On February 17, 2009, P & F Industries, Inc. (the "Registrant"), and its subsidiaries, Florida Pneumatic Manufacturing Corporation ("Florida Pneumatic"), Embassy Industries, Inc. ("Embassy"), Green Manufacturing, Inc. ("Green"), Countrywide Hardware, Inc. ("Countrywide"), Nationwide Industries, Inc. ("Nationwide"), Woodmark International, L.P. ("Woodmark"), Pacific Stair Products, Inc. ("Pacific"), WILP Holdings, Inc. ("WILP"), Continental Tool Group, Inc. ("Continental") and Hy-Tech Machine, Inc. ("Hy-Tech", and collectively with the Registrant, Florida Pneumatic, Embassy, Green, Countrywide, Nationwide, Woodmark, Pacific, WILP and Continental, the "Co-Borrowers"), Citibank, N.A. and HSBC Bank USA, National Association (collectively, the "Lenders") and Citibank, N.A., as Administrative Agent for the Lenders, entered into an amendment (the "Amendment") to the Credit Agreement, dated as of June 30, 2004, by and among the Co-Borrowers, the Lenders and the Administrative Agent, as previously amended (the "Credit Agreement"). The Amendment extends the maturity date of the revolving loan commitment under the Credit Agreement from February 17, 2009 to March 31, 2009.

The foregoing summary of the Amendment is qualified in its entirety by the terms and provisions of the Amendment, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

(d) Exhibits:

10.1    Amendment No. 16 to Credit Agreement, dated as of February 17, 2009, by
        and among P & F Industries, Inc., Florida Pneumatic Manufacturing
        Corporation, Embassy Industries, Inc., Green Manufacturing, Inc.,
        Countrywide Hardware, Inc., Nationwide Industries, Inc., Woodmark
        International, L.P., Pacific Stair Products, Inc., WILP Holdings, Inc.,
        Continental Tool Group, Inc. and Hy-Tech Machine, Inc. as Co-Borrowers,
        Citibank, N.A. and HSBC Bank USA, National Association as Lenders, and
        Citibank, N.A., as Administrative Agent for the Lenders.