Attached files
| file | filename |
|---|---|
| EX-10.57 - COMMERCIAL SECURITY AGREEMENT DATED JANUARY 19, 2011 - OURPETS CO | dex1057.htm |
| EX-10.56 - PROMISSORY NOTE DATED JANUARY 19, 2011 - OURPETS CO | dex1056.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Act of 1934
Date of Report: January 19, 2011
(Date of earliest event reported)
OurPet’s Company
(Exact name of registrant as specified in its charter)
| Colorado | 000-31279 | 34-1480558 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification Number) |
1300 East Street, Fairport Harbor, OH 44077
(Address of principal executive offices including zip code)
440-354-6500
(Registrant’s telephone number, including area code)
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:
| ¨ | 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. |
Effective January 19, 2011, OurPet’s Company (“OurPet’s”) entered into a Commercial Security Agreement (the “Security Agreement”) with FirstMerit Bank, N.A. (“FirstMerit”) and executed a Promissory Note (the “Note”) for the principal amount of $450,000. The Note matures on July 31, 2011 and provides for interest payments on the principal balance beginning March 1, 2011. The interest rate is a variable rate based on FirstMerit’s prime rate plus .50%, with the initial rate set at 3.750%. The purpose of the short-term loan is to meet additional working capital needs of OurPet’s related to new business growth. Under the Security Agreement FirstMerit was granted a blanket lien on OurPet’s assets consistent with the lien granted to FirstMerit under its other outstanding loans to OurPet’s.
The foregoing descriptions of the Note and Security Agreement are not complete and are qualified in their entirety by reference to the Note and Security Agreement, which are attached to this current report as Exhibits 10.56 and 10.57 respectively.
| Item 2.03. | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The disclosure under Item 1.01 of this report is also responsive to Item 2.03 of this report and is incorporated by reference.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| 10.56 | Promissory Note dated January 19, 2011 executed by OurPet’s | |
| 10.57 | Commercial Security Agreement dated January 19, 2011 executed by OurPet’s and FirstMerit | |
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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.
| Date: January 24, 2011 | OurPet’s Company | |||||
| By: | /s/ Scott R. Mendes | |||||
| Scott R. Mendes, Chief Financial Officer and Treasurer | ||||||
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EXHIBIT INDEX
| Exhibit Number |
Description | |
| 10.56 |
Promissory Note dated January 19, 2011 executed by OurPet’s | |
| 10.57 |
Commercial Security Agreement dated January 19, 2011 executed by OurPet’s and FirstMerit | |
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