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EX-10 - EXHIBIT 10.2 REVISED PROMISSORY NOTE - CRAWFORD UNITED CorpPromissaryNoteRev10.2.htm
EX-10 - EXHIBIT 10.1 REVISED CREDIT FACILITY - CRAWFORD UNITED CorpCreditFacilityRevised10_1.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 Exchange Act of 1934


Date of Report (Date of earliest event reported)      January 9, 2012                                                  


                                                 HICKOK INCORPORATED                                                        
(Exact name of registrant as specified in its charter)


                 Ohio              
(State or other jurisdiction
of incorporation)
                 0-147                
(Commission
File Number)
         34-0288470      
(IRS Employer
Identification No.)


    10514 Dupont Avenue      Cleveland, Ohio                                                                                44108
    (Address of principal executive offices)                                                                             (Zip Code)


Registrant's telephone number, including area code         (216) 541-8060                                              


                                                      Not applicable                                                                                   
(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:

[  ] 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.

The information provided in item 2.03 is incorporated herein by reference.

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


On January 9, 2012, Hickok Incorporated (the "Company") extended an existing revolving credit agreement (the "agreement") with Robert L. Bauman (the "Lender"). The terms and conditions of the agreement are set forth in a Revolving Credit Agreement and a Revolver Credit Promissory Note (the "Note"), and, together with the Agreement and Note,  the "credit arrangement documents"), all of which were executed by the Company and delivered to the Lender on January 9, 2012. The Note expires April 13, 2013 and provides for a revolving credit facility of $250,000 with interest generally equal to three percent per annum plus prime and is unsecured.
 
Each loan made under the credit arrangement will be due and payable in full on the expiration date of the Note.  Interest on each loan made under the credit arrangement is payable on the first day of each month, at maturity, and an on demand provision may be reinstated after October 30, 2012 depending on certain financial conditions of the Company
 
The Agreement generally allows for borrowing based on an amount equal to eighty percent (80%) of eligible receivables or $250,000. The Note provides that upon the occurrence of certain events of default, the Lender may immediately terminate the credit arrangement, and the Company's obligations under the credit facility may be accelerated. Such events of default are set forth in the various credit arrangement documents and include, without limitation:  failure to comply with the terms, obligations, and covenants of the credit arrangement documents; the encumbrance of any property securing any debt to the Lender by mortgage, security interest or other lien unless consented to by the Lender; and other customary defaults.
 
A copy of the Agreement and Note are included as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K, and the above summary is qualified in its entirety by reference to those Exhibits.

Item 5.02    Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

    (b)  

Mr. Michael Miller has declined to stand for re-election to the Board of Directors at the Company Shareholder Meeting March 7, 2012. Mr. Miller will perform his Director's duties until that time.

Item 9.01    Financial Statements and Exhibits
     
            (d) Exhibits.


Exhibit
Number
Description of Exhibit

10.1
Revolving Credit Agreement, dated January 9, 2012, executed by Hickok Incorporated and delivered to Robert L. Bauman.




10.2
Revolver Credit Promissory Note, dated January 9, 2012, executed by Hickok Incorporated
and delivered to Robert L. Bauman.








           


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.


HICKOK INCORPORATED                    

By:  /s/ Robert L. Bauman                        
Robert L. Bauman                            
   President and CEO                          

Date:    January 9, 2012


EXHIBIT  INDEX


Exhibit
Number
Description of Exhibit

10.1
Revolving Credit Agreement, dated January 9, 2012, executed by Hickok Incorporated and delivered to Robert L. Bauman.




10.2 Revolver Credit Promissory Note, dated January 9, 2012, executed by Hickok Incorporated>
and delivered to Robert L. Bauman.