<SEC-DOCUMENT>0000061004-13-000086.txt : 20130923
<SEC-HEADER>0000061004-13-000086.hdr.sgml : 20130923
<ACCEPTANCE-DATETIME>20130923093040
ACCESSION NUMBER:		0000061004-13-000086
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20130919
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130923
DATE AS OF CHANGE:		20130923

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LGL GROUP INC
		CENTRAL INDEX KEY:			0000061004
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRONIC COMPONENTS, NEC [3679]
		IRS NUMBER:				381799862
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-00106
		FILM NUMBER:		131109229

	BUSINESS ADDRESS:	
		STREET 1:		2525 SHADER ROAD
		CITY:			ORLANDO
		STATE:			FL
		ZIP:			32804
		BUSINESS PHONE:		(407) 298-2000

	MAIL ADDRESS:	
		STREET 1:		2525 SHADER ROAD
		CITY:			ORLANDO
		STATE:			FL
		ZIP:			32804

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LYNCH CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<TYPE>8-K
<SEQUENCE>1
<FILENAME>lgl8k_20130923.htm
<DESCRIPTION>LGL 8-K 20130923
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">UNITED STATES</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Washington, D.C. 20549</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 16pt; FONT-WEIGHT: bold">FORM 8-K</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">CURRENT REPORT</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Pursuant to Section 13 or 15(d) of the<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
</font> Securities Exchange Act of 1934</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Date of report (Date of earliest event reported): <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><u>September 19, 2013</u></font></div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">THE LGL GROUP, INC.</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">(Exact Name of Registrant as Specified in Charter)</div>
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<div>&#160;</div>
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<div>&#160;</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Delaware</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">1-106</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">38-1799862</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">(State or Other Jurisdiction<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
</font> of Incorporation)</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">(Commission<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
</font> File Number)</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">(IRS Employer<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
</font> Identification No.)</div>
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<div>&#160;</div>
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<td style="WIDTH: 33.31%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">2525 Shader Road, Orlando, FL</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">32804</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">(Address of Principal Executive Offices)</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Registrant's Telephone Number, Including Area Code: <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><u>(407) 298-2000</u></font></div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">(Former Name or Former Address, If Changed Since Last Report)</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">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 (<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">see</font> General Instruction A.2. below):</div>

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<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; VERTICAL-ALIGN: top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</td>
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<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; VERTICAL-ALIGN: top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</td>
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<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; VERTICAL-ALIGN: top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</td>
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<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; VERTICAL-ALIGN: top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</td>
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<td style="WIDTH: 72pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Item 1.01.</td>
<td style="WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Entry into a Material Definitive Agreement.</td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt">On September 19, 2013, M-tron Industries, Inc. ("Mtron") and Piezo Technology Inc. ("Piezo", and together with Mtron, "MtronPTI"), each a wholly owned subsidiary of The LGL Group, Inc. (the "Company"), entered into a Third Amendment to Master Loan Agreement, dated as of September 19, 2013 (the "Amendment"), with JPMorgan Chase Bank, N.A. (the "Bank"). &#160;The Amendment amends the Master Loan Agreement, dated as of June 30, 2011 (the "Loan Agreement"), by and between MtronPTI and the Bank, to reduce the minimum level of tangible net worth required by the financial covenants under the Loan Agreement to $6,000,000, therein.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt">The foregoing description of the Amendment is not complete and is qualified in its entirety by reference to the full text of such document, which is filed herewith as <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><u>Exhibit 10.1</u></font> and incorporated herein by reference.</div>

<div style="TEXT-ALIGN: left; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Item 9.01.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Financial Statements and Exhibits.</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">(d)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Exhibits</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Description</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">10.1</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Third Amendment to Master Loan Agreement, dated as of September 19, 2013, by and among M-tron Industries, Inc., Piezo Technology, Inc. and JPMorgan Chase Bank, N.A.</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-WEIGHT: bold">SIGNATURES</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt">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.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">September 23, 2013</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">THE LGL GROUP, INC.</div>
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<div>/s/ R. LaDuane Clifton</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">R. LaDuane Clifton</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Title:</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Chief Financial Officer</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">EXHIBIT INDEX</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Description</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">10.1</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Third Amendment to Master Loan Agreement, dated as of September 19, 2013, by and among M-tron Industries, Inc., Piezo Technology, Inc. and JPMorgan Chase Bank, N.A.</div>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>lgl8k_20130923_ex10.1.htm
<DESCRIPTION>LGL 8-K EXHIBIT 10.1
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Exhibit 10.1</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">THIRD AMENDMENT TO<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
</font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><u>MASTER LOAN AGREEMENT</u></font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 34.2pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">THIS THIRD AMENDMENT TO MASTER LOAN AGREEMENT</font> (this "Amendment") is dated as of September 19, 2013, and is executed by and between <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">M-TRON INDUSTRIES, INC.,</font> a Delaware corporation and <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">PIEZO TECHNOLOGY, INC.</font>, a Florida corporation, jointly and severally (hereinafter referred to as the "Borrower") and <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">JPMORGAN CHASE BANK, N.A.</font> ("Bank").</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><u>R E C I T A L S</u></font>:</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">WHEREAS,</font> Bank extended to Borrower facilities to finance the acquisition of certain assets and fund certain operating expenses through advances made under credit facilities including (i) a revolving line of credit in the initial principal amount of $4,000,000.00; (ii) commercial line of credit in the amount of $2,000,000.00; and (iii) term loan in the amount of $536,192.17 (collectively, the "Loans"); and</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">WHEREAS</font>, the Loans are subject to the terms and conditions of that certain Master Loan Agreement between Borrower and Bank dated June 30, 2011, as amended by a First Amendment thereto dated June 28, 2012, and as further amended by a Second Amendment thereto dated September 28, 2012 (collectively, the "Existing Loan Agreement"); and</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">WHEREAS,</font> Borrower and Bank desire to hereby modify and amend the Existing Loan Agreement.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">NOW, THEREFORE</font>, in consideration of the premises and the mutual agreements, covenants and conditions herein, Borrower and Bank agree as follows:</div>

<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">1.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><u>Recitals and Terms</u></font></div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">2.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><u>Modifications</u></font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 105.9pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt">Section 3.13(c) of Article III of the Existing Loan Agreement is hereby deleted in its entirety and the following is substituted in lieu thereof:</div>
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<div style="TEXT-ALIGN: justify; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 72pt"><font style="FONT-FAMILY: 'CG Times', serif; FONT-SIZE: 12pt">(c)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'CG Times', serif; FONT-SIZE: 12pt"><font style="FONT-FAMILY: 'CG Times', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><u>Minimum Tangible Net Worth</u></font>. &#160;Upon the end of every fiscal quarter of Borrower during the term of the Loan, the Borrower's Minimum Tangible Net Worth shall not be less than the sum of $6,000,000.00. &#160;For the purposes of the foregoing, <font style="FONT-STYLE: italic; FONT-FAMILY: 'CG Times', serif; FONT-SIZE: 12pt">"Minimum Tangible Net Worth"</font> shall mean total assets less the sum of Intangible Assets and total liabilities.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 33.9pt; FONT-FAMILY: 'CG Times', serif; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 74.1pt; FONT-SIZE: 12pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'CG Times', serif; FONT-SIZE: 12pt">"Intangible Assets</font>" shall mean the aggregate amount of: (1) all assets classified as intangible assets under generally accepted accounting principles, including, without limitation, goodwill, trademarks, patents, copyrights, organization expenses, franchises, licenses, trade names, brand names, mailing lists, catalogs, excess of costs over book value of assets acquired, and bond discount and underwriting expenses [and] (2) loans or advances to, investments in, or receivables from (i) Affiliates, officers, directors, employees or shareholders of the Borrower or (ii) any person or entity if such loan, advance, investment or receivable is outside the Borrower's normal course of business and (3) security deposits. </div>

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<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">3.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><u>Reaffirmation of Representations and Warranties</u></font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt">. Borrower hereby reaffirms to Bank each of Borrower's representations and warranties, covenants and agreements set forth in the Existing Loan Agreement with the same force and effect as if each were fully restated herein and made as of the date hereof, and Borrower hereby certifies to Bank that no default or event of default has occurred or is presently occurring under the Existing Loan Agreement or the other loan documents executed in connection therewith.</div>

<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">4.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><u>No Claims or Offsets</u></font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">. &#160;</font>Borrower hereby acknowledges and certifies to Bank that, as of the date of this Amendment, there are not counterclaims, defenses or offsets whatsoever against Bank with respect to the Existing Loan Agreement, or with respect to the documents, instruments and agreements related to the Existing Loan Agreement or executed in connection therewith.</div>

<div style="TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">5.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><u>No Other Changes</u></font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 12pt">. &#160;Except as otherwise set forth in this amendment, the Existing Loan Agreement shall remain unchanged in full force and effect.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">M-TRON INDUSTRIES, INC., a Delaware corporation</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">/s/ R. LaDuane Clifton</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">R. LaDuane Clifton</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Chief Financial Officer and Secretary</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">PIEZO TECHNOLOGY</div>
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<div>&#160;</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">/s/ R. LaDuane Clifton</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">R. LaDuane Clifton</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Chief Financial Officer and Secretary</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 216pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>BANK</u></font>:</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">THE LGL GROUP, INC.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">/s/ Taylor Kennedy</div>
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