UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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 30, 2008
CVD EQUIPMENT CORPORATION
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(Exact Name of Registrant as Specified in Its Charter)
New York
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(State or Other Jurisdiction of Incorporation or Organization)
1-16525 11-2621692
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(Commission File Number) (IRS Employer Identification No.)
1860 Smithtown Ave., Ronkonkoma, New York 11779
(Address of Principal Executive Offices, Including Zip Code)
(631) 981-7081
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(Registrant's Telephone Number, Including Area Code)
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(Former Name or Former Address, if Changed Since Last Report)
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 (see General Instruction A.2. below):
[_] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
On June 30, 2008, CVD Equipment Corporation (the "Registrant") entered into a
Consolidation, Extension and Modification Agreement (the "Agreement") and
Consolidated and Restated Mortgage Note (the "Note") each with Capital One, N.A
(the "Bank"). The Agreement consolidated various notes and mortgages relating to
Registrant's property known as 1117 Old Kings Highway, Saugerties, New York (the
"Premises") into a single note in the principal sum of Eight Hundred Five
Thousand Dollars ($805,000), of which $16,936.50 represented additional
borrowings incurred by the Registrant. Principal and interest payments are to be
made in equal consecutive monthly installments of $5,903.27 commencing on August
1, 2008 and continuing for 119 months, with a final balloon payment being due on
July 1, 2018, equal to the remaining unpaid principal on the maturity date. The
principal sum bears interest at a fixed annual rate of 6.20%. The Note is
secured by a first priority mortgage lien on the Premises, all of the
Registrant's monies, deposits or other sums held by the Bank on deposit, the
Agreement, an assignment of the leases and rents from the Premises, a lien on
the Registrant's personal property, and $500,000 of the proceeds of a life
insurance policy which is owned by the Registrant and issued on the life of the
Registrant's Chief Executive Officer, Leonard A. Rosenbaum.
The obligation of the Registrant to pay the amounts outstanding under the
Agreement and Note may be accelerated upon the occurrence of an "Event of
Default" as defined in the Agreement.
The foregoing description of the Agreement and the Note described above is only
a summary and is not intended to be complete description of all of the terms
thereof. You are encouraged to read the documents in their entirety. A copy of
the same is attached as an exhibit to this Current Report on Form 8-K and the
text is hereby incorporated by reference. Certain capitalized terms used herein
but not defined shall have the meaning ascribed to them in the Agreement.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits.
10.1 Consolidation, Extension and Modification Agreement between the Registrant
and Capital One, N.A.
10.2 Consolidated and Restated Mortgage Note.
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SIGNATURES
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.
CVD EQUIPMENT CORPORATION
Date: July 7, 2008 /s/ Leonard A. Rosenbaum
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Name: Leonard A. Rosenbaum
Title: Chairman, President, and
Chief Executive Officer
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