UNITED STATES SECURITIES AND EXCHANGE COMMISSION | ||||||||||||
WASHINGTON, D.C. 20549 | ||||||||||||
FORM 8-K | ||||||||||||
CURRENT REPORT | ||||||||||||
PURSUANT TO SECTION 13 OR 15(D) OF THE | ||||||||||||
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): OCTOBER 4, 2010 | ||||||||||||
NEXT, INC. | ||||||||||||
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) | ||||||||||||
DELAWARE | 0-25247 | 95-4675095 | ||||||||||
(STATE OR OTHER JURISDICTION OF INCORPORATION) | (COMMISSION FILE NUMBER) | (IRS EMPLOYER IDENTIFICATION NO.) | ||||||||||
7625 HAMILTON PARK DRIVE, SUITE 12, CHATTANOOGA, TENNESSEE 37421 | ||||||||||||
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE) | ||||||||||||
(423) 296-8213 | ||||||||||||
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE) | ||||||||||||
NOT APPLICABLE | ||||||||||||
(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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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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 October 4, 2010, Next, Inc., a Delaware corporation ("Next"), entered into a Note Modification Agreement (the "Agreement") with Next Investors, LLC, an Indiana limited liability company ("Investors"), with respect to that certain Replacement Promissory Note II, dated October 31, 2008 (the "Note"). The Agreement provides that Next can satisfy and permanently extinguish all outstanding obligations to Investors under the Note through the payment of $101,200.00.
The foregoing description of the Agreement is qualified in its entirety by reference to the full text of the Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
Item 2.03
Creation of Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
As discussed above in Item 1.01, Next entered into an Agreement with Investors related to Next's obligations under the Note. The information included in Item 1.01 of this Form 8-K is hereby incorporated by reference into this Item 2.03.
Item 9.01.
Financial Statements and Exhibits.
(d)
Exhibits
10.1
Note Modification Agreement dated October 4, 2010.
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.
NEXT, INC.
Date: October 4, 2010
By:/s/ Robert M. Budd
Robert M. Budd
President and Chief Executive Officer
EXHIBIT INDEX
Exhibit No.
Exhibit Description
10.1
Note Modification Agreement dated October 4, 2010.