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MPAA > SEC Filings for MPAA > Form 8-K on 10-Oct-2013All Recent SEC Filings

Show all filings for MOTORCAR PARTS AMERICA INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for MOTORCAR PARTS AMERICA INC


10-Oct-2013

Entry into a Material Definitive Agreement, Creation of a Direct Finan


Item 1.01 Entry into a Material Definitive Agreement

On October 9, 2013, Motorcar Parts of America, Inc. (the "Company") entered into an Option Purchase Agreement (the "Agreement") with Selwyn Joffe, Chairman, President and Chief Executive Officer of the Company (the "Holder"), pursuant to which, among other things, the Company would purchase the Holder's option to purchase 100,000 shares of the Company's common stock granted on January 14, 2004 under the Motorcar Parts of America, Inc. 1994 Stock Option Plan at a purchase price of $626,500 (the difference per share of common stock between $12.66, the closing price of the Company's common stock on September 27, 2013, and $6.345, the exercise price of the stock option, multiplied by 100,000, the total number of shares under Mr. Joffe's stock option, and less an administrative fee of $5,000). A copy of the Agreement is being filed as an exhibit to this Form 8-K.

On October 9, 2013, in connection with the transaction described above, the Company amended its existing Financing Agreement (as amended to date, the "Financing Agreement") by entering into the Eighth Amendment to Financing Agreement (the "Cerberus Eighth Amendment") with the lenders party thereto, Cerberus Business Finance, LLC, ("Cerberus") as collateral agent, and PNC Bank, National Association, as administrative agent. The Cerberus Eighth Amendment permits the Company to purchase the Holder's stock option pursuant to the Agreement. A copy of the Cerberus Eighth Amendment is being filed as an exhibit to this Form 8-K.



Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

To the extent applicable, the information set forth above under Item 1.01 is hereby incorporated by reference into this Item 2.03.



Item 9.01 Financial Statements and Exhibits

d) Exhibits.

Exhibit
  No.                                     Description

  10.1     Option Purchase Agreement, dated as of October 9, 2013, by and between
           Motorcar Parts of America, Inc. and Selwyn Joffe.

  10.2     Eighth Amendment to Financing Agreement, dated as of October 9, 2013,
           among Motorcar Parts of America, Inc., each lender from time to time party
           thereto, Cerberus Business Finance, LLC, as collateral agent, and PNC
           Bank, National Association, as administrative agent.


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