GEE Group Inc. — Capital/Financing Update 2014

Apr 29, 2014

8-K 1 form8k.htm GENERAL EMPLOYMENT ENTERPRISES, INC 8-K 4-28-2014. Licensed to: Thomson Reuters Accelus Document created using Disclosure Solutions PROFILE 2.5.3.0 Copyright 1995 - 2014 Thomson Reuters Accelus. All rights reserved.

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): April 28, 2014

GENERAL EMPLOYMENT ENTERPRISES, INC.

(Exact name of registrant as specified in its charter)

Illinois	1-05707	36-6097429
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification Number)

184 Shuman Blvd, Suite 420 Naperville, Illinois	60563
(Address of principal executive offices)	(Zip Code)
Registrant’s telephone number, including area code:	(630) 954-0400

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:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o 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 April 28, 2014, General Employment Enterprises, Inc. (the “Company”) and Keltic Financial Partners II, LP (“Keltic”) entered into a First Amendment and Waiver to the Loan and Security Agreement between the Company, the Company’s subsidiaries, and Keltic (the “Amendment”). The Amendment, which is effective as of December 31, 2013, modifies the EBITDA covenant in the Loan and Security Agreement between the parties dated September 27, 2013 (the “Original Agreement”) and contains a waiver by Keltic of any default(s) by the Company under the Original Agreement. In consideration of the foregoing modification the Company paid Keltic $15,000. Concurrently with the execution of the Amendment, the Company’s subsidiaries and Michael Schroering, a director of the Company, and Andy Norstrud, the Company’s Chief Executive Officer, executed a reaffirmation agreement.

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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, thereunto duly authorized.

Date: April 29, 2014
(Registrant)
By: /s/ Andrew J. Norstrud
Andrew J. Norstrud
Chief Executive Officer

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