Document:

EXHIBIT
10.4

FIRST AMENDMENT TO LOAN AGREEMENT

THIS AGREEMENT made
effective as of August 16, 2006, by and between FIRST NATIONAL BANK, a national banking association (“Lender”)
and GRANITE CITY FOOD & BREWERY, LTD.,
a Minnesota corporation (formerly known as Founders Food & Firkins, Ltd.) (“Borrower”)

Preliminary Statement of Facts

1.             Borrower is indebted to Lender under a certain Loan
Agreement (the “Loan Agreement”) dated July 19, 2001, in the original principal
amount of $1,500,000.00 (the “Loan”). 
Unless otherwise defined herein, capitalized terms shall have the
meaning provided in the Loan Agreement.

2.             Borrower’s obligations under the Loan Agreement is
evidenced and secured by the following:

(a)                                  that
certain $1,500,000 Term Note, in the amount of $1,500,000.00, dated July 19,
2001, from Borrower in favor of Lender;

(b)                                 that
certain Mortgage-Short-Term-Mortgage Redemption Leasehold Mortgage, Security
Agreement, Fixture Financing Statement with Assignment of Leases and Rents (the
“Mortgage”) from Borrower in favor of Lender dated [to be determined], recorded
by the Cass County Recorder on [to be determined], as Document No. [to be
determined];

(c)                                  that
certain Security Agreement, dated July 19, 2001, by and between Lender and
Borrower;

(d)                                 that
certain UCC-1 Financing Statement filed with the North Dakota Secretary of
State on July 30, 2001, as Document No. 01-001030571;

(e)                                  that
certain UCC-1 Financing Statement filed with the Minnesota Secretary of State
on July 30, 2001, as Document No. 20011224805;

(f)                                    that
certain Assignment of Leases and Rents, dated July 19, 2001, by Borrower in
favor of Lender;

(g)                                 that
certain Limited Guaranty dated July 19, 2001, by Arthur E. Pew III in favor of
Lender;

(h)                                 that
certain Guaranty, dated July 19, 2001, by Steven Wagenheim in favor of Lender;

(i)                                     that
certain Guaranty, dated July 19, 2001, by William Burdick in favor of Lender;

 

(j)                                     that
certain Environmental and ADA Indemnification Agreement, dated July 19, 2001,
by Borrower in favor of Lender; and

(k)                                  that
certain Landlord’s Consent and Agreement dated July 19, 2001, by Borrower’s
landlord in favor of Lender.

3.             That as of the date hereof, the unpaid principal balance
of the Loan is $1,350,534.16.

4.             Borrower has requested that Lender agree to amend
certain terms of the Loan Documents.

5.             The Lender agrees to Borrower’s request upon the
following terms and conditions.

NOW, THEREFORE, in
consideration of the mutual covenants and conditions contained herein, Lender
and Borrower agree as follows:

1.             Recitals.  The above recitals are incorporated herein by
this reference.

2.             Definitions.

“Loan Documents” is hereby amended to mean the Loan
Documents as amended pursuant to this Agreement.

“Guaranties” is hereby amended to mean the Guaranty of
Steve Wagenheim.  All references to
Guaranties are amended to refer to the Guaranty.

“Guarantors” is hereby
deleted.

“Guarantor” means Steve
Wagenheim.

“Project” is hereby amended to mean a 10,000 square
foot Granite City Food & Brewery facility located at 1636 SW 42nd Street, Fargo, North Dakota;

3.             Conditions Precedent.  The Lender’s obligation to amend the Loan
Documents shall be subject to the conditions precedent that the Lender shall
have received all of the following, each in form and substance satisfactory to
Lender:

(a)           This
Agreement properly executed on behalf of Borrower;

(b)              The Allonge to Term Note properly executed by Borrower;

(c)           The
Amendment of Mortgage;

(d)           First
Amendment to Security Agreement;

(e)           Reaffirmation
of Guaranty by Steven Wagenheim;

 2
 

 

(f)            Landlord
Estoppel and Consent;

(g)                                 A
copy of the resolution of the Board of Directors of Borrower authorizing this
Agreement and the other documents and instruments to be delivered pursuant
hereto (the “Closing Documents”) and authorizing an officer of the Borrower to
execute and deliver the Closing Documents on behalf of the Borrower and
ratifying all documents previously delivered by Borrower to Lender;

(h)                                 Evidence
that all costs payable by Borrower pursuant to paragraph 6 of this Agreement
have been paid;

(i)                                     An
opinion of counsel for the Borrower opining, among other things, that:  (a) the Borrower is a corporation, validly
formed, duly existing and in good standing under the laws of the State of
Minnesota, and that the Borrower’s officer has full power and authority to
execute the Closing Documents; (b) the Closing Documents are valid and binding
obligations of the Borrower, enforceable in accordance with their terms, and
have been duly authorized and executed on behalf of the Borrower; (c) the
execution and delivery of the Closing Documents, and the performance thereunder
by the Borrower, shall not result in a breach of or constitute a default under
any mortgage, lease, bank loan, credit arrangement, or other instrument to
which the Borrower is a party or by which the Borrower or any of its property
may be bound or affected; and (d) such other opinions as the Lender and its
counsel shall reasonably require.  The
opining counsel and the form and content of the opinion shall be satisfactory
to the Lender and its counsel in all respects; and

(j)                                     Such
other documentation as is reasonably necessary to accomplish the purposes
intended under this Agreement and that the Lender may reasonably request.

4.             Representations and Warranties.  Borrower represents and warrants to Lender as
follows:

(a)                                  Borrower
is a corporation validly existing and in good standing under the laws of the
State of Minnesota and Borrower has the power and authority to execute, deliver
and perform its obligations under the Closing Documents and the Loan Documents,
as such Loan Documents may be amended and/or modified pursuant to the
provisions of this Agreement;

(b)                                 The
Loan Documents, as such Loan Documents may be amended and/or modified pursuant
to the provisions of the Closing Documents constitute valid and legally binding
obligations of the Borrower and are enforceable against the Borrower and its
properties in accordance with their terms; that, except only as may be
expressly provided in this Agreement, this Agreement is not intended to be, and
shall not be deemed or construed to be, a modification, amendment or waiver of
the Loan Documents, or any of them; that the Borrower has no defenses, setoffs,
objections, claims, counterclaims, causes of action of any kind or nature
whatsoever with respect to the Loan Documents or the indebtedness evidenced

 3
 

 

and secured thereby, or with respect to any
other documents or instruments now or hereafter evidencing, securing or in any
way relating to the Loan, or with respect to the administration or funding of
the Loan; and that Borrower does hereby expressly waive, release and relinquish
all such defenses, setoffs, objections, claims, counterclaims and causes of
action;

(c)                                  Borrower
has received no notice with respect to, and to the best of its knowledge, there
are not any violations of, any past or present governmental regulations,
ordinances, statutes, codes, or orders of any type, formal or informal, with
respect to the collateral granted pursuant to the Loan Documents;

(d)                                 There
is no actual or threatened litigation involving or affecting the Borrower or
Guarantor, or any of their properties, which may have a materially adverse
effect on the financial conditions or operations of such persons; and

(e)                                  The
covenants, warranties and representations of Borrower in the Loan Documents
remain true and correct.

5.             Amendments to Loan Documents.  Upon satisfaction of the conditions precedent
set forth above, the Loan Documents shall be amended as follows:

(a)                                  The
Maturity Date (as defined in the Loan Documents) is extended from February 19,
2007 to August 15, 2011;

(b)                                 The
“Loan” and all Loan Documents are amended to reference the current unpaid
principal balance of $1,350,534.16;

(c)                                  All
references in the Loan Documents to “Borrower” are hereby amended to refer to
Granite City Food & Brewery, Ltd., formerly known as Founders Food &
Firkins, Ltd.;

(d)                                 The
Limited Guaranty of Arthur E. Pew III and the Guaranty of William Burdick are
hereby terminated;

(e)                                  Section
5.2(a) of the Loan Agreement is hereby deleted in its entirety;

(f)                                    Section
5.2(b) of the Loan Agreement is hereby deleted and replaced with the following:

“Create or suffer to
exist any Lien on the Premises or other Collateral (as each such term is
defined in the Leasehold Mortgage dated July 19, 2001 from the Borrower in
favor of the Bank, as amended) except (i) Liens in favor of the Bank, (ii)
other Liens permitted by the Leasehold Mortgage or Security Agreement, and
(iii) purchase money Liens that secure indebtedness incurred to purchase fixed
assets, provided such Liens attach only to the fixed assets so purchased.”

 4
 

 

(g)                                 The
Security Agreement is amended to limit the Lender’s lien and security interests
for this Loan to the Borrower’s collateral located at the Project; and

(h)                                 Borrower
consents to Lender filing amended UCC-1 Financing Statements with the Cass
County, North Dakota Recorder and the Minnesota Secretary of State consistent
with this Agreement.

6.             Loan Terms.  Except only as may be amended and/or modified
herein, all of the terms, conditions and covenants of the Loan Documents shall
remain in full force and effect.  Breach
of any of the representations and warranties in this Agreement or failure by
the Borrower to perform any of the terms, covenants and conditions of this
Agreement shall constitute an event of default under each of the Loan
Documents.

7.             Costs and Expenses.  Borrower paid Lender the first half of an
extension fee of $6,875.00, with the remainder of $3,437.50 due upon execution
of this Agreement.  Borrower shall also
pay on demand all costs and expenses in connection with the preparation and
negotiation of this Agreement and the consummation of the transactions
contemplated hereunder, including the attorneys’ fees of the Lender.

 5
 

 

IN WITNESS WHEREOF,
Lender and Borrower have executed this Agreement as of the day and year first
above written.

NOTICE:  LENDER HAS THE RIGHT TO PROCEED TO OBTAIN AND
COLLECT A DEFICIENCY JUDGMENT, TOGETHER WITH FORECLOSURE OF THE REAL PROPERTY
MORTGAGED UNDER APPLICABLE LAW.

	
  

  	
  LENDER:

  
	
   

  	
   

  
	
   

  	
  FIRST
  NATIONAL BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Shad Ludeman

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
    Commercial
  Loan Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  GRANITE
  CITY FOOD & BREWERY, LTD.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven J.
  Wagenheim

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
  President

  	
   

  	
   

  
								

 

 6Exhibit
10.1

 

Extension Of Employment Agreement

This will confirm
that the term of the Employment Agreement between Ibis Technology Corporation (“Ibis”)
and Martin J. Reid dated November 12, 2003 (The “Agreement”) is extended
by one year, to December 31, 2007 on the same terms and conditions as set forth
in the Agreement. During this extended term, Mr. Reid will continue to serve as
Chairmen, President and CEO of Ibis Technology Corporation.

	
  Ibis Technology Corporation

  	
   

  	
  Martin Reid

  
	
  /s/ Ibis Technology Corporation

  	
   

  	
  /s/ Martin Reid

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated: August 17, 2006

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}]]