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<b>UNITED STATES</b></p> <p style="FONT-SIZE:12pt; MARGIN:0px; LINE-HEIGHT:14pt" align=center><b>SECURITIES AND EXCHANGE COMMISSION</b></p>
<p style="FONT-SIZE:12pt; MARGIN:0px; LINE-HEIGHT:14pt" align=center><b>Washington, D.C. 20549</b></p>
<p style=MARGIN:0px><br></p> <p style="FONT-SIZE:16pt; MARGIN:0px; LINE-HEIGHT:18pt" align=center><b>FORM 8-K</b></p>
<p style=MARGIN:0px><br></p> <p style="FONT-SIZE:12pt; MARGIN:0px; LINE-HEIGHT:14pt" align=center><b>CURRENT REPORT</b></p>
<p style="FONT-SIZE:12pt; MARGIN:0px; LINE-HEIGHT:14pt" align=center><b>Pursuant to Section 13 or 15(d) of the
<br>Securities Exchange Act of 1934</b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:12pt; MARGIN:0px; LINE-HEIGHT:14pt" align=center>Date of report (Date of earliest event reported):
<u>August 19, 2009</u></p> <p style=MARGIN:0px><br></p> <table style=FONT-SIZE:10pt cellspacing=0> <tr height=0 style=FONT-SIZE:0px>
<td width=213> <td width=212> <td width=212> <tr> <td width=638 colspan=3 style="BORDER-BOTTOM:#000000 1px solid" valign=bottom>
<p style="FONT-SIZE:12pt; MARGIN:0px; LINE-HEIGHT:14pt" align=center>THE LGL GROUP, INC.</p></td></tr>
<tr> <td width=638 colspan=3 valign=bottom> <p style="FONT-SIZE:12pt; MARGIN:0px; LINE-HEIGHT:14pt" align=center>(Exact Name of Registrant as Specified in Charter)</p></td></tr>
<tr> <td width=213 valign=bottom> <p>&nbsp;</p></td> <td width=212 valign=bottom> <p>&nbsp;</p></td>
<td width=212 valign=bottom> <p>&nbsp;</p></td></tr> <tr> <td width=213 style="BORDER-BOTTOM:#000000 1px solid" valign=bottom>
<p style="FONT-SIZE:12pt; MARGIN:0px; LINE-HEIGHT:14pt" align=center>Delaware</p></td> <td width=212 style="BORDER-BOTTOM:#000000 1px solid" valign=bottom>
<p style="FONT-SIZE:12pt; MARGIN:0px; LINE-HEIGHT:14pt" align=center>1-106</p></td> <td width=212 style="BORDER-BOTTOM:#000000 1px solid" valign=bottom>
<p style="FONT-SIZE:12pt; MARGIN:0px; LINE-HEIGHT:14pt" align=center>38-1799862</p></td></tr> <tr> <td width=213 valign=bottom>
<p style="FONT-SIZE:12pt; MARGIN:0px; LINE-HEIGHT:14pt" align=center>(State or Other Jurisdiction<br>of Incorporation)</p></td>
<td width=212 valign=bottom> <p style="FONT-SIZE:12pt; MARGIN:0px; LINE-HEIGHT:14pt" align=center>(Commission
<br>File Number)</p></td> <td width=212 valign=bottom> <p style="FONT-SIZE:12pt; MARGIN:0px; LINE-HEIGHT:14pt" align=center>(IRS Employer
<br>Identification No.)</p></td></tr> <tr> <td width=213 valign=bottom> <p>&nbsp;</p></td> <td width=212 valign=bottom>
<p>&nbsp;</p></td> <td width=212 valign=bottom> <p>&nbsp;</p></td></tr> <tr> <td width=425 colspan=2 style="BORDER-BOTTOM:#000000 1px solid" valign=bottom>
<p style="FONT-SIZE:12pt; MARGIN:0px; LINE-HEIGHT:14pt" align=center>2525 Shader Road, Orlando, FL</p></td>
<td width=212 style="BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p style="FONT-SIZE:12pt; MARGIN:0px; LINE-HEIGHT:14pt" align=center>32804</p></td></tr>
<tr> <td width=425 colspan=2 valign=bottom> <p style="FONT-SIZE:12pt; MARGIN:0px; LINE-HEIGHT:14pt" align=center>(Address of Principal Executive Offices)</p></td>
<td width=212 valign=bottom> <p style="FONT-SIZE:12pt; MARGIN:0px; LINE-HEIGHT:14pt" align=center>(Zip Code)</p></td></tr></table>
<p style=MARGIN:0px><br></p> <p style="FONT-SIZE:12pt; MARGIN:0px; LINE-HEIGHT:14pt" align=center>Registrant&#146;s Telephone Number, Including Area Code:
<u>(407) 298-2000</u></p> <p style=MARGIN:0px><br></p> <table style=FONT-SIZE:10pt cellspacing=0> <tr height=0 style=FONT-SIZE:0px>
<td width=638> <tr> <td width=638 style="BORDER-BOTTOM:#000000 1px solid" valign=bottom> <p>&nbsp;</p></td></tr>
<tr> <td width=638 valign=bottom> <p style="FONT-SIZE:12pt; MARGIN:0px; LINE-HEIGHT:14pt" align=center>(Former Name or Former Address, If Changed Since Last Report)</p></td></tr></table>
<p style=MARGIN:0px><br></p> <p style="FONT-SIZE:12pt; MARGIN:0px; LINE-HEIGHT:14pt" align=justify>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 (
<i>see</i> General Instruction A.2. below):</p> <p style=MARGIN:0px align=justify><br></p> <p style="MARGIN-TOP:0px; PADDING-LEFT:24px; FONT-SIZE:12pt; MARGIN-BOTTOM:-18px; TEXT-INDENT:-24px; LINE-HEIGHT:14pt; FONT-FAMILY:Wingdings" align=justify>&#168;</p>
<p style="MARGIN-TOP:0px; PADDING-LEFT:24px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; LINE-HEIGHT:14pt" align=justify>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>
<p style="MARGIN-TOP:0px; PADDING-LEFT:24px; FONT-SIZE:12pt; MARGIN-BOTTOM:-18px; TEXT-INDENT:-24px; LINE-HEIGHT:14pt; FONT-FAMILY:Wingdings" align=justify>&#168;</p>
<p style="MARGIN-TOP:0px; PADDING-LEFT:24px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; LINE-HEIGHT:14pt" align=justify>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>
<p style="MARGIN-TOP:0px; PADDING-LEFT:24px; FONT-SIZE:12pt; MARGIN-BOTTOM:-18px; TEXT-INDENT:-24px; LINE-HEIGHT:14pt; FONT-FAMILY:Wingdings" align=justify>&#168;</p>
<p style="MARGIN-TOP:0px; PADDING-LEFT:24px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; LINE-HEIGHT:14pt" align=justify>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>
<p style="MARGIN-TOP:0px; PADDING-LEFT:24px; FONT-SIZE:12pt; MARGIN-BOTTOM:-18px; TEXT-INDENT:-24px; LINE-HEIGHT:14pt; FONT-FAMILY:Wingdings" align=justify>&#168;</p>
<p style="MARGIN-TOP:0px; PADDING-LEFT:24px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; LINE-HEIGHT:14pt" align=justify>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>
<p style="MARGIN-TOP:0px; MARGIN-BOTTOM:16px" align=center><br><font style=FONT-SIZE:12pt>Page 1<br></font></p>
<p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:9pt; MARGIN:0px; LINE-HEIGHT:11pt">&nbsp;</p>
<p style=MARGIN:0px><br></p> <p style="PAGE-BREAK-BEFORE:always; MARGIN:0px"><br></p> <p style=MARGIN:0px>
<br></p> <p style="MARGIN-TOP:0px; PADDING-LEFT:96px; FONT-SIZE:12pt; MARGIN-BOTTOM:-18px; TEXT-INDENT:-96px; LINE-HEIGHT:14pt" align=justify>
<b>Item 1.01.</b></p> <p style="MARGIN-TOP:0px; PADDING-LEFT:96px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; LINE-HEIGHT:14pt" align=justify>
<b>Entry into a Material Definitive Agreement.</b></p> <p style="MARGIN-TOP:0px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; TEXT-INDENT:48px; LINE-HEIGHT:14pt" align=justify>On August 19, 2009, M-tron Industries, Inc. (&#147;Mtron&#148;) and Piezo Technology Inc. (&#147;Piezo&#148;, and together with Mtron, &#147;MtronPTI&#148;), each a wholly owned subsidiary of The LGL Group, Inc. (the &#147;Company&#148;), entered into an Amended & Restated Loan Agreement (the &#147;Revised Loan Agreement&#148;), dated as of August 18, 2009,&nbsp;with First National Bank of Omaha, a national banking association (&#147;FNBO&#148;). &nbsp;The Revised Loan Agreement amended and restated that certain loan agreement, dated October 14, 2004, by and between MtronPTI and FNBO, as amended (the &#147;Original Loan Agreement&#148;). &nbsp;A copy of the Revised Loan Agreement is filed herewith as
<u>Exhibit 10.1</u> and incorporated herein by reference.</p> <p style="MARGIN-TOP:0px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; TEXT-INDENT:48px; LINE-HEIGHT:14pt" align=justify>The Revised Loan Agreement amended certain terms of an existing revolving credit facility (the&nbsp;"Revolving Loan&#148;) and a term loan (the &#147;Term Loan&#148;) provided under the Original Loan Agreement. &nbsp;The terms of the Revolving Loan were amended as follows: (i) the amount of the Revolving Loan was reduced to $4,000,000 from $5,500,000; (ii) the interest rate was changed to 30-day LIBOR plus 4.75% from 30-day LIBOR plus 2.10% (not to go below 4.00%); (iii) the maturity date was extended to June 30, 2010; and (iv) an annual unused commitment fee of 0.50%, payable quarterly, was added. &nbsp;The interest rate on the Term Loan, which has an outstanding balance of approximately $1,058,000, is the greater of the National Prime Rate plus 50 basis points, or 4.50%. &nbsp;The terms of the Revolving Loan are evidenced by a revolving note,&nbsp;(the &#147;Revolving Note&#148;), and the terms of the Term Loan are evidenced by a term note,&nbsp;(the &#147;Term Note&#148;), forms of which are filed herewith as
<u>Exhibit 10.2</u> and <u>Exhibit 10.3</u>, respectively, and incorporated herein by reference.</p>
<p style="MARGIN-TOP:0px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; TEXT-INDENT:48px; LINE-HEIGHT:14pt" align=justify>The Revised Loan Agreement also amended or added certain covenants under the Original Loan Agreement, including but not limited to as follows: (i) reducing the minimum tangible net worth of MtronPTI to $5,500,000 from $7,000,000 and allowing MtronPTI to include a cash infusion from the Company in its calculation of its tangible net worth; (ii) allowing MtronPTI to include a cash infusion from the Company in its calculation of its fixed charge coverage ratio (not less than 1.20 to 1.00); and (iii) barring MtronPTI from making payments to the Company, including but not limited to interest payments on intercompany debt and management fees.</p>
<p style="MARGIN-TOP:0px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; TEXT-INDENT:48px; LINE-HEIGHT:14pt" align=justify>All outstanding obligations of MtronPTI under the Revised Loan Agreement are collateralized by a first priority security interest in all of the assets of MtronPTI (including general intangibles, but excluding real estate). &nbsp;The Company continues to guaranty the obligations of MtronPTI under the Revised Loan Agreement pursuant to an unconditional guaranty, dated as of August 18, 2009 (the &#147;Guaranty&#148;), a copy of which is filed herewith as
<u>Exhibit 10.4</u> and incorporated herein by reference.</p> <p style="MARGIN-TOP:0px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; TEXT-INDENT:48px; LINE-HEIGHT:14pt" align=justify>The foregoing descriptions of the Revised Loan Agreement, the Revolving Note, the Term Note and the Guaranty are not complete and are qualified in their entirety by reference to the full text of such documents, which are filed herewith and incorporated herein by reference.</p>
<p style="MARGIN-TOP:0px; MARGIN-BOTTOM:16px" align=justify><br><br></p> <p style=MARGIN:0px align=center>
<font style=FONT-SIZE:12pt>Page 2</font><br></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:9pt; MARGIN:0px; LINE-HEIGHT:11pt">&nbsp;</p>
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<br></p> <p style="MARGIN-TOP:0px; FONT-SIZE:12pt; MARGIN-BOTTOM:-18px; LINE-HEIGHT:14pt" align=justify>
<b>Item 9.01.</b></p> <p style="MARGIN-TOP:0px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; TEXT-INDENT:96px; LINE-HEIGHT:14pt" align=justify>
<b>Financial Statements and Exhibits.</b></p> <p style="MARGIN-TOP:0px; FONT-SIZE:12pt; MARGIN-BOTTOM:-18px; TEXT-INDENT:48px; LINE-HEIGHT:14pt" align=justify>(d)</p>
<p style="MARGIN-TOP:0px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; TEXT-INDENT:96px; LINE-HEIGHT:14pt" align=justify>
<i>Exhibits</i></p></div> <table style=FONT-SIZE:10pt cellspacing=0> <tr height=0 style=FONT-SIZE:0px>
<td width=103> <td width=549> <tr> <td width=103 valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; LINE-HEIGHT:14pt" align=justify>
<u>Exhibit No.</u></p></td> <td width=549 valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; LINE-HEIGHT:14pt" align=justify>
<u>Description</u></p></td></tr> <tr> <td width=103 valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; LINE-HEIGHT:14pt" align=justify>10.1</p></td>
<td width=549 valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; LINE-HEIGHT:14pt" align=justify>Amended & Restated Loan Agreement, dated as of August 18, 2009, by and between M-tron Industries, Inc., Piezo Technology, Inc. and First National Bank of Omaha.</p></td></tr>
<tr> <td width=103 valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; LINE-HEIGHT:14pt" align=justify>10.2</p></td>
<td width=549 valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; LINE-HEIGHT:14pt" align=justify>Form of Revolving Note, by M-tron Industries, Inc. and Piezo Technology, Inc. for the benefit of First National Bank of Omaha.</p></td></tr>
<tr> <td width=103 valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; LINE-HEIGHT:14pt" align=justify>10.3</p></td>
<td width=549 valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; LINE-HEIGHT:14pt" align=justify>Form of Term Note, by M-tron Industries, Inc. and Piezo Technology, Inc. for the benefit of First National Bank of Omaha.</p></td></tr>
<tr> <td width=103 valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; LINE-HEIGHT:14pt" align=justify>10.4</p></td>
<td width=549 valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; LINE-HEIGHT:14pt" align=justify>Unconditional Guaranty, dated as of August 18, 2009, by The LGL Group, Inc. for the benefit of First National Bank of Omaha.</p></td></tr></table>
<div style=WIDTH:638px> <p style="MARGIN-TOP:0px; MARGIN-BOTTOM:16px"><br><br></p> <p style=MARGIN:0px align=center>
<font style=FONT-SIZE:12pt>Page 3<br></font></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:9pt; MARGIN:0px; LINE-HEIGHT:11pt">&nbsp;</p>
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<br></p> <p style="MARGIN-TOP:0px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; LINE-HEIGHT:14pt" align=center>
<u>SIGNATURE</u></p> <p style="MARGIN-TOP:0px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; TEXT-INDENT:48px; LINE-HEIGHT:14pt">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.</p>
<p style="MARGIN-TOP:0px; MARGIN-BOTTOM:16px"><br></p> <table style=FONT-SIZE:10pt cellspacing=0> <tr height=0 style=FONT-SIZE:0px>
<td width=259> <td width=42> <td width=60> <td width=276> <tr> <td width=259 valign=top> <p style="FONT-SIZE:12pt; MARGIN:0px; LINE-HEIGHT:14pt">August 24, 2009</p></td>
<td width=378 colspan=3 valign=top> <p style="FONT-SIZE:12pt; MARGIN:0px; LINE-HEIGHT:14pt">THE LGL GROUP, INC.</p></td></tr>
<tr> <td width=259 valign=top> <p>&nbsp;</p></td> <td width=378 colspan=3 valign=top> <p>&nbsp;</p></td></tr>
<tr> <td width=259 valign=top> <p>&nbsp;</p></td> <td width=378 colspan=3 valign=top> <p>&nbsp;</p></td></tr>
<tr> <td width=259 valign=top> <p>&nbsp;</p></td> <td width=42 valign=top> <p style="FONT-SIZE:12pt; MARGIN:0px; LINE-HEIGHT:14pt">By:</p></td>
<td width=336 colspan=2 style="BORDER-BOTTOM:#000000 1px solid" valign=top><p>&nbsp;<font style=FONT-SIZE:12pt>/s/ Harold D. Castle</font></p></td></tr>
<tr> <td width=259 valign=top> <p>&nbsp;</p></td> <td width=42 valign=top> <p>&nbsp;</p></td> <td width=60 valign=top>
<p style="FONT-SIZE:12pt; MARGIN:0px; LINE-HEIGHT:14pt">Name:</p></td> <td width=276 valign=top> <p style="FONT-SIZE:12pt; MARGIN:0px; LINE-HEIGHT:14pt">Harold D. Castle</p></td></tr>
<tr> <td width=259 valign=top> <p>&nbsp;</p></td> <td width=42 valign=top> <p>&nbsp;</p></td> <td width=60 valign=top>
<p style="FONT-SIZE:12pt; MARGIN:0px; LINE-HEIGHT:14pt">Title:</p></td> <td width=276 valign=top> <p style="FONT-SIZE:12pt; MARGIN:0px; LINE-HEIGHT:14pt">Chief Financial Officer</p></td></tr></table>
<p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px align=center>
<br><br></p> <p style=MARGIN:0px align=center><font style=FONT-SIZE:12pt>Page 4<br></font></p> <p style=MARGIN:0px>
<br></p> <p style="FONT-SIZE:9pt; MARGIN:0px; LINE-HEIGHT:11pt" align=center>&nbsp;</p> <p style=MARGIN:0px>
<br></p> <p style="PAGE-BREAK-BEFORE:always; MARGIN:0px" align=center><br></p> <p style=MARGIN:0px><br></p>
<p style="PADDING-LEFT:24px; FONT-SIZE:12pt; MARGIN:0px; LINE-HEIGHT:26pt" align=center><b>EXHIBIT INDEX</b></p></div>
<table style=FONT-SIZE:10pt cellspacing=0> <tr height=0 style=FONT-SIZE:0px> <td width=97> <td width=555>
<tr> <td width=97 valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; LINE-HEIGHT:14pt" align=justify>
<u>Exhibit No.</u></p></td> <td width=555 valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; LINE-HEIGHT:14pt" align=justify>
<u>Description</u></p></td></tr> <tr> <td width=97 valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; LINE-HEIGHT:14pt" align=justify>10.1</p></td>
<td width=555 valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; LINE-HEIGHT:14pt" align=justify>Amended & Restated Loan Agreement, dated as of August 18, 2009, by and between M-tron Industries, Inc., Piezo Technology, Inc. and First National Bank of Omaha.</p></td></tr>
<tr> <td width=97 valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; LINE-HEIGHT:14pt" align=justify>10.2</p></td>
<td width=555 valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; LINE-HEIGHT:14pt" align=justify>Form of Revolving Note, by M-tron Industries, Inc. and Piezo Technology, Inc. for the benefit of First National Bank of Omaha.</p></td></tr>
<tr> <td width=97 valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; LINE-HEIGHT:14pt" align=justify>10.3</p></td>
<td width=555 valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; LINE-HEIGHT:14pt" align=justify>Form of Term Note, by M-tron Industries, Inc. and Piezo Technology, Inc. for the benefit of First National Bank of Omaha.</p></td></tr>
<tr> <td width=97 valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; LINE-HEIGHT:14pt" align=justify>10.4</p></td>
<td width=555 valign=top> <p style="MARGIN-TOP:0px; FONT-SIZE:12pt; MARGIN-BOTTOM:16px; LINE-HEIGHT:14pt" align=justify>Unconditional Guaranty, dated as of August 18, 2009, by The LGL Group, Inc. for the benefit of First National Bank of Omaha.</p></td></tr></table>
<div style="WIDTH:638px; HEIGHT:81px"> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px align=center>
<font style=FONT-SIZE:12pt>Page 5</font><br><br></p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px>
<br></p> <p style="FONT-SIZE:9pt; MARGIN:0px; LINE-HEIGHT:11pt">&nbsp;</p> <p style=MARGIN:0px><br></p></div></body>
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{"company-data": {"conformed-name": "LGL GROUP INC", "cik": "0000061004", "assigned-sic": "3679", "irs-number": "381799862", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-00106", "film-number": "091032426"}, "business-address": {"street1": "2525 SHADER ROAD", "city": "ORLANDO", "state": "FL", "zip": "32804", "phone": "(407) 298-2000"}, "mail-address": {"street1": "2525 SHADER ROAD", "city": "ORLANDO", "state": "FL", "zip": "32804"}, "former-company": {"former-conformed-name": "LYNCH CORP", "date-changed": "19920703"}}
Converted by EDGARwiz
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):
August 19, 2009
THE LGL GROUP, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware
1-106
38-1799862
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
2525 Shader Road, Orlando, FL
32804
(Address of Principal Executive Offices)
(Zip Code)
Registrant's Telephone Number, Including Area Code:
(407) 298-2000
(Former Name or Former Address, If Changed Since Last Report)
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 (
see
General Instruction A.2. below):
¨
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))
Page 1
Item 1.01.
Entry into a Material Definitive Agreement.
On August 19, 2009, M-tron Industries, Inc. ("Mtron") and Piezo Technology Inc. ("Piezo", and together with Mtron, "MtronPTI"), each a wholly owned subsidiary of The LGL Group, Inc. (the "Company"), entered into an Amended & Restated Loan Agreement (the "Revised Loan Agreement"), dated as of August 18, 2009, with First National Bank of Omaha, a national banking association ("FNBO").  The Revised Loan Agreement amended and restated that certain loan agreement, dated October 14, 2004, by and between MtronPTI and FNBO, as amended (the "Original Loan Agreement").  A copy of the Revised Loan Agreement is filed herewith as
Exhibit 10.1
and incorporated herein by reference.
The Revised Loan Agreement amended certain terms of an existing revolving credit facility (the "Revolving Loan") and a term loan (the "Term Loan") provided under the Original Loan Agreement.  The terms of the Revolving Loan were amended as follows: (i) the amount of the Revolving Loan was reduced to $4,000,000 from $5,500,000; (ii) the interest rate was changed to 30-day LIBOR plus 4.75% from 30-day LIBOR plus 2.10% (not to go below 4.00%); (iii) the maturity date was extended to June 30, 2010; and (iv) an annual unused commitment fee of 0.50%, payable quarterly, was added.  The interest rate on the Term Loan, which has an outstanding balance of approximately $1,058,000, is the greater of the National Prime Rate plus 50 basis points, or 4.50%.  The terms of the Revolving Loan are evidenced by a revolving note, (the "Revolving Note"), and the terms of the Term Loan are evidenced by a term note, (the "Term Note"), forms of which are filed herewith as
Exhibit 10.2
and
Exhibit 10.3
, respectively, and incorporated herein by reference.
The Revised Loan Agreement also amended or added certain covenants under the Original Loan Agreement, including but not limited to as follows: (i) reducing the minimum tangible net worth of MtronPTI to $5,500,000 from $7,000,000 and allowing MtronPTI to include a cash infusion from the Company in its calculation of its tangible net worth; (ii) allowing MtronPTI to include a cash infusion from the Company in its calculation of its fixed charge coverage ratio (not less than 1.20 to 1.00); and (iii) barring MtronPTI from making payments to the Company, including but not limited to interest payments on intercompany debt and management fees.
All outstanding obligations of MtronPTI under the Revised Loan Agreement are collateralized by a first priority security interest in all of the assets of MtronPTI (including general intangibles, but excluding real estate).  The Company continues to guaranty the obligations of MtronPTI under the Revised Loan Agreement pursuant to an unconditional guaranty, dated as of August 18, 2009 (the "Guaranty"), a copy of which is filed herewith as
Exhibit 10.4
and incorporated herein by reference.
The foregoing descriptions of the Revised Loan Agreement, the Revolving Note, the Term Note and the Guaranty are not complete and are qualified in their entirety by reference to the full text of such documents, which are filed herewith and incorporated herein by reference.
Page 2
Item 9.01.
Financial Statements and Exhibits.
(d)
Exhibits
Exhibit No.
Description
10.1
Amended & Restated Loan Agreement, dated as of August 18, 2009, by and between M-tron Industries, Inc., Piezo Technology, Inc. and First National Bank of Omaha.
10.2
Form of Revolving Note, by M-tron Industries, Inc. and Piezo Technology, Inc. for the benefit of First National Bank of Omaha.
10.3
Form of Term Note, by M-tron Industries, Inc. and Piezo Technology, Inc. for the benefit of First National Bank of Omaha.
10.4
Unconditional Guaranty, dated as of August 18, 2009, by The LGL Group, Inc. for the benefit of First National Bank of Omaha.
Page 3
SIGNATURE
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.
August 24, 2009
THE LGL GROUP, INC.
By:
/s/ Harold D. Castle
Name:
Harold D. Castle
Title:
Chief Financial Officer
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EXHIBIT INDEX
Exhibit No.
Description
10.1
Amended & Restated Loan Agreement, dated as of August 18, 2009, by and between M-tron Industries, Inc., Piezo Technology, Inc. and First National Bank of Omaha.
10.2
Form of Revolving Note, by M-tron Industries, Inc. and Piezo Technology, Inc. for the benefit of First National Bank of Omaha.
10.3
Form of Term Note, by M-tron Industries, Inc. and Piezo Technology, Inc. for the benefit of First National Bank of Omaha.
10.4
Unconditional Guaranty, dated as of August 18, 2009, by The LGL Group, Inc. for the benefit of First National Bank of Omaha.
Page 5