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SPY INC. FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Financial Statements and Exhibits

June 9, 2014



Item 1.01 Entry into a Material Definitive Agreement.

On June 6, 2014, Spy Optic Inc. ("Spy"), a wholly owned subsidiary of Spy Inc. (the "Company"), entered into the Tenth Modification to Loan and Security Agreement with BFI Business Finance ("BFI") (the "Modification"), in order to provide for certain modifications to Spy's credit facility with BFI ("Credit Facility"). The original Loan and Security Agreement with BFI was entered into on February 26, 2007.

Among other things, the Modification (i) increased the Company's maximum borrowing limit from $7.0 million to $8.0 million, a $1.0 million increase; (ii) increased the Company's maximum inventory advance to the lessor of $3.5 million or 65% of eligible accounts receivable; and (iii) increased the Company's borrowing base to 65% of eligible raw materials and finished goods, not to exceed maximum inventory advance.

Item 9.01 Financial Statements and Exhibits.

See Exhibit Index. Disclaimer.



The summary of the terms of the Modification disclosed in Item 1.01 of this Current Report on Form 8-K are qualified in their entirety by reference to the Modification, a copy of which is attached as Exhibit 10.1 and is incorporated by reference herein.

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Source: Edgar Glimpses


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