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GLOW > SEC Filings for GLOW > Form 8-K on 14-Jun-2012All Recent SEC Filings

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Form 8-K for GLOWPOINT, INC.


14-Jun-2012

Entry into a Material Definitive Agreement


Item 1.01 Entry into a Material Definitive Agreement.

On June 12, 2012, Glowpoint, Inc. (the "Company") entered into the Second Loan Modification Agreement (the "Amendment"), which amends its existing Loan and Security Agreement dated as of June 16, 2010 (as amended by the First Loan Modification Agreement dated as of April 28, 2011, the "Loan Agreement") between the Company and Silicon Valley Bank (the "Bank").

In connection with the Amendment, the parties agreed to extend the maturity date of the credit facility for two years until June 12, 2014. The Amendment also (a) modified the Company's trailing three-month EBITDA covenant to be $250,000 from May 30, 2012 through August 31, 2012 and $500,000 thereafter and (b) reduced the annual interest rate to the prime rate plus 1.25%.

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, which has been filed with this Current Report on Form 8-K as Exhibit 10.1, and the full text of the Loan Agreement, which was filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed on June 18, 2010 and Exhibit 10.1 to the Company's Current Report on Form 8-K filed on May 2, 2011.

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