STRATTEC SECURITY CORP (STRT): debt financing — STRATTEC subsidiary ADAC-STRATTEC amends credit agreement: switches to SOFR, raises minimum net worth to $40M

As described above under Item 1.01, on February 6, 2023, ADAC-STRATTEC entered into an amendment to its credit agreement with BMO Harris Bank N.A. modifying the benchmark interest rate, amending the calculation of the fixed charge coverage ratio and the required level of minimum net worth and making certain other changes thereto described in the Amendment attached hereto.

Effective as of February 6, 2023, ADAC-STRATTEC, LLC (“ ADAC-STRATTEC ”), a majority owned subsidiary of STRATTEC SECURITY CORPORATION (the “ Company ”), entered into a ninth amendment (the “ Amendment ”) to its June 28, 2012 Credit Agreement, as previously amended by an Amendment No. 1 dated January 22, 2014, an Amendment No. 2 dated June 25, 2015, an Amendment No. 3 dated April 27, 2016, an Amendment No. 4 dated June 26, 2017, an Amendment No. 5 dated March 27, 2018, an Amendment No. 6 dated December 30, 2018, an Amendment No. 7 dated October 28, 2019 and an Amendment No. 8 dated June 1, 2021 (collectively, the “ ADAC-STRATTEC Credit Agreement ”), with BMO Harris Bank N.A., as lender.