EXHIBIT 10.3
AMENDMENT NO. 1 TO
AGREEMENT TO EXTEND AND AMEND LOAN AND SECURITY AGREEMENT
This Amendment No. 1 (the "Amendment") is entered into this 7th day of April
2004 by and between the Estate of Xxxxxxx X. Xxxxxx, 0000 Xxxx Xxxx Xxxxxx,
Xxxxxxxxx, XX 00000 (the "Estate") and Dotronix, Inc., a Minnesota corporation,
with its principal place of business located at 000 Xxxxx Xxxxxx X.X., Xx. Xxxx
Xxxxxxxxx 00000-0000 ("Dotronix"), to amend that Agreement to Extend and Amend
Loan and Security Agreement dated November 5, 2003 (the "Agreement") between the
Estate and Dotronix.
WHEREAS, the Agreement provided for the transfer of certain real property of
Dotronix to the Estate; and
WHEREAS, in the meantime the parties have agreed that such real property shall
be sold to a third party instead of being transferred to the Estate and that the
proceeds from such sale shall be paid to the Estate;
NOW, THEREFORE, in consideration of the premises and the mutual covenants
contained in this Amendment, the parties hereto agree as follows:
1. Section 1 of the Agreement is deleted and replaced with the following
language:
"Dotronix shall sell to a third party the real estate in Eau Claire,
Wisconsin, that is more fully described in Exhibit A hereto and shall pay
$465,000.00 from such sale, less $17,132.68 for fees and expenses payable
upon the closing of the sale (the "Sales Proceeds") to the Estate. Such
payment shall be made upon the closing of the sale of the real estate. Upon
payment of the Sales Proceeds to the Estate, the principal amount due and
owing under the Loan and Security Agreement dated February 23, 2000 (the
"Loan Agreement"), as amended, originally entered into by and between
Xxxxxxx X. Xxxxxx and Dotronix, shall be reduced from $1,000,000 to
$150,000."
2. Section 4 of the Agreement is deleted.
3. In Section 5 of the Agreement, the phrase "and upon transfer of title and
ownership of the Eau Claire, Wisconsin property" is deleted.
4. Section 6 and Section 7(d) of the Agreement are deleted.
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
on the day and year first above written.
The Estate of Xxxxxxx X. Xxxxxx
By its Personal Representatives
/s/ Xxxxxxx X. Xxxxxx
Xxxxxxx X. Xxxxxx
/S/ XXXX X. XXXXXX
Xxxx X. Xxxxxx
/s/ Xxxx X. Xxxxxx
Xxxx X. Xxxxxx
DOTRONIX, INC.
By: /s/ Xxxxxx X. Xxxxx
Xxxxxx X. Xxxxx
Its Chief Financial Officer
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