<SEC-DOCUMENT>0000886206-11-000028.txt : 20110728
<SEC-HEADER>0000886206-11-000028.hdr.sgml : 20110728
<ACCEPTANCE-DATETIME>20110727175555
ACCESSION NUMBER:		0000886206-11-000028
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20110726
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110728
DATE AS OF CHANGE:		20110727

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FRANKLIN COVEY CO
		CENTRAL INDEX KEY:			0000886206
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MANAGEMENT SERVICES [8741]
		IRS NUMBER:				870401551
		STATE OF INCORPORATION:			UT
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11107
		FILM NUMBER:		11991145

	BUSINESS ADDRESS:	
		STREET 1:		2200 W PKWY BLVD
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84119-2331
		BUSINESS PHONE:		8018177171

	MAIL ADDRESS:	
		STREET 1:		2200 W PARKWAY BLVD
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84119

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FRANKLIN QUEST CO
		DATE OF NAME CHANGE:	19940218
</SEC-HEADER>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item 1.01 Entry into a Material Definitive Agreement.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On July 26, 2011, Franklin Covey Co. (the Company) entered into an agreement (the Agreement)&#160;with Knowledge Capital Investment Group, the holder of a warrant to purchase 5,913,402 shares of the Company&#8217;s common stock at a purchase price of $8.00 per share.&#160;&#160;Pursuant to the agreement, Knowledge Capital agreed to exercise the warrant in respect of 1,913,402 shares on a net settlement basis, as a result of which the Company issued 596,116 shares of its common stock to Knowledge Capital.&#160;&#160;Knowledge Capital also agreed (1) to exercise the warrant with respect to the remaining 4.0 million shares only on a net settlement basis; (2) not to exercise its right to cause the Company to file a registration statement in respect of the resale of any of the shares owned by Knowledge Capital (including 1,015,000 shares already owned by Knowledge Capital) prior to the earlier of (i) March 8, 2013 (the expiration date of the warrant) and (ii) one year after the date on which the warrant has been exercised in full (the Stand-Off Period); (3) If Knowledge Capital intends to sell any of the shares (including shares owned by&#160;Knowledge Capital&#160;and not purchased upon exercise of the warrant) in the market during the Stand-Off Period on an unregistered basis, Knowledge Capital will notify the Company in writing of such intent (including the proposed maximum number of shares to be sold, the proposed manner of sale and the date on which it intends to begin such sales) at least five trading days before commencing such sales, and, if requested by the Company,&#160;Knowledge Capital&#160;will refrain from selling shares for up to 120 days after the date&#160;Knowledge Capital&#160;intended to begin such sales in order to permit the Company to arrange for an underwritten or other organized resale of such shares, including if applicable and required, filing with the Securities and Exchange Commission and causing to become effective a registration statement covering the sale of the shares in the manner proposed by&#160;Knowledge Capital&#160;or as otherwise agreed by&#160;Knowledge Capital&#160;and the Company. Sections 7 through 9 of the Registration Rights Agreement will apply to any such registration statement; and (4) to discuss with the Company any proposal by the Company to repurchase such shares during such 120-day period.&#160;&#160;In exchange for these considerations, the Company agreed to waive its right to pay cash in lieu of shares upon exercises of the warrant.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Donald J. McNamara, a director of the Company, is a principal of The Hampstead Group, the private investment firm that sponsors Knowledge Capital, and has an approximately 1.5% equity interest in Knowledge Capital.&#160;&#160;Robert Whitman, the Company&#8217;s chief executive officer (CEO) and a director, has an approximately 12.6% equity interest in Knowledge Capital.&#160;&#160;Mr. Whitman was the president and Co-CEO of Hampstead until becoming the Company&#8217;s CEO in 2000.&#160;&#160;The transaction was approved by members of the Company&#8217;s board of directors who are not affiliated with Knowledge Capital or Hampstead and have no economic interest in the warrant.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The forgoing description of the agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the agreement. The agreement is filed herewith as Exhibit 10.1 and incorporated herein by reference.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/ Stephen D. Young</font></div>
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<div style="TEXT-ALIGN: right">Exhibit 10.1<br>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>This Agreement (this &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Agreement</font>&#8221;), dated as of July 26, 2011, between Franklin Covey Co., a Utah corporation (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Company</font>&#8221;), and Knowledge Capital Investment Group, a Texas general partnership (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Holder</font>&#8221;).</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Holder is the owner of a Warrant to Purchase Common Stock (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Warrant</font>&#8221;) of the Company dated March 8, 2005 entitling it to purchase up to 5,913,402 shares of the Company&#8217;s common stock, par value $.05 per share (&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Common Stock</font>&#8221;), at an exercise price of $8.00 per share, from time to time through March 8, 2013 (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Expiration Date</font>&#8221;).&#160;&#160;In addition, the Holder owns 1,015,002 shares of Common Stock (such shares, together with shares of Common Stock acquired by Holder upon exercise of the Warrant, the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Shares</font>&#8221;).</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In connection with the issuance of the Warrant, the Holder and the Company entered into an Amended and Restated Registration Rights Agreement, dated as of March 8, 2005 (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Registration Rights Agreement</font>&#8221;), under which, among other things, the Holder has certain rights to cause the Company to file and cause to become effective a registration statement relating to sales of Common Stock owned by Holder, including shares issued upon exercise of the Warrant.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Holder and the Company wish to enter into this Agreement to evidence their agreement relating to the exercise of the Warrant and the sale of Common Stock by Holder.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Accordingly, the parties hereto agree as follows:</font></div>

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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Simultaneously with the execution and delivery of this Agreement, the Company will execute the Warrant with respect to 1,913,402 shares of Common Stock using the net exercise method set forth in Section 1.2(b) of the Warrant. The Company agrees that it will issue to the Holder 596,116 shares of Common Stock in accordance with Section 1.2(b) of the Warrant and will not exercise its right under Section 1.2(c) of the Warrant to pay Holder in the form of a cash payment.</font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Holder agrees that it may only exercise the Warrant using the net exercise method under Section 1.2(b) of the Warrant.&#160;&#160;Accordingly, the Company agrees that upon any subsequent exercise of the Warrant, the Company will issue to the Holder the number of shares of Common Stock that is issuable under Section 1.2(b) of the Warrant and will not exercise its right under Section 1.2(c) of the Warrant to pay Holder in the form of a cash payment.</font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Holder agrees that it will not exercise its right under the Registration Rights Agreement to cause the Company to file a registration statement relating to the sale of any of the Shares (including shares owned by Holder and not purchased upon exercise of the Warrant) until the earlier of (i) the Expiration Date or (ii) one year after the date on which the Warrant has been exercised in full (such period, the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Stand-Off Period</font>&#8221;).&#160;&#160;The parties acknowledge that the Company will not be required to maintain the effectiveness of the Series B Registration Statement as provided in Section 2(a) of the Registration Rights Agreement, it being understood that the Holder&#8217;s rights under Section 4(a) of the Registration Rights Agreement if the Series B Registration Statement is no longer effective shall not be affected by this Agreement following the end of the Stand-Off Period.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FRANKLIN COVEY CO.</font></div>

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<div>/s/ Stephen D. Young</div>
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<div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Stephen D. Young</font></div>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
