Attached files
Delaware
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33-0580186
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(State or other jurisdiction of
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(IRS Employer
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incorporation)
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Identification No.)
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[ ] 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))
The terms of the Costa Brava Term Note as amended and restated on August 2, 2012 differ from the previous terms of the Costa Brava Term Note in the following material respect:
The terms of the Costa Brava Line of Credit Note as amended and restated on August 2, 2013 differ from the previous terms of the Costa Brava Line of Credit Note in the following material respects:
Both the Costa Brava Term Note and the Costa Brava Line of Credit Note are subordinated to the amounts borrowed by SPY North America under its loan and security agreement with BFI Business Finance ("BFI") pursuant to the terms of a debt subordination agreement between Costa Brava and BFI. Other than described above, the terms and conditions of the Costa Brava Term Note and the Costa Brava Line of Credit Note as amended and restated on August 2, 2012 are otherwise generally similar to the terms and conditions of such notes prior to such amendment and restatement. SPY North America has borrowed $8 million under the Costa Brava Line of Credit Note as of August 8, 2012, excluding PIK Interest.
The foregoing summary of the terms of the promissory notes with Costa Brava are qualified in their entirety by reference to the promissory notes, copies of which are attached as Exhibits 10.1 and 10.2 and incorporated herein by reference.
SPY Inc.
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Date: August 08, 2012
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By:
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/s/ Michael D. Angel
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Michael D. Angel
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Chief Financial Officer, Treasure and Secretary (Principal Financial Officer and Principal Accounting Officer)
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Exhibit No.
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Description
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EX-10.1
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Second Amended and Restated $7.0 million Promissory Note dated August 2, 2012 between Spy Optic Inc., a California corporation, and Costa Brava Partnership III, L.P.
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EX-10.2
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Third Amended and Restated $10.0 Million Promissory Note dated August 2, 2012 between Spy Optic Inc., a California corporation, and Costa Brava Partnership III, L.P.
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