Document:

Exhibit 10.3

Exhibit 10.3

October 15, 2010

Mr. Donald P. Bunnell

Re: Extension of Employment Agreement

Dear Don:

This letter relates to your employment agreement with us dated July 14, 2006, as amended on
August 13, 2009. The employment period, as specified in paragraph 1 of your employment agreement,
expired on August 31, 2010. By execution of this letter, you acknowledge and agree that the
employment period in your employment agreement shall be extended to August 31, 2011. This letter
does not affect any other terms of your employment agreement. If you have any questions regarding
this matter, please let me know.

	 	 	 	 	 
	 	SYNTHESIS ENERGY SYSTEMS, INC.

 	 
	 	/s/ Robert Rigdon
 	 
	 	Robert Rigdon 	 
	 	President and Chief Executive Officer 	 
	 

ACKNOWLEDGED AND AGREED

as of October 15, 2010

	 	 	 
	/s/ Donald P. Bunnell
 

Donald P. Bunnellexv10wk

Exhibit 10(k)

	 	 	 
	Customer No.

	 	           
                
                 
         
	Loan No.

	 	         
                
               
             

RBC BANK (USA)

SECOND AMENDMENT TO 

$17,000,000 COMMERCIAL PROMISSORY NOTE: C & I

     This Second Amendment to $17,000,000 Commercial Promissory Note: C & I (this “Amendment”) is
made and entered into as of September ___, 2010 by and between VIDEO DISPLAY CORPORATION, a Georgia
corporation (“Parent”), LEXEL IMAGING SYSTEMS, INC. (“Lexel”), FOX INTERNATIONAL, LTD., INC.
(“Fox”), Z-AXIS, INC. (“Z-Axis”), TELTRON TECHNOLOGIES, INC. (“Teltron”) and AYDIN DISPLAYS, INC.
(“Aydin” and together with Lexel, Fox, Z-Axis and Teltron, collectively, the “Subsidiaries”; and
the Subsidiaries, together with Parent, collectively, the “Borrower”), and RBC BANK (USA) (formerly
known as RBC Centura Bank) (the “Bank”);

WITNESSETH:

     WHEREAS, the Borrower and the Bank have made and entered into that certain Loan and Security
Agreement, dated as of September 26, 2008, as amended by that certain Amendment to Loan and
Security Agreement and Waiver, dated as of August 14, 2009, between Bank and Borrower, as amended
by that certain Second Amendment to Loan and Security Agreement, dated as of February 26, 2010 (the
“Loan Agreement”);

     WHEREAS, pursuant to the Loan Agreement, the Bank has extended to the Borrower, among other
things a primary revolving loan facility in the original principal amount of up to $17,000,000,
which primary revolving loan is evidenced by a renewal promissory note, dated as of August 14,
2009, from Borrower to the order of the Bank in the principal amount of $17,000,000, as amended as
of May 20, 2010 (the “Original Primary Revolving Note” and, as amended hereby, the “Primary
Revolving Note”; capitalized terms used herein and not otherwise defined shall have the meanings
ascribed thereto in the Primary Revolving Note);

     WHEREAS, the Borrower desires to amend certain provisions of the Primary Revolving Note, and
the Bank is willing to agree to the same on the terms and conditions set forth herein;

     NOW THEREFORE, for and in consideration of the foregoing and for ten dollars ($10.00) and
other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
the parties hereto agree as follows:

 

 

ARTICLE 1.

Amendments to Original Primary Revolving Note

     Section 1.1 Amendment. Section 2.1 of the Original Primary Revolving Note is hereby amended
in its entirety to read as follows:

Section 2.1. Payment Terms. Interest shall be payable monthly, in arrears,
beginning September 1, 2009 and continuing on the first day of each consecutive
month thereafter until November 30, 2010 (“Maturity Date”), when one final payment
of the entire balance of principal, interest, fees, premiums, charges and costs and
expenses then outstanding on this Note shall be due and payable in full.

     Section 1.2 Entire Agreement; No Novation or Release. The Original Primary Revolving Note,
together with this Amendment, reflects the entire understanding with respect to the subject matter
contained herein, and supersedes any prior agreements, whether written or oral. This Amendment is
not intended to be, and shall not be deemed or construed to be, a satisfaction, novation or release
of the Primary Revolving Note or any other Loan Document. Except as expressly amended hereby, all
representations, warranties, terms, covenants and conditions of the Primary Revolving Note and the
other Loan Documents shall remain unamended and unwaived and shall continue in full force and
effect.

     Section 1.3 Choice of Law; Successors and Assigns. This Amendment shall be construed and
enforced in accordance with and governed by the internal laws (as opposed to the conflicts of laws
provisions) of the State of Georgia. This Amendment shall be binding upon and shall inure to the
benefit of the parties hereto and their respective successors and assigns.

 

 

WITNESS the hand and seal of each of the undersigned as of the date first written above.

	 	 	 	 	 	 	 

	BORROWER:

	 	 	 	 
	 
	 	 	 	 	 	 
	VIDEO DISPLAY CORPORATION	 	Attest:	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	 

	 	Ronald D. Ordway, its CEO
	 	Gregory L. Osborn, CFO	 	 
	 
	 	 	 	 	 	 
	 

	 	[SEAL]	 	 	 	 
	 
	 	 	 	 	 	 
	LEXEL IMAGING SYSTEMS, INC.	 	Attest:	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	 

	 	Ronald D. Ordway, its CEO
	 	Gregory L. Osborn, CFO	 	 
	 
	 	 	 	 	 	 
	 

	 	[SEAL]	 	 	 	 
	 
	 	 	 	 	 	 
	FOX INTERNATIONAL, LTD., INC.	 	Attest:	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	 

	 	Ronald D. Ordway, its CEO
	 	Gregory L. Osborn, CFO	 	 
	 
	 	 	 	 	 	 
	 

	 	[SEAL]	 	 	 	 
	 
	 	 	 	 	 	 
	Z-AXIS, INC.	 	Attest:	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	 

	 	Ronald D. Ordway, its CEO
	 	Gregory L. Osborn, CFO	 	 
	 
	 	 	 	 	 	 
	 

	 	[SEAL]	 	 	 	 
	 
	 	 	 	 	 	 
	TELTRON TECHNOLOGIES, INC.	 	Attest:	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	 

	 	Ronald D. Ordway, its CEO
	 	Gregory L. Osborn, CFO	 	 
	 
	 	 	 	 	 	 
	 

	 	[SEAL]	 	 	 	 
	 
	 	 	 	 	 	 
	AYDIN DISPLAYS, INC.	 	Attest:	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	 

	 	Ronald D. Ordway, its CEO
	 	Gregory L. Osborn, CFO	 	 
	 
	 	 	 	 	 	 
	 

	 	[SEAL]	 	 	 	 

 

 

	 	 	 	 	 
	BANK:	 	 	 	 
	 
	RBC BANK (USA)

 	 	 
	By:  	 	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 
	 

The undersigned Guarantor acknowledges and consents to the foregoing Amendment, as of the date
first written above.

	 	 	 	 	 
	
 	 	 
	RONALD D. ORDWAY 	 	 
	 	 	 

 

 

	 	 	 

	Customer No.

	 	          
                
              
             
	Loan No.

	 	         
                
               
             

RBC BANK (USA)

SECOND AMENDMENT TO 

$3,500,000 COMMERCIAL PROMISSORY NOTE: C & I

     This Second Amendment to $3,500,000 Commercial Promissory Note: C & I (this “Amendment”) is
made and entered into as of September ___, 2010 by and between VIDEO DISPLAY CORPORATION, a Georgia
corporation (“Parent”), LEXEL IMAGING SYSTEMS, INC. (“Lexel”), FOX INTERNATIONAL, LTD., INC.
(“Fox”), Z-AXIS, INC. (“Z-Axis”), TELTRON TECHNOLOGIES, INC. (“Teltron”) and AYDIN DISPLAYS, INC.
(“Aydin” and together with Lexel, Fox, Z-Axis and Teltron, collectively, the “Subsidiaries”; and
the Subsidiaries, together with Parent, collectively, the “Borrower”), and RBC BANK (USA) (formerly
known as RBC Centura Bank) (the “Bank”);

WITNESSETH:

     WHEREAS, the Borrower and the Bank have made and entered into that certain Loan and Security
Agreement, dated as of September 26, 2008, as amended by that certain Amendment to Loan and
Security Agreement and Waiver, dated as of August 14, 2009, between Bank and Borrower, as amended
by that certain Second Amendment to Loan and Security Agreement, dated as of February 26, 2010 (the
“Loan Agreement”);

     WHEREAS, pursuant to the Loan Agreement, the Bank has extended to the Borrower, among other
things a secondary revolving loan facility in the original principal amount of up to $3,500,000,
which secondary revolving loan is evidenced by a renewal promissory note, dated as of February 26,
2010, from Borrower to the order of the Bank in the principal amount of $3,500,000, as amended as
of May 20, 2010 (the “Original Secondary Revolving Note” and, as amended hereby, the “Secondary
Revolving Note”; capitalized terms used herein and not otherwise defined shall have the meanings
ascribed thereto in the Secondary Revolving Note);

     WHEREAS, the Borrower desires to amend certain provisions of the Secondary Revolving Note, and
the Bank is willing to agree to the same on the terms and conditions set forth herein;

     NOW THEREFORE, for and in consideration of the foregoing and for ten dollars ($10.00) and
other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
the parties hereto agree as follows:

 

 

ARTICLE 1.

Amendments to Original Secondary Promissory Note

     Section 1.1 Amendment. Section 2.1 of the Original Secondary Revolving Note is hereby amended
in its entirety to read as follows:

Section 2.1. Payment Terms. Interest shall be payable monthly, in arrears,
beginning April 1, 2010 and continuing on the first day of each consecutive month
thereafter until September 30, 2010 (“Maturity Date”), when one final payment of the
entire balance of principal, interest, fees, premiums, charges and costs and
expenses then outstanding on this Note shall be due and payable in full.

     Section 1.2 Entire Agreement; No Novation or Release. The Original Secondary Revolving Note,
together with this Amendment, reflects the entire understanding with respect to the subject matter
contained herein, and supersedes any prior agreements, whether written or oral. This Amendment is
not intended to be, and shall not be deemed or construed to be, a satisfaction, novation or release
of the Secondary Revolving Note or any other Loan Document. Except as expressly amended hereby, all
representations, warranties, terms, covenants and conditions of the Secondary Revolving Note and
the other Loan Documents shall remain unamended and unwaived and shall continue in full force and
effect.

     Section 1.3 Choice of Law; Successors and Assigns. This Amendment shall be construed and
enforced in accordance with and governed by the internal laws (as opposed to the conflicts of laws
provisions) of the State of Georgia. This Amendment shall be binding upon and shall inure to the
benefit of the parties hereto and their respective successors and assigns.

 

 

WITNESS the hand and seal of each of the undersigned as of the date first written above.

	 	 	 	 	 	 	 

	BORROWER:

	 	 	 	 
	 
	 	 	 	 	 	 
	VIDEO DISPLAY CORPORATION	 	Attest:	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	 

	 	Ronald D. Ordway, its CEO
	 	Gregory L. Osborn, CFO	 	 
	 
	 	 	 	 	 	 
	 

	 	[SEAL]	 	 	 	 
	 
	 	 	 	 	 	 
	LEXEL IMAGING SYSTEMS, INC.	 	Attest:	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	 

	 	Ronald D. Ordway, its CEO
	 	Gregory L. Osborn, CFO	 	 
	 
	 	 	 	 	 	 
	 

	 	[SEAL]	 	 	 	 
	 
	 	 	 	 	 	 
	FOX INTERNATIONAL, LTD., INC.	 	Attest:	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	 

	 	Ronald D. Ordway, its CEO
	 	Gregory L. Osborn, CFO	 	 
	 
	 	 	 	 	 	 
	 

	 	[SEAL]	 	 	 	 
	 
	 	 	 	 	 	 
	Z-AXIS, INC.	 	Attest:	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	 

	 	Ronald D. Ordway, its CEO
	 	Gregory L. Osborn, CFO	 	 
	 
	 	 	 	 	 	 
	 

	 	[SEAL]	 	 	 	 
	 
	 	 	 	 	 	 
	TELTRON TECHNOLOGIES, INC.	 	Attest:	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	 

	 	Ronald D. Ordway, its CEO
	 	Gregory L. Osborn, CFO	 	 
	 
	 	 	 	 	 	 
	 

	 	[SEAL]	 	 	 	 
	 
	 	 	 	 	 	 
	AYDIN DISPLAYS, INC.	 	Attest:	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	 

	 	Ronald D. Ordway, its CEO
	 	Gregory L. Osborn, CFO	 	 
	 
	 	 	 	 	 	 
	 

	 	[SEAL]	 	 	 	 

 

 

	 	 	 	 	 
	BANK:	 	 	 	 
	 
	RBC BANK (USA)

 	 	 
	By:  	 	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 
	 

The undersigned Guarantor acknowledges and consents to the foregoing Amendment, as of the date
first written above.

	 	 	 	 	 
	
 	 	 
	RONALD D. ORDWAY

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00179-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00179-of-00352.parquet"}]]