EXHIBIT 10.2
FOURTH AMENDMENT TO LEASE AGREEMENT
THE FOURTH AMENDMENT TO LEASE AGREEMENT (this "Amendment") is made and
entered into this 1st day of April 2004, by and between Flake & Kelley
Management, Inc. Agent for Owner, ("Landlord") and D.A.C. Technologies,
("Tenant").
RECITALS:
A. Landlord and Tenant heretofore entered into that certain Lease
Agreement (the "Original Lease") dated January 14, 1999, covering
certain premises containing approximately 5,405 square feet, located
at 1601 Westpark Drive, Little Rock, Arkansas, as more particularly
described in the Lease, at the rental and upon the terms and
conditions set forth herein. The Original Lease was modified by that
certain First Amendment to Lease Agreement dated February 12, 2001,
made and entered into by and between Landlord and Tenant extending the
lease term through January 31, 2002. The original lease was modified
by that certain Second Amendment to Lease Agreement dated February 18,
2002 made and entered into by and between Landlord and Tenant
extending the lease term through January 31, 2003. The original lease
was modified by that certain Third Amendment to Lease Agreement dated
March 25, 2003 made and entered into by and between Landlord and
Tenant extending the lease term through January 31, 2004. The Original
Lease, as modified by the Amendments, is hereinafter referred to
collectively as the "Lease".
B. Landlord and Tenant desire it extend and amend the lease in the manner
set forth below.
NOW, THEREFORE, for and in consideration of the premises, the mutual
covenants and agreements herein contained, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged and
confessed by each of the parties hereto, Landlord and Tenant hereby agree to
extend and amend the Lease as follows:
AGREEMENTS:
1. Lease in Full Force. All of the terms, covenants, provisions and
agreements contained in the Lease, including without limitation, any
exhibits and addenda thereto, shall be and remain in full force and
effect except as the same are extended and amended by this Amendment.
2. Leased Premises. Effective May 1, 2004 the leased premises shall be
modified from Suite 4C to Suites 1B and Suite 2 consisting of
approximately 16,610 square feet as outlined on the attached Exhibit
"A".
3. Lease Term. Commencing on the Commencement Date and continuing until
April 30, 2005.
4. Monthly Rent. The monthly rental shall be amended effective May 1,
2004 to $5,536.67 per month.
5. Renewal Option. In addition, if no default shall have occurred and be
continuing hereunder, Owner grants Tenant an option to extend said
lease herein for two (2) additional terms of one (1) year. The option
terms shall be exercised by Tenant sending notice to Owner not less
than ninety (90) days prior to expiration of the lease term. The
monthly rental during the cash option term shall be $6,436.38.
6. Remodel Expense. Tenant, at Tenant's expense will construct four or
five offices in the office area of the leased premises. Tenant, at
Tenant's expense will replace the carpet in the office area of the
leased premises. Tenant shall provide to Landlord a copy of the
invoices from the contractors for the work completed along with
evidence of payment made to the contractors.
7. Agency Disclosure: Flake and Kelley Management, Inc. is the Agent for
the ownership entity. John Flake and Hank Kelley are principals of
Flake and Kelley Management, Inc. and the ownership entity.
IN WITNESS WHEREOF, Landlord and Tenant have executed this amendment on the
duties shown below their signatures.
LANDLORD: Flake and Kelley Management, Inc. Agent for Owner
By: /s/ Henry Aley, Jr.
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Title: President
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Date: 4/3/04
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TENANT: D.A.C. Technologies
By: /s/ Bob Goodwin, CFO
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Title: CFO
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Date: 4/1/04
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