WILHELMINA INTERNATIONAL, INC. (NASDAQ:WHLM) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
On April 15, 2020, Wilhelmina International, Ltd. (the “Borrower”), a wholly-owned subsidiary of Wilhelmina International, Inc. (the “Company”), executed a Business Loan Agreement and a Promissory Note each dated April 13, 2020 (collectively, the “Sub PPP Loan Documents”), with respect to a loan in the amount of $1,847,700 (the “Sub PPP Loan”) from Zions Bancorporation, N.A. dba Amegy Bank (“Amegy”). The Sub PPP Loan was obtained to the Paycheck Protection Program (the “PPP”) of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) administered by the U.S. Small Business Administration (“SBA”). The Sub PPP Loan matures on April 13, 2022 and bears interest at a rate of 1.00% per annum. The Sub PPP Loan is payable in 18 equal monthly payments of $103,983 commencing November 13, 2020.
On April 18, 2020, the Company executed a Business Loan Agreement and a Promissory Note each dated April 17, 2020 (collectively, the “Parent PPP Loan Documents”), with respect to a loan in the amount of $127,500 (the “Parent PPP Loan”) from Amegy. The Parent PPP Loan was also obtained to the PPP. The Parent PPP Loan matures on April 17, 2022 and bears interest at a rate of 1.00% per annum. The Parent PPP Loan is payable in 18 equal monthly payments of $7,175 commencing November 13, 2020.
Both the Sub PPP Loan and the Parent PPP Loan (collectively, the “PPP Loans”) may be prepaid at any time prior to maturity with no prepayment penalties. Both the Sub PPP Loan Documents and the Parent PPP Loan Documents (collectively, the “PPP Loan Documents”) contain various provisions related to the PPP, as well customary representations, warranties, covenants, events of default and other provisions. Neither of the PPP Loans is secured by either the Borrower or the Company, and both are guaranteed by the SBA. All or a portion of the PPP Loans may be forgiven by the SBA upon application by the Borrower or the Company, respectively, accompanied by documentation of expenditures in accordance with the SBA requirements under the PPP. In the event all or any portion of the PPP Loans is forgiven, the amount forgiven is applied to outstanding principal.
The foregoing description of the PPP Loans is qualified in its entirety by reference to the PPP Loan Documents filed as exhibits hereto and incorporated herein by this reference.
The disclosure under Item 1.01 above is incorporated by reference in this Item 2.03.
(d) Exhibits.
| 10.1 | Business Loan Agreement and Promissory Note, each dated April 13, 2020, between Wilhelmina International, Ltd. and Zions Bancorporation, N.A. dba Amegy Bank |
| 10.2 | Business Loan Agreement and Promissory Note, each dated April 17, 2020, between Wilhelmina International, Inc. and Zions Bancorporation, N.A. dba Amegy Bank |
Wilhelmina International, Inc. Exhibit
EX-10.1 2 exh_101.htm EXHIBIT 10.1 Exhibit 10.1 BUSINESS LOAN AGREEMENT Principal $1,…
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About WILHELMINA INTERNATIONAL, INC. (NASDAQ:WHLM)
Wilhelmina International, Inc. is engaged in fashion model management. The Company provides fashion model and talent management services, specializing in the representation and management of models, entertainers, artists, athletes and other talent to various customers and clients, including retailers, designers, advertising agencies and catalog companies. The Company conducts its business through operating divisions and subsidiaries engaged in fashion model management and other complementary businesses. These business activities are focused on fashion model management, hair and make-up artist representation, celebrity management, licensing and branding associations (including contests, consumer products, events and television). It is focused on providing fashion modeling and talent product-endorsement services to clients, such as advertising agencies, branded consumer goods companies, fashion designers, magazines, retailers, department stores, product catalogs and Internet sites.