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<P id=PARA5 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>UNITED STATES</B></FONT></P>
<P id=PARA6 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>
<P id=PARA7 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Washington, D.C. 20549</B></FONT></P>
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<P id=PARA9 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, Times, serif"><B>FORM 8-K</B></FONT></P>
<P id=PARA10 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA11 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>CURRENT REPORT</B></FONT></P>
<P id=PARA12 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA13 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Pursuant to Section&nbsp;13 OR 15(d) of the Securities Exchange Act of 1934</B></FONT></P>
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<P id=PARA3 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">Date of Report (Date of earliest event reported):&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
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<P id=PARA4 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">December 9, 2014&nbsp;</P></TD></TR></TABLE>
<P id=PARA9 style="MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
<P id=PARA16 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT>&nbsp;</P>
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<P id=PARA1 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">Advanced Photonix, Inc.&nbsp;</P></TD></TR></TABLE>
<P id=PARA20 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>(Exact Name of Registrant as specified in its Charter)</B></FONT></P>
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<P id=PARA23 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA2.1 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Delaware</FONT></P></TD>
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<P id=PARA2.3 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1-11056</FONT></P></TD>
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<P id=PARA2.5 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">33-0325826</FONT></P></TD></TR>
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<P id=PARA2.6 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><B>(State or other jurisdiction&nbsp;&nbsp;</B></FONT></P></TD>
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<P id=PARA2.8 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><B>(Commission</B></FONT></P></TD>
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<P id=PARA2.10 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><B>(IRS Employer</B></FONT></P></TD></TR>
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<TD style="WIDTH: 32%; TEXT-ALIGN: center"><B>of incorporation)&nbsp;</B></TD>
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<TD style="WIDTH: 32%; TEXT-ALIGN: center"><B>File Number)</B></TD>
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<TD style="WIDTH: 32%; TEXT-ALIGN: center"><B>Identification No.)</B></TD></TR></TABLE>
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<TD style="WIDTH: 32%; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colSpan=3>2925 Boardwalk, Ann Arbor, Michigan</TD>
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<TD style="WIDTH: 32%; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center">48104</TD></TR>
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<TD style="WIDTH: 32%; TEXT-ALIGN: center" colSpan=3><B>(Address of principal executive offices)</B></TD>
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<TD style="WIDTH: 32%; TEXT-ALIGN: center"><B>(Zip Code)</B></TD></TR></TABLE>
<P id=PARA24 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
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<P id=PARA5 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">Registrant&#39;s telephone number, including area code:&nbsp;&nbsp;</P></TD>
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<P id=PARA6 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">(734) 864-5600</P></TD></TR></TABLE></P>
<P id=PARA33 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
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<P id=PARA35 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
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<P id=PARA38 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">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):</FONT></P>
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<P id=PARA40 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>
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<P id=PARA42 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>
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<P id=PARA44 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>
<P id=PARA45 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA46 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>
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<P id=PARA47 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 1.01. Entry into a Material Definitive Agreement. </B></FONT></P>
<P id=PARA48 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA49 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Third</B><B> Amendment to Loan Agreement</B><B> with Michigan Strategic Fund</B></FONT></P>
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<P id=PARA51 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">On December 9, 2014, Advanced Photonix, Inc. (the &#8220;<B>Company</B>&#8221;), its wholly-owned subsidiary Picometrix LLC (&#8220;<B>Picometrix</B>&#8221;, and together with the Company, the &#8220;<B>Borrowers</B>&#8221;) and the Michigan Strategic Fund (&#8220;<B>MSF</B>&#8221;), as successor in interest to the Michigan Economic Development Corporation (&#8220;<B>MEDC</B>&#8221;)<B>,</B><B> </B>executed a Third Amendment (the &#8220;<B>MSF</B> <B>Amendment</B>") to the Loan Agreement dated September 15, 2005 (as amended, the &#8220;<B>MSF Loan</B><B> Agreement</B>&#8221;) by and among the Borrowers and MEDC. The MSF Amendment became effective December 9, 2014.</FONT></P>
<P id=PARA52 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA53 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Among other things, the MSF Amendment (1) affirms the total outstanding principal of the original promissory note issued in connection with the MSF Loan Agreement to be $326,746 as of October 31, 2014, (2) changes the annual interest rate of the original promissory note to 6% per annum, an increase of 1% per annum effective November 1, 2014, (3) suspends any payments for 12 months which commences starting on November 1, 2014, (4) affirms the Borrowers&#8217; obligation to make a series of twelve equal monthly payments (&#8220;<B>MSF Payment</B><B>s</B>&#8221;) to MSF commencing November 1, 2015 which shall reflect all remaining outstanding indebtedness under the MSF Loan Agreement as of October 31, 2015, and (5) provides that if the Borrowers fail to make the MSF Payments as required, the Borrowers will be obligated to pay a default rate of interest equal to fifteen percent (15%) per annum until the indebtedness is paid in full.</FONT></P>
<P id=PARA54 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA55 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Fifth</B><B> Amendment to </B><B>Loan Agreement between Michigan Economic Development Corporation</B></FONT></P>
<P id=PARA56 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA57 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">On December 9, 2014, the Borrowers and the MEDC executed a Fifth Amendment (the &#8220;<B>MEDC A</B><B>mendment</B>") to the Convertible Loan Agreement dated September 15, 2004 (as amended, the &#8220;<B>MEDC Loan</B><B> Agreement</B>&#8221;) by and among the Borrowers and MEDC. The MEDC Amendment became effective December 9, 2014.</FONT></P>
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<P id=PARA59 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Among other things, the MEDC Amendment (1) affirms the total outstanding principal of the original promissory note issued in connection with the MEDC Loan Agreement to be $327,886 as of October 31, 2014, (2) changes the annual interest rate of the original promissory note to 6% per annum, an increase of 1% per annum effective November 1, 2014, (3) suspends any payments for 12 months which commences starting on November 1, 2014, (4) affirms the Borrowers&#8217; obligation to make a series of twelve equal monthly payments (&#8220;<B>M</B><B>EDC</B><B> Payment</B><B>s</B>&#8221;) to MEDC commencing November 1, 2015 which shall reflect all remaining outstanding indebtedness under the MEDC Loan Agreement as of October 31, 2015, and (5) provides that if the Borrowers fail to make the MEDC Payments as required, the Borrowers will be obligated to pay a default rate of interest equal to fifteen percent (15%) per annum until the indebtedness is paid in full.</FONT></P>
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<P id=PARA61 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The preceding descriptions of the MSF Amendment and MEDC Amendment are qualified in their entirety by reference to the copies of the MSF Amendment and MEDC Amendment filed herewith as <U>Exhibit</U><U>s</U><U> 10.1</U> and <U>10.2</U>, respectively, to this Current Report on Form 8-K, which are incorporated herein by reference.</FONT></P>
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<P id=PARA63 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 9.01</B><B>. </B><B>Financial Statements and Exhibits. </B></FONT></P>
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<P id=PARA65 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(d) Exhibits</FONT></P>
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<P id=PARA67 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Exhibit<BR><U>Number</U></FONT></P></TD>
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<P id=PARA68 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><U>Exhibit </U></FONT></P></TD></TR>
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<P id=PARA69 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.1</FONT></P></TD>
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<P id=PARA70 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Amendment Three to the Loan Agreement between Michigan Strategic Fund and Advanced Photonix, Inc., dated December 9, 2014.</FONT></P></TD></TR>
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<P id=PARA71 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.2</FONT></P></TD>
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<P id=PARA72 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Amendment Five to the Convertible Loan Agreement between Michigan Economic Development Corporation and Advanced Photonix, Inc., dated December 9, 2014. </FONT></P></TD></TR></TABLE>
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<P id=PARA75 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>SIGNATURES</B></FONT></P>
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<P id=PARA77 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">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. </FONT></P>
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<P id=PARA13.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><B>ADVANCED PHOTONIX, INC.</B></FONT></P></TD>
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<P id=PARA13.13 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By: </FONT></P></TD>
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<P id=PARA13.14 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/&nbsp;</FONT>Jeff Anderson</P></TD>
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<P id=PARA13.18 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jeff Anderson, Chief Financial Officer</FONT></P></TD>
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<P id=PARA13.20 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dated:&nbsp; December 10, 2014</FONT></P></TD>
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<P id=PARA86 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">EXHIBIT INDEX</FONT></P>
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<P id=PARA88 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Exhibit<BR><U>Number</U></FONT></P></TD>
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<P id=PARA89 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><U>Exhibit </U></FONT></P></TD></TR>
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<P id=PARA90 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.1</FONT></P></TD>
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<P id=PARA91 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Amendment Three to the Loan Agreement between Michigan Strategic Fund and Advanced Photonix, Inc., dated December 9, 2014.</FONT></P></TD></TR>
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<P id=PARA92 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.2</FONT></P></TD>
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<P id=PARA93 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Amendment Five to the Convertible Loan Agreement between Michigan Economic Development Corporation and Advanced Photonix, Inc., dated December 9, 2014. </FONT></P></TD></TR></TABLE>
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api20141209_8k.htm
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):
December 9, 2014
Advanced Photonix, Inc.
(Exact Name of Registrant as specified in its Charter)
Delaware
1-11056
33-0325826
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
2925 Boardwalk, Ann Arbor, Michigan
48104
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code:
(734) 864-5600
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))
Item 1.01. Entry into a Material Definitive Agreement.
Third
Amendment to Loan Agreement
with Michigan Strategic Fund
On December 9, 2014, Advanced Photonix, Inc. (the "
Company
"), its wholly-owned subsidiary Picometrix LLC ("
Picometrix
", and together with the Company, the "
Borrowers
") and the Michigan Strategic Fund ("
MSF
"), as successor in interest to the Michigan Economic Development Corporation ("
MEDC
")
,
executed a Third Amendment (the "
MSF
Amendment
") to the Loan Agreement dated September 15, 2005 (as amended, the "
MSF Loan
Agreement
") by and among the Borrowers and MEDC. The MSF Amendment became effective December 9, 2014.
Among other things, the MSF Amendment (1) affirms the total outstanding principal of the original promissory note issued in connection with the MSF Loan Agreement to be $326,746 as of October 31, 2014, (2) changes the annual interest rate of the original promissory note to 6% per annum, an increase of 1% per annum effective November 1, 2014, (3) suspends any payments for 12 months which commences starting on November 1, 2014, (4) affirms the Borrowers' obligation to make a series of twelve equal monthly payments ("
MSF Payment
s
") to MSF commencing November 1, 2015 which shall reflect all remaining outstanding indebtedness under the MSF Loan Agreement as of October 31, 2015, and (5) provides that if the Borrowers fail to make the MSF Payments as required, the Borrowers will be obligated to pay a default rate of interest equal to fifteen percent (15%) per annum until the indebtedness is paid in full.
Fifth
Amendment to
Loan Agreement between Michigan Economic Development Corporation
On December 9, 2014, the Borrowers and the MEDC executed a Fifth Amendment (the "
MEDC A
mendment
") to the Convertible Loan Agreement dated September 15, 2004 (as amended, the "
MEDC Loan
Agreement
") by and among the Borrowers and MEDC. The MEDC Amendment became effective December 9, 2014.
Among other things, the MEDC Amendment (1) affirms the total outstanding principal of the original promissory note issued in connection with the MEDC Loan Agreement to be $327,886 as of October 31, 2014, (2) changes the annual interest rate of the original promissory note to 6% per annum, an increase of 1% per annum effective November 1, 2014, (3) suspends any payments for 12 months which commences starting on November 1, 2014, (4) affirms the Borrowers' obligation to make a series of twelve equal monthly payments ("
M
EDC
Payment
s
") to MEDC commencing November 1, 2015 which shall reflect all remaining outstanding indebtedness under the MEDC Loan Agreement as of October 31, 2015, and (5) provides that if the Borrowers fail to make the MEDC Payments as required, the Borrowers will be obligated to pay a default rate of interest equal to fifteen percent (15%) per annum until the indebtedness is paid in full.
The preceding descriptions of the MSF Amendment and MEDC Amendment are qualified in their entirety by reference to the copies of the MSF Amendment and MEDC Amendment filed herewith as
Exhibit
s
10.1
and
10.2
, respectively, to this Current Report on Form 8-K, which are incorporated herein by reference.
Item 9.01
.
Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number
Exhibit
10.1
Amendment Three to the Loan Agreement between Michigan Strategic Fund and Advanced Photonix, Inc., dated December 9, 2014.
10.2
Amendment Five to the Convertible Loan Agreement between Michigan Economic Development Corporation and Advanced Photonix, Inc., dated December 9, 2014.
SIGNATURES
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.
ADVANCED PHOTONIX, INC.
By:
/s/
Jeff Anderson
Jeff Anderson, Chief Financial Officer
Dated:  December 10, 2014
EXHIBIT INDEX
Exhibit
Number
Exhibit
10.1
Amendment Three to the Loan Agreement between Michigan Strategic Fund and Advanced Photonix, Inc., dated December 9, 2014.
10.2
Amendment Five to the Convertible Loan Agreement between Michigan Economic Development Corporation and Advanced Photonix, Inc., dated December 9, 2014.