Check the appropriate box below if the Form 8-K
filing
is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material
Definitive Agreement.
The information provided in item 2.03 is incorporated herein by
reference.
Item 2.03 Creation of a Direct Financial Obligation or
an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On April 13, 2011, Hickok Incorporated (the "Company") entered into a
revolving credit agreement (the "agreement") with Robert L. Bauman
(the
"Lender"). The terms and conditions of the agreement are set
forth
in a Revolving Credit Agreement
and a Revolver Credit Promissory Note (the “Note”), and, together with
the
Agreement and Note, the “credit arrangement documents”),
all of
which were
executed by the Company and delivered to the Lender on April 13, 2011.
The
Note expires April 13, 2012
and provides for a revolving credit facility
of $250,000 with interest generally equal to three percent
per annum plus prime and is unsecured.
Each loan made under the credit arrangement will be due and payable in
full
on the expiration date of the Note. Interest on each loan made
under
the credit arrangement is payable in arrears on May 1, 2011, and on the
first
day of each month thereafter, at maturity, and on demand thereafter.
The Agreement generally allows for borrowing based on an
amount
equal to eighty percent (80%) of eligible receivables or
$250,000.
The Note provides that upon the occurrence of certain events of
default,
the Lender may immediately terminate the credit arrangement, and the
Company's
obligations under the credit facility may be accelerated. Such events
of
default are set forth in the various credit arrangement documents and
include,
without limitation: failure to comply with the terms,
obligations,
and covenants of the credit arrangement documents; the encumbrance of
any
property securing any debt to the Lender by mortgage, security interest
or
other lien unless consented to by the Lender; and other customary
defaults.
A copy of the Agreement and Note are
included
as Exhibits 10.1 and 10.2, respectively, to this Current Report
on
Form 8-K, and the above summary is qualified in its entirety by
reference
to those Exhibits.
Item 5.02 Departure of
Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers.
(b)
Mr. Michael R. Cable, Senior Vice President, OEM,
National Accounts Sales and Marketing resigned from Hickok
Incorporated effective March 31, 2011.
Item 9.01 Financial Statements and Exhibits
(d)
Exhibits.
|
Exhibit
Number
|
Description of Exhibit
|
|
10.1
|
Revolving Credit Agreement, dated April 13, 2011, executed
by Hickok Incorporated and delivered to Robert L. Bauman.
|
|
|
|
|
10.2
|
Revolver
Credit Promissory Note, dated April
13, 2011, executed by Hickok Incorporated
and delivered to Robert L. Bauman.
|
|
|
|
|
|
|
SIGNATURES
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 hereunto duly authorized.
HICKOK INCORPORATED
By:
/s/ Robert L. Bauman
Robert L. Bauman
President and CEO
Date: April 13, 2011
EXHIBIT INDEX
|
Exhibit
Number
|
Description of Exhibit
|
|
10.1
|
Revolving Credit Agreement, dated April 13, 2011, executed
by Hickok Incorporated and delivered to Robert L. Bauman.
|
|
|
|
|
10.2 |
Revolver
Credit Promissory Note, dated April
13, 2011, executed by Hickok Incorporated>
and delivered to Robert L. Bauman. |
|
|
|
|
|
|