Current Report Filing (8-k)
November 23 2016 - 3:06PM
Edgar (US Regulatory)
UNITED
STATES
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 (Date of earliest event reported): November 17, 2016
OPTEX
SYSTEMS HOLDINGS, INC.
(Exact
Name of Registrant as Specified in Charter)
Delaware
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000-54114
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90-0609531
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(State or other jurisdiction
of
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(Commission File
Number)
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(IRS Employer Identification
No.)
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incorporation)
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1420
Presidential Drive, Richardson, TX
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75081-2439
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(Address of principal
executive offices)
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(Zip Code)
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Registrant’s
telephone number, including area code: (972) 644-0722
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:
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¨
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 DFR 240.14a-12)
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¨
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement
communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item
1.01 Material Definitive Contract
The premises for the
business unit which we acquired from L-3 Communications, Inc., the Applied Optics Center, in November 2014 consists of
approximately 56,633 square feet of space. On November 17, 2016, we received a countersigned new lease from the landlord,
dated October 21, 2016, which lease expires on 10/31/21 (with a lease term which commenced retroactive to October 1, 2016).
There are two renewal terms which are each five years in duration. Our obligations to make payments under the lease are secured
by a $250,000 standby letter of credit which we can reduce to $125,000 on October 31, 2019. Our monthly base rent (including
payment for operating expenses) under the new lease is $24,340.35.
In
order to meet the security requirement under the lease, we entered into a letter of credit with Avidbank on October 17, 2016 in
the amount of $250,000, which expires on October 17, 2017 and is renewable by us for successive one year periods unless the bank
notifies us no later than 60 days prior to the end of the initial or any extended term that it shall not renew the letter of credit.
In order to accommodate this letter of credit, Avidbank, on the same date, increased our line of credit to $2.2 million from $2.0
million.
ITEM
9.01 Exhibit
99.1 Form
of Lease
99.2
Form of Letter of Credit
99.3
Form of Second Amendment to Loan Agreement
S
IGNATURES
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.
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Optex Systems Holdings, Inc.
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(Registrant)
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By:
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/s/
Karen Hawkins
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Karen Hawkins
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Title: Chief Financial Officer
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Date: November 23, 2016
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