SECOND AMENDMENT TO CREDIT AGREEMENT
This Second Amendment to Credit Agreement (this "Amendment") is made and entered into as of the 13th day of
January, 2004, by and among ZOLTEK COMPANIES, INC., a Missouri corporation having its chief executive
office and principal place of business located at 3101 McKelvey Road, St. Louis, Missouri 63044 ("Parent"),
ZOLTEK CORPORATION, a Missouri corporation, CAPE COMPOSITES, INC., a California corporation,
ENGINEERING TECHNOLOGY CORPORATION, a Missouri corporation, and ZOLTEK PROPERTIES,
INC., a Missouri corporation, (individually and collectively hereinafter "Borrowers"; all references to "Borrowers"
or "Borrower" shall mean each and all of the Borrowers) and SOUTHWEST BANK OF ST. LOUIS (the
"Bank"), with an office at 13205 Manchester Road, St. Louis, Missouri 63131.
W I T N E S S E T H:
WHEREAS, Bank and Borrowers are parties to that certain Credit Agreement dated as of May 11, 2001, as
amended by that certain First Amendment to Credit Agreement dated as of February 13, 2003 (as amended, the
WHEREAS, Bank and Borrowers desire to amend the Agreement upon and subject to the terms and conditions
hereinafter set forth.
NOW, THEREFORE, in consideration of the premises, the covenants, promises and agreements hereinafter set
forth, and other good and valuable consideration, the receipt and sufficiency of which hereby is acknowledged,
the parties hereto agree as follows:
1. Amendments to the Agreement.
(a) Section 3.02 of the Agreement is hereby deleted in its entirety and replaced by the following:
3.02 TERM OF REVOLVING CREDIT FACILITY. Subject to the Bank's right to cease making Loans to the
Borrowers at any time upon or after the occurrence and during the continuation of any Default or Event of
Default, the Borrowers shall be entitled to request advances under the Revolving Credit Note for the period from
the date hereof to and including January 31, 2005. In no event may the Borrowers terminate this Agreement