Item 1.01. Entry into a Material Definitive Agreement.

Bisco Industries, Inc. ("Bisco"), a wholly-owned subsidiary of EACO Corporation ("EACO"), entered into a Change in Terms Agreement (the "Amendment") with Citizens Business Bank (the "Lender"), which was dated January 11, 2021; however, such Amendment and ancillary documents were not signed until January 19, 2021 and did not become binding upon Bisco or EACO until such date. Bisco and EACO are sometimes collectively referred to herein as the "Company."

Modification of $15 Million Line of Credit

The Amendment modifies that certain Business Loan Agreement dated July 27, 2019 between Bisco and the Lender, as amended (the "Loan Agreement"), which is related to Bisco's existing $15 million line of credit with the Lender. Pursuant to this Amendment, Bisco's existing line of credit with the Lender was modified to: (i) extend the expiration date of the line of credit under this Loan Agreement to July 5, 2022; and (ii) modify the interest rate on the line of credit so that in no event would such interest rate be less than 3.0% per annum or more than the maximum rate allowed by applicable law.

Under this line of credit, Bisco may borrow from the Lender up to $15,000,000 from time to time, subject to Bisco's continued compliance with certain financial and other covenants in the Loan Agreement. Bisco's obligations under the line of credit are secured by substantially all of the Company's assets. EACO also continues to guarantee the performance of all of Bisco's obligations under this line of credit.

The foregoing descriptions are qualified in their entirety by the Amendment, which is filed herewith, and the Loan Agreement and other ancillary agreements previously filed with by the Company with the Securities and Exchange Commission.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

Item 9.01. Financial Statements and Exhibits.





Exhibit
Number     Description
  10.1       Change In Terms Agreement dated January 11, 2021, between Bisco
           Industries, Inc. and Citizens Business Bank ($15,000,000 line of
           credit).
  10.2       Business Loan Agreement dated November 27, 2019 ($15,000,000) between
           Bisco and Citizens Business Bank, which was executed on December 4, 2019
           (Exhibit 10.1 to the Company's Current Report on Form 8-K, filed with
           the SEC on December 6, 2019, is incorporated herein by reference)
  10.3       Change in Terms Agreement dated November 27, 2019 ($15,000,000)
           between Bisco and Citizens Business Bank, which was executed on December
           4, 2019. (Exhibit 10.2 to the Company's Current Report on Form 8-K,
           filed with the SEC on December 6, 2019, is incorporated herein by
           reference)
  10.4       Commercial Guaranty dated November 27, 2019 ($15,000,000) between EACO
           and Citizens Business Bank. (Exhibit 10.3 to the Company's Current
           Report on Form 8-K, filed with the SEC on December 6, 2019, is
           incorporated herein by reference)

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