such employment occurs before or after the Employee reaches age 65. 
  
 Compensation to the Employee under this certificate, and other such certificates issued to
the employee and other employees, shall not be deducted in making pre-tax earnings computations for the purpose of the Plan. Pre-tax earnings computations, for purposes of the Plan, shall be reasonable approximations made by DJC to facilitate
convenient and economical accounting practices and will be final and binding on the Employee. 
  
 Payments to be made under this non-negotiable certificate are in addition to payments to be made under unexpired certificates, if any, issued to the Employee in prior years. 
  
 IN WITNESS WHEREOF, this certificate is executed as of
                         , 2003. 
  

 

	 DAILY JOURNAL CORPORATION

		
	 By
	 	  

	 	 	Charles T. Munger, ChairmanForm of Non Negotiable Certificate - DJC's Non-Sustain Operations

 Exhibit 10.5(b) 
  
 Non-Negotiable Certificate 
 Representing an Employee Participant Interest in the 
 Daily Journal Corporation (“DJC”) Plan for
Supplemental Compensation 
 to an Employee, as long as that Employee Remains Employed by DJC or one of its Subsidiaries, 
 based on Pre-tax Earnings of DJC’s Non-Sustain Operations (“DJC Non-Consolidated”) 
  
                          , 2003 
  
 This non-negotiable certificate represents the right of
                                        
(the “Employee”) to receive, in addition to all other compensation due or awarded: 
  

	 	(1)	 	in December 2003,             /1,805,053 of the pre-tax earnings of DJC Non-Consolidated for the year ended
September 30, 2003; plus 

  

	 	(2)	 	in December of each of the following nine years, the same fraction of the pre-tax earnings of DJC Non-Consolidated for the year ended the preceding September 30.

  
 If more shares of DJC are issued for consideration (e.g., in a
merger or public offering), the denominator of the Employee’s fractional interest will be increased by the number of shares issued, effective with the first payment due thereafter, to reflect the share increase. Both the numerator and the
denominator of the fraction will be appropriately adjusted to reflect any changes in shares outstanding which occur without additional consideration to DJC, as in stock splits and stock dividends. 
  
 No additional payments will be made to the Employee under this or any other certificate after
the employee either (1) shall have left the employ of DJC, prior to the Employee’s reaching age 65, for any reason whatsoever (including but not limited to being unreasonably fired by DJC prior to reaching age 65) or (2) directly or indirectly
enters the employ (either as a direct or indirect employee or direct or indirect independent contractor) of any competitor of DJC or any of its subsidiaries whether such employment occurs before or after the Employee reaches age 65. 
  
 Compensation to the Employee under this certificate, and other such certificates issued to
the employee and other employees, shall not be deducted in making pre-tax earnings computations for the purpose of the Plan. Pre-tax earnings computations, for purposes of the Plan, shall be reasonable approximations made by DJC to facilitate
convenient and economical accounting practices and will be final and binding on the Employee. 
  
 Payments to be made under this non-negotiable certificate are in addition to payments to be made under unexpired certificates, if any, issued to the Employee in prior years. 
  
 IN WITNESS WHEREOF, this certificate is executed as of
                         , 2003. 
  
 DAILY JOURNAL CORPORATION 
  

		
	 By
	 	  

	 	 	Charles T. Munger, ChairmanForm of Non Negotiable Certificate - Sustain Technologies, Inc.

 Exhibit 10.5(c) 
  
 Non-Negotiable Certificate 
 Representing an Employee Participant Interest in the 
 Daily Journal Corporation (“DJC”) Plan for
Supplemental Compensation 
 to an Employee, as long as that Employee Remains Employed by DJC or one of its Subsidiaries, 
 based on Pre-tax Earnings of Sustain Technologies Inc. (“Sustain”) 
  
                                  , 2003 
  
 This non-negotiable certificate represents the right of
                                     (the
“Employee”) to receive, in addition to all other compensation due or awarded: 
  

	 	(1)	 	in December 2003,             /1,805,053 of the pre-tax earnings of Sustain for the year ended September 30, 2003;
plus 

  

	 	(2)	 	in December of each of the following nine years, the same fraction of the pre-tax earnings of Sustain for the year ended the preceding September 30. 

  
 If more shares of DJC are issued for consideration (e.g., in a merger or public offering),
the denominator of the Employee’s fractional interest will be increased by the number of shares issued, effective with the first payment due thereafter, to reflect the share increase. Both the numerator and the denominator of the fraction will
be appropriately adjusted to reflect any changes in shares outstanding which occur without additional consideration to DJC, as in stock splits and stock dividends. 
  
 No additional payments will be made to the Employee under this or any other certificate after the employee either (1) shall have left the
employ of DJC, prior to the Employee’s reaching age 65, for any reason whatsoever (including but not limited to being unreasonably fired by DJC prior to reaching age 65) or (2) directly or indirectly enters the employ (either as a direct or
indirect employee or direct or indirect independent contractor) of any competitor of DJC or any of its subsidiaries whether such employment occurs before or after the Employee reaches age 65. 
  
 Compensation to the Employee under this certificate, and other such certificates issued to
the employee and other employees, shall not be deducted in making pre-tax earnings computations for the purpose of the Plan. Pre-tax earnings computations, for purposes of the Plan, shall be reasonable approximations made by DJC to facilitate
convenient and economical accounting practices and will be final and binding on the Employee. 
  
 Payments to be made under this non-negotiable certificate are in addition to payments to be made under unexpired certificates, if any, issued to the Employee in prior years. 
  
 IN WITNESS WHEREOF, this certificate is executed as of
                         , 2003. 
  
 DAILY JOURNAL CORPORATION 
  

		
	 By
	 	 
	 	

	 	 	Charles T. Munger, ChairmanLoan Revision Agreement

 Exhibit 10.11 
  
 LOAN REVISION AGREEMENT 
  

	TO: CITY NATIONAL BANK	 	LOAN NO. 422525-65393

  
 This Loan Revision Agreement
(“Agreement”) dated September 12, 2003, refers to the loan evidenced by a promissory note (“Note”) dated January 2, 2001, in favor of City National Bank, a national banking association (“CNB”)
executed by Daily Journal Corporation, a South Carolina corporation (“Borrower”), in the amount of $2,000,000.00, payable in full on March 1, 2016, subject to the installment maturities therein, if any. The Note
is secured by a deed of trust dated January 2, 2001 executed by Borrower for the benefit of CNB (hereinafter referred to as the “encumbrance”), recorded on February 13, 2001, as Instrument No. 01-0232153, in the
Recorder’s Office of Los Angeles County, State of California. 
  
 As
of the date hereof, the Note has an outstanding unpaid principal balance of $1,808,377.26, on which interest is paid to September 1, 2003. 
  
 The Borrower hereby requests that CNB revise the terms of the Note and that CNB accept payment thereof at the time, or times, and in the manner as follows: 
  
 1. Effective October 1, 2003, the “Interest Rate” as defined in the first
paragraph on page 1 of the Note is amended from 8.02% to 6.84%. 
  
 2. The
second paragraph on page 1 of the Note is deleted in its entirety, and replaced with the following language: 
  
 Principal and interest together are payable in installments of Eighteen Thousand Sixty-Eight and 97/100 Dollars ($18,068.97) each month commencing
November 1, 2003, and continuing thereafter on the same day of each month, until maturity, as above stated, when all unpaid interest and principal shall be payable. 
  
 In consideration of CNB’s acceptance of the revision of the Note, including the time for payment thereof, all as set forth above, the
Borrower does hereby acknowledge and admit to such indebtedness, and further does unconditionally agree to pay such indebtedness together with interest thereon within the time and in the manner as revised in accordance with the foregoing, together
with any and all attorneys’ fees, costs of collection and any other sums secured by the encumbrance. 
  
 Subject to applicable California law, any and all security for the principal obligation held by CNB, including the encumbrance, may be enforced by CNB concurrently or independently of each other, and in such order as
CNB may determine; and with reference to any such security in addition to the encumbrance, CNB may, without consent of or notice to Borrower, exchange, substitute or release such security without affecting the liability of the Borrower, and CNB may
release any one or more parties hereto or to the above obligation, or permit the liability of said party or parties to terminate without affecting the liability of any other party or parties liable thereon. 

 This Agreement is a revision only, and not a novation; and except as herein provided, all of the terms and conditions of
the Note and the encumbrance shall remain unchanged and in full force and effect. 
  
 When more than one Borrower signs this Agreement, all agree: 
  

	 	a.	 	That where in this Agreement the word “Borrower” appears, it shall read “each Borrower”; 

  

	 	b.	 	That breach of any covenant by any Borrower may, at CNB’s option, be treated as breach by all Borrowers; 

  

	 	c.	 	That the liability and obligations of each Borrower are joint and several. 

  
 Failure of Borrower to return the executed original of this Agreement to CNB not later than September 30, 2003, shall render this Agreement void and of no effect,
and any Event of Default now existing in respect of the Note shall be continuing and subject to all of the rights and remedies ascribed to CNB under the Note, the encumbrance and the law. 
  

	 “Borrower”
	 	 	 	 Daily Journal Corporation, a
 South Carolina corporation

					
	 	 	 	 	 	 	 By:
	 	 /s/    Gerald L.
Salzman        

	 	 	 	 	 	 	 	 	Gerald L. Salzman
	 	 	 	 	 	 	 Its:
	 	President

  
 The foregoing Agreement is accepted
this 12th day of September, 2003. 
  

	 “CNB”
	 	 	 	 City National Bank, a national
 banking association

					
	 	 	 	 	 	 	By:	 	 /s/    Steve
Tsoflias        

	 	 	 	 	 	 	 	 	Steve Tsoflias
	 	 	 	 	 	 	 Its:
	 	Vice President

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