TRANS-LUX CORPORATION (OTCMKTS:TNLX) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
| Entry into a Material Definitive Agreement |
On February 14, 2017, Trans-Lux Corporation (the Company), and
its wholly-owned subsidiaries Trans-Lux Display Corporation,
Trans-Lux Midwest Corporation and Trans-Lux Energy Corporation,
as borrowers, entered into a Second Amendment to Credit and
Security Agreement, effective as of February 7, 2017, with SCM
Specialty Finance Opportunities Fund, L.P. as lender (SCM), to
provide for an amendment to that certain Credit and Security
Agreement with SCM, dated July 12, 2016, as amended September 8,
2016. The Second Amendment to the Credit and Security Agreement
extends the time that the Company is required to provide evidence
of the dissolution of certain subsidiaries from 210 days from the
closing of the Credit and Security Agreement to 360 days from
closing.
The foregoing description of the Second Amendment to the Credit
and Security Agreement is included to provide information
regarding its terms. It does not purport to be a complete
description and is qualified in its entirety by reference to the
full text of the Second Amendment to Credit and Security
Agreement which is filed as an exhibit hereto and incorporated
herein by reference.
| Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On February 16, 2017, Robert Conologue, the Companys Senior Vice
President and Chief Financial Officer, advised the Company that
he was leaving the Company to pursue other opportunities. Mr.
Conologues departure was not the result of any disagreement
related to any matter involving the Companys operations, policies
or practices.
In connection with Mr. Conologues departure, on February 16,
2017, the Company and Insperity PEO Services, L.P. entered into a
Employee Separation and Release with Mr. Conologue (the
Separation Agreement) . Under the terms of the Separation
Agreement, the Company will, among other things, pay Mr.
Conologue $25,000.
In connection with Mr. Conologues departure, the Company
appointed J.M. Allain, a Director and the Companys President and
Chief Executive Officer, the Companys principal financial
officer.
| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits.
|
Exhibit 10.1 |
Second Amendment to Credit and Security Agreement, dated as |
About TRANS-LUX CORPORATION (OTCMKTS:TNLX)
Trans-Lux Corporation is a designer and manufacturer of digital signage display solutions. The Company designs, manufactures, distributes and services the elements of these systems that are real-time, programmable digital displays. These display systems utilize light emitting diode (LED) technologies. In addition, its LED lighting division provides lighting solutions that feature an offering of LED lighting technologies that provide facilities and public infrastructure with green lighting solutions. It operates through two segments: the Digital display sales division, and the Digital display lease and maintenance division. In North America, it markets digital display products in the United States and Canada using a combination of distribution channels, including direct sales representatives and a network of independent dealers and distributors. By working with software vendors and using the Internet, it offers information, content management software and display hardware. TRANS-LUX CORPORATION (OTCMKTS:TNLX) Recent Trading Information
TRANS-LUX CORPORATION (OTCMKTS:TNLX) closed its last trading session 00.00 at 1.69 with 1,670 shares trading hands.
