Hurco Companies' Board Approved Additional Share Repurchase Program In An Aggregate Amount Of Up To $25M
Effective as of January 4, 2023, Hurco Companies, Inc. (the “Company”), Bank of America, N.A. (the “Lender”), and certain wholly-owned subsidiaries of the Company (the “Loan Party Subsidiaries” and, together with the Company, the “Loan Parties”) entered into a Fourth Amendment to Credit Agreement (the “Fourth Amendment”). The Fourth Amendment amends the Credit Agreement, dated as of December 31, 2018, among the Company, the Lender, and the Loan Party Subsidiaries, as amended by that First Amendment dated as of March 13, 2020, that Second Amendment dated as of December 23, 2020 and that Third Amendment dated as of December 17, 2021 (as so amended, the “Credit Agreement”), to (i) increase the amount of permitted stock repurchases in any fiscal year from $10.0 million to $25.0 million and (ii) reduce the secured overnight financing rate adjustment to 10 basis points for all borrowings.
The foregoing summary of the Fourth Amendment is qualified in its entirety by reference to the complete terms and provisions of the Fourth Amendment, which is filed herewith as Exhibit 10.1 and is incorporated herein by reference.