form10k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): June 17, 2010
EMERGING VISION,
INC.
(Exact
name of Registrant as specified in its charter)
New York
|
001-14128
|
11-3096941
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
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520
8th
Avenue
New
York, New York
10018
(Address
of principal executive offices) (Zip Code)
Registrant’s
telephone number, including area
code: (646) 737-1500
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
□
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
□
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
□
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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□
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
1.01 Entry
into a Material Definitive Agreement.
Effective
June 17, 2010, Emerging Vision, Inc. (the “Company”) and its subsidiaries
entered into an agreement (the “Agreement”) with Manufacturers and Traders Trust
Company (“M&T”) to amend the Company’s line of credit with M&T pursuant
to that certain Line of Credit Note and Credit Agreement dated as of March 31,
2010 (the “Line of Credit”).
Pursuant
to the Agreement, M&T released its second lien security interest in the
assets of Combine Buying Group, Inc., a wholly-owned subsidiary of the Company
(“Combine”), until such time as Combine’s existing indebtedness to Combine
Optical Management Corp. (the “COMC Indebtedness”) is satisfied or otherwise
terminated. In consideration of such release, the Company made a
payment of $150,000 towards the Line of Credit balance and agreed to make an
additional payment of $150,000 to be applied towards the Line of Credit balance
on September 1, 2010.
Pursuant
to the Agreement, upon satisfaction or termination of the COMC Indebtedness,
Combine has agreed to grant M&T a first lien security interest in all of its
assets in accordance with the provisions of the Agreement.
The
foregoing descriptions do not purport to be complete, and are qualified in their
entirety by reference to the full text of the document filed as Exhibit 10.1 to
this Current Report on Form 8-K, which is incorporated by reference
herein.
Item
2.03
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Creation
of a Direct Financial Obligation or an Obligation under an Off-Balance
Sheet Arrangement of a Registrant.
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Reference
is made to Item 1.01 hereof, which is hereby incorporated herein.
Item
9.01
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Financial
Statements and Exhibits.
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10.1
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Agreement,
effective as of June 17, 2010, by and among Manufacturers and Traders
Trust Company, Combine Buying Group, Inc. and the subsidiaries of the
Company that are signatories to the
Agreement.
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SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, as amended, the Registrant has duly caused this
report to be signed on its behalf by the undersigned hereunto duly
authorized.
EMERGING VISION, INC.
By: /s/ Brian P.
Alessi
Brian P.
Alessi
Chief Financial
Officer
Date:
June 23, 2010