Item 1.02 Termination of a Material Definitive Agreement.
On December 31, 2008, Key Technology, Inc. (the "Company")
terminated its borrowing arrangements under a Credit
Agreement dated July 27, 2006 and First Amendment to Credit
Agreement dated December 21, 2007 with Wells Fargo HSBC
Trade Bank, N.A. The Credit Agreement provided a revolving
credit facility to the Company in a maximum principal amount
of $10,000,000 and credit sub-facilities up to $3,000,000
each for sight commercial letters of credit and standby
letters of credit. As previously disclosed, the agreement
was replaced by an alternative credit arrangement on
December 16, 2008, and the Company had no outstanding
borrowings under this agreement at the time of
termination. The agreement was to mature on June 30, 2009,
and the Company paid no fees or penalties in connection with
its early termination.
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