Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
On April 9, 2009, LaserCard Corporation ("LaserCard") borrowed approximately
$220,727 from UBS AG's increase of its credit line, pursuant to its Credit Line
Agreement, the Addendum to Credit Line Account Application and Agreement and
Addendum to Client's Agreement, each with UBS AG and dated as of December 11,
2008 (collectively, the "UBS Credit Line"). LaserCard has now borrowed a total
amount of $8,954,864 available under the UBS Credit Line.
Further disclosure regarding the terms of the UBS Credit Line was filed as a
Current Report on Form 8-K by LaserCard on January 9, 2009 and February 4, 2009
and are incorporated herein by reference. The form of UBS Credit Line was filed
as an exhibit to the Registration Statement on Form F-3ASR filed by UBS AG on
October 7, 2008 and is incorporated herein by reference.
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