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Exhibit 10.21
[ORANGE COUNTY BUSINESS BANK LOGO]
June 19, 2006
Roy
L. Gill, Vice President
The Willdan Group of Companies
2401 East Katella Avenue, Suite #300
Anaheim, CA 92660
Re: Borrower:
The Willdan Group of Companies, a California Corporation
Dear
Mr. Gill:
In
response to your letter dated March 29, 2006, Orange County Business Bank has approved the following amendments to the loan documents that pertain to Loan #10174420 and Loan
#10274428.
- 1.
- Borrower's
annual CPA unqualified audited financial statements as available and in no event later than two hundred and ten (210) days after fiscal year ending December 31, 2005
only, reverting to previous covenant thereafter. Said financial statements shall be the consolidated statements of all Willdan Group of Companies including but not limited to all corporate guarantors
of herein described credit facilities.
- 2.
- Borrower
may change its state of incorporation to Delaware from California. Borrower must file all appropriate forms to affect this change as required by the State of Delaware and the
State of California.
- 3.
- Although
the borrower may proceed with the due diligence associated with the transfer of its assets and liabilities to the new entity known as Willdan Group, Inc., prior to this
proposed transfer, Orange County Business Bank is to be in receipt of all appropriate formation and operating documents from which new loan documents evidencing this transaction are to be executed by
all parties.
In
addition, in response to your letter dated June 8, 2006, Orange County Business Bank has approved the company's "zero value" stock dividend/stock split which was instituted on
January 1, 2005 and completed on March 30, 2006. Please let us know if you have any questions. Thank you.
| Sincerely, |
|
|
/s/ NIC GOERES
Nic Goeres
Vice President
Senior Relationship Manager
(949) 999-2643 |
|
/s/ CHUCK TULLOH
Chuck Tulloh
Executive Vice President
Chief Credit Officer
(949) 999-3556 |
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