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EX-10.1 - PROMISSORY NOTE - FLEXSTEEL INDUSTRIES INCflexsteel150072_ex10-1.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)  January 7, 2015

 

 

FLEXSTEEL INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

 

Minnesota 0-5151 42-0442319
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
     
385 Bell Street, Dubuque, Iowa 52001
(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code 563-556-7730

 

 
(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))

 

 

 
 

Item 1.01.  Entry into a Material Definitive Agreement.

 

On January 7, 2015, Flexsteel Industries, Inc. (the “Company”) entered into an unsecured line of credit with American Trust and Savings Bank. Any amounts outstanding will bear interest of 2.0% below the Wall Street Journal U.S. Prime Rate. The line of credit matures on December 31, 2015. The line of credit will be used for the Company’s working capital needs. As of December 31, 2014, there was $6.5 million outstanding under this line of credit.

 

The promissory note related to this line of credit is attached to this Current Report on Form 8-K as Exhibits 10.1.

 

Item 2.03.  Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

 

The information set forth under Item 1.01 above is incorporated into this Item 2.03 by reference.

 

Item 9.01  Financial Statements and Exhibits.

 

  (a) Not applicable
  (b) Not applicable
  (c) Not applicable
  (d) Exhibits

 

  Exhibit No. Description
     
  Exhibit 10.1 Promissory Note dated January 1, 2015 between Flexsteel Industries, Inc. and American Trust and Savings Bank

 

 

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.

 

      FLEXSTEEL INDUSTRIES, INC.
      (Registrant)
         
Date: January 8, 2015   By:   /s/ Timothy E. Hall
        Timothy E. Hall
Principal Financial Officer, SVP-Finance and CFO