On July 31, 2009, M-tron Industries, Inc. ("Mtron"), a subsidiary of The LGL Group, Inc., and First National Bank of Omaha ("FNBO") entered into a Change in Terms Agreement (the "Agreement") regarding that certain revolving credit facility of up to $5,500,000 (the "Revolving Loan") provided for under that certain loan agreement with FNBO dated October 14, 2004, as amended. The terms of the Agreement include, but are not limited to, the extension of the maturity date of the Revolving Loan from July 31, 2009 to August 31, 2009. The Agreement was entered into to allow for additional time until a longer-term extension can be finalized.

The foregoing summary of the Agreement is subject to, and qualified in its entirety by, the full text of the Agreement attached hereto as Exhibit 10.1 and incorporated herein by reference.

(d) Exhibits

Exhibit No. Description

10.1        Change in Terms Agreement, dated July 31, 2009, by and
            between M-Tron Industries, Inc. and First National Bank
            of Omaha.