-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VOOIOMjytJoAmdDGAbT8H8X+jKO8KHXw5D5vx6Uk6yTtWTDbboZPcIiukZow94X7 CRF9SI8gL4hto4meHVYUGA== 0000949459-96-000050.txt : 19960612 0000949459-96-000050.hdr.sgml : 19960612 ACCESSION NUMBER: 0000949459-96-000050 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960607 ITEM INFORMATION: Changes in control of registrant ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960607 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: AEROSONIC CORP /DE/ CENTRAL INDEX KEY: 0000109471 STANDARD INDUSTRIAL CLASSIFICATION: SEARCH, DETECTION, NAVIGATION, GUIDANCE, AERONAUTICAL SYS [3812] IRS NUMBER: 741668471 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11750 FILM NUMBER: 96578336 BUSINESS ADDRESS: STREET 1: 1212 N HERCULES AVE CITY: CLEARWATER STATE: FL ZIP: 34625 BUSINESS PHONE: 8134613000 8-K 1 CHANGE IN CONTROL SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report June 7, 1996 AEROSONIC CORPORATION (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation) 0-4988 74-1668471 (Commission File No.) (IRS Employer Identification No.) 1212 North Hercules Avenue Clearwater, Florida 34625 (Address of principal (Zip Code) executive offices) 813-461-3000 (Registrant's telephone number including area code) Item 1. Changes in Control of Registrant. Pursuant to the Stock Purchase Agreement dated May 23, 1996 (the "Stock Purchase Agreement"), by and between J. Mervyn Nabors and Miriam Frank and Seymour B. Frank, as Trustees of the Herbert J. Frank Revocable Trust (the "Revocable Trust"), J. Mervyn Nabors purchased in a private transaction 1,087,000 shares of common stock (the "Shares") of Aerosonic Corporation, a Delaware corporation (the "Company") from the Revocable Trust for an aggregate consideration of $2,174,000 (the "Aggregate Consideration"), or $2.00 per share of such common stock. In the Stock Purchase Agreement, J. Mervyn Nabors agreed to enter into a promissory note for a principal amount equal to the Aggregate Consideration (the "Note"). Principal and interest payments will be due monthly under the Note, with interest at six percent (6%) per annum for sixty months. The Note is secured by a pledge of the Shares. Prior to the acquisition of the Shares, J. Mervyn Nabors directly owned 183,900 shares of the common stock of the Company and was the sole custodian of the J. Mervyn Nabors d/b/a JenTrust. The J. Mervyn Nabors d/b/a JenTrust directly owned, and as of the date hereof owns, 20,000 shares of the common stock of the Company. J. Mervyn Nabors has sole voting and dispositive power with respect to the 20,000 shares of the common stock of the Company owned by the J. Mervyn Nabors d/b/a JenTrust. As a result, J. Mervyn Nabors has, as of the date hereof, sole voting and dispositive power with respect to 33.9% of the outstanding common stock of the Company. While this filing on Form 8-K is made pursuant to Item 1, filing under such Item does not constitute an admission by the Company that a change of control transaction has occurred; such filing is merely intended to provide relevant information in the event that a change of control transaction is found to have occurred as a result of the events described herein. Item 7. Financial Statements and Exhibits. (a) Not Applicable. (b) Not Applicable. (c) Exhibits. The following exhibits are being filed herewith. 2.1 Form of Stock Purchase Agreement dated May 23, 1996, by and between J. Mervyn Nabors and Miriam Frank and Seymour B. Frank, as Trustees of the Herbert J. Frank Revocable Trust. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. AEROSONIC CORPORATION DATE: June 7, 1996 By /s/ J. Mervyn Nabors ------------------------ J. Mervyn Nabors Its Chairman, President and Chief Executive Officer EX-2 2 EXHIBIT (2.1) STOCK PURCHASE AGREEMENT EXHIBIT 2.1 FORM OF STOCK PURCHASE AGREEMENT THIS AGREEMENT made and entered into this 23rd day of May, 1996, by and between J. MERVYN NABORS, "Purchaser," and MIRIAM FRANK and SEYMOUR B. FRANK, as Trustees of the Herbert J. Frank Revocable Trust, W I T N E S S E T H: Whereas, Herbert J. Frank established a Revocable Trust Agreement dated July 8, 1988, naming Miriam Frank and Seymour B. Frank as Trustees in the event of the death of Herbert J. Frank, and, WHEREAS, Herbert J. Frank passed away on April 18, 1996, after having funded the Trust with One Million Eighty-seven Thousand (1,087,000) shares of common stock in Aerosonic Corporation; and, WHEREAS, the Trust has a duty and an obligation to provide income to Miriam Frank and to maintain her standard of living at the level to which she previously enjoyed prior to the death of Herbert J. Frank; and, WHEREAS, the Aerosonic Corporation stock has not increased in value, nor has it produced any income or dividend in recent history; and, WHEREAS, J. Mervyn Nabors has agreed to purchase One Million Eighty-seven Thousand (1,087,000) shares of Aerosonic Corporation stock at Two and No/100 Dollars ($2.00) per share which is approximately twenty-five percent (25%) greater than the current open market trading price on the stock provided, however, that he can purchase the stock upon terms over a five year period; and, WHEREAS, the Trustees believe it is in the best interests of the beneficiaries that this agreement be entered into to bring income in to fulfill the duties and responsibilities of the Trust; NOW THEREFORE, for Ten and No/100 Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the above parties agree as follows: (1) The representations outlined above are true and correct. (2) The Purchaser agrees to purchase and the Trustees agree to sell One Million Eighty-seven Thousand (1,087,000) shares of Aerosonic Corporation stock held by the Trust to the Purchaser at Two and No/100 Dollars ($2.00) per share for a total sum of Two Million One Hundred Seventy-four Thousand and No/100 Dollars ($2,174,000.00). The stock will be paid for by promissory note payable at six percent (6%) interest, per annum, amortized over five (5) years. Payments will be made monthly in the amount of Forty-two Thousand Twenty-nine and 51/100 Dollars ($42,029.51), which shall include principal and interest. The promissory note shall be secured by the stock through appropriate documentation whether it be a security agreement or legend on the stock. (3) Nothing contained within the promissory note, security agreement, stock purchase agreement, or otherwise, shall impair the voting rights of the stock which will lie totally with the Purchaser. (4) There shall be no prepayment penalty should the Purchaser decide to retire the promissory note prior to its full amortization. (5) If any action is brought to enforce any term of this Agreement, the prevailing party in such action, whether Purchaser or Seller, shall be entitled to recover its reasonable attorneys' fees (including paralegals' fees), plus costs, from the nonprevailing party whether at trial or on appeal. Any action brought to enforce the terms of this Agreement shall be brought in the appropriate court of the State of Florida, County of Pinellas. (6) The validity and construction of this Agreement shall be governed by the laws of the State of Florida. (7) This Agreement shall inure to the benefit of and bind the respective successors, heirs, beneficiaries, and permitted assigns of the parties hereto. Nothing expressed or referred to in this Agreement is intended or shall be construed to give any person other than the parties to this Agreement or their respective successors, heirs, beneficiaries, or permitted assigns any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein, it being the intention of the parties to this Agreement that this Agreement shall be for the sole and exclusive benefit of the parties to this Agreement and their successors, heirs, beneficiaries, and assigns and not for the benefit of any other person. IN WITNESS WHEREOF, the parties hereto have set their hands and seal the date first written above. In the Presence Of: J. Mervyn Nabors, Purchaser As to Purchaser Miriam Frank, as Trustee of the Herbert J. Frank Revocable Trust As to M. Frank Seymour B. Frank, as Trustee of the Herbert J. Frank Revocable Trust As to S. Frank STATE OF FLORIDA COUNTY OF PINELLAS I HEREBY CERTIFY, that on this day personally appeared before me, an officer duly authorized to administer oaths and take acknowledgements, J. MERVYN NABORS, to me personally known or who has produced ___________ as identification, and known to me to be the individual described in and who executed the foregoing Agreement and acknowledged before me that he executed the same for the purposes therein expressed. WITNESS my hand and official seal at Clearwater, said County and State, this 23rd day of May, 1996. Notary Public Print Name My Commission Expires: STATE OF FLORIDA COUNTY OF PINELLAS I HEREBY CERTIFY, that on this day personally appeared before me, an officer duly authorized to administer oaths and take acknowledgements, MIRIAM FRANK, to me personally known or who has produced ___________ as identification, and known to me to be the individual described in and who executed the foregoing Agreement and acknowledged before me that she executed the same for the purposes therein expressed. WITNESS my hand and official seal at Clearwater, said County and State, this 23rd day of May, 1996. Notary Public Print Name My Commission Expires: STATE OF FLORIDA COUNTY OF PINELLAS I HEREBY CERTIFY, that on this day personally appeared before me, an officer duly authorized to administer oaths and take acknowledgements, SEYMOUR B. FRANK, to me personally known or who has produced ___________ as identification, and known to me to be the individual described in and who executed the foregoing Agreement and acknowledged before me that he executed the same for the purposes therein expressed. WITNESS my hand and official seal at Clearwater, said County and State, this 23rd day of May, 1996. Notary Public Print Name My Commission Expires: -----END PRIVACY-ENHANCED MESSAGE-----