# EDGAR Filing Document

**Accession Number:** 0001328792
**File Stem:** 0001104659-23-010547
**Filing Date:** 2023-2
**Character Count:** 20571
**Document Hash:** 6addb699e048f92c9f32218721d4391a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-010547.hdr.sgml**: 20230203

**ACCESSION NUMBER**: 0001104659-23-010547

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20230130

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230203

**DATE AS OF CHANGE**: 20230203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TECHPRECISION CORP
- **CENTRAL INDEX KEY:** 0001328792
- **STANDARD INDUSTRIAL CLASSIFICATION:** FABRICATED STRUCTURAL METAL PRODUCTS [3440]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-51378
- **FILM NUMBER:** 23586637

**BUSINESS ADDRESS:**
- **STREET 1:** 1 BELLA DRIVE
- **CITY:** WESTMINSTER
- **STATE:** MA
- **ZIP:** 01473
- **BUSINESS PHONE:** 978-874-0591

**MAIL ADDRESS:**
- **STREET 1:** 1 BELLA DRIVE
- **CITY:** WESTMINSTER
- **STATE:** MA
- **ZIP:** 01473

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Techprecision CORP
- **DATE OF NAME CHANGE:** 20060309

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LOUNSBERRY HOLDINGS II INC
- **DATE OF NAME CHANGE:** 20050531

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, DC 20549

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of the Securities and Exchange Act of 1934**

Date of Report (Date of earliest event reported): **January 30, 2023**

**TECHPRECISION CORPORATION**

(Exact Name of Registrant as Specified in Charter)

<u>Delaware</u> <u>000-51378</u> <u>51-0539828</u> <br> (State or Other Jurisdiction of Incorporation or Organization) (Commission File Number) (IRS Employer Identification No.)

**1 Bella Drive**

**Westminster, MA 01473**

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: **(978) 874-0591**

Securities registered or to be registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| N/A | N/A | N/A |

---

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) |
| 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)) |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 1.01** | **Entry into a Material Definitive Agreement** |

---

On January 30, 2023, Stadco, a wholly-owned subsidiary of TechPrecision Corporation (the "Company"), entered into a payment arrangement agreement (the "Payment Agreement") with the Department of Water and Power of the City of Los Angeles ("LADWP"), in order to settle previously outstanding amounts for water, water service, electric energy and/or electric service in the aggregate amount of approximately $1,770,201 that are delinquent and unpaid. This liability amount was included in accounts payable on the Company's balance sheet as of September 30, 2022. Under the Payment Agreement, Stadco agrees to make monthly installment payments on the unpaid balance beginning on December 15, 2022 in an aggregate amount of approximately $18,439 per month until the earlier of November 15, 2030 or the amount due is paid in full. Late payments under the Payment Agreement accrue a late payment charge equal to an 18% annual rate on the unpaid balance.

In addition, failure to pay any future water and power bills when due and payable will constitute a breach of the Payment Agreement. In the event of a breach of the Payment Agreement, LADWP may cause the delinquent balance to be immediately due and payable in full. Furthermore, a breach of the Payment Agreement would permit LADWP to avail itself of existing collection techniques, including interruption of service and the right to interest at a rate of 18% annually on the unpaid overdue balance, including attorney's fees and court costs in connection with the enforcement of the Payment Agreement. The Payment Agreement allows Stadco to cure any default within 10 days of written notice of default. During such cure period, LADWP may not exercise the remedies described above.

Other than in respect of the Payment Agreement and the LADWP's provision of utility services to Stadco, there is no material relationship between Stadco, the Company and any other affiliate of the Company, on the one hand, and LADWP, on the other hand. The description of the Payment 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 by reference herein.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d)&nbsp;&nbsp;&nbsp;&nbsp; Exhibits*

 

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| | |
|:---|:---|
| **Exhibit<br> <u>Number</u>** | **<u>Description</u>** |
| [10.1#](tm235289d1_ex10-1.htm) | [Payment Agreement between Stadco and LADWP.](tm235289d1_ex10-1.htm) |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document). |

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# Certain portions of this Exhibit were redacted pursuant to Item 601(a)(6) of Regulation S-K and marked by means of brackets and asterisks ("[\*\*\*\*]").

**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.

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| | | |
|:---|:---|:---|
|  | **<u>TECHPRECISION CORPORATION</u>** | **<u>TECHPRECISION CORPORATION</u>** |
| Date: February 3, 2023 | By: | /s/ Thomas Sammons |
|  | Name: | Thomas Sammons |
|  | Title: | Chief Financial Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

**PAYMENT ARRANGEMENT AGREEMENT**

THIS PAYMENT ARRANGEMENT AGREEMENT is made between the **DEPARTMENT OF WATER AND POWER OF THE CITY OF LOS ANGELES** ("LADWP"), and STADCO ("Customer"), who is the customer of record for:

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| | | | |
|:---|:---|:---|:---|
| **Property Address(s)** | **Account Number** | **Service Through** | **Amount Due** |
| 130 S Avenue 20 | [\*\*\*\*] | [\*\*\*\*] | $238704.62 |
| 147 S Avenue 20 | [\*\*\*\*] | [\*\*\*\*] | $4370.77 |
| 118 S Avenue 19 | [\*\*\*\*] | [\*\*\*\*] | $4748.07 |
| 132 S Avenue 19 | [\*\*\*\*] | [\*\*\*\*] | $27.14 |
| 120 S Avenue 19 | [\*\*\*\*] | [\*\*\*\*] | $1019250.07 |
| 107 S Avenue 20 | [\*\*\*\*] | [\*\*\*\*] | $9320.78 |
| 1931 N Broadway | [\*\*\*\*] | [\*\*\*\*] | $141173.24 |
| 1912 Pasadena Ave | [\*\*\*\*] | [\*\*\*\*] | $2477.51 |
| 120 S Avenue 20 | [\*\*\*\*] | [\*\*\*\*] | $5213.63 |
| 1931 N Broadway | [\*\*\*\*] | [\*\*\*\*] | $316408.17 |
| 125 S Avenue 20 | [\*\*\*\*] | [\*\*\*\*] | $5786.00 |
| 2000 Pasadena Ave | [\*\*\*\*] | [\*\*\*\*] | $4487.67 |
| 130 S Avenue 20 | [\*\*\*\*] | [\*\*\*\*] | $6075.67 |
| 2020 Pasadena Ave | [\*\*\*\*] | [\*\*\*\*] | $12158.18 |

---

The LADWP has a claim for water, water service, electric energy and/or electric service furnished to the above, in the amount of One Million Seven Hundred Seventy Thousand, Two Hundred One dollars and Fifty-Two cents ($1,770,201.52) for service through the above dates ("ARREARS").

It is now the desire of the Customer that the claim be settled as hereinafter set forth and in consideration of payments, promises, agreements, and covenants hereinafter set forth.

The undersigned acknowledges being indebted to the LADWP for the $1,770,204.52 and acknowledges liability for such amount. In settlement of the delinquency in the above stated accounts, Customer agrees to the following payment terms and conditions:

1. Payment Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Account number [\*\*\*\*], the Customer shall pay $2,486.51 per month for 95 months commencing December 15, 2022, plus a final payment
of $2,486.17 due on the 15th day of November, 2030 or earlier until $238,704.62 is paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Account number [\*\*\*\*], the Customer shall pay $45.53 per month for 95 months commencing December 15, 2022, plus a final payment of
$45.42 due on the 15th day of November, 2030 or earlier until $4,370.77 is paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Account number [\*\*\*\*], the Customer shall pay $49.46 per month for 95 months commencing December 15, 2022, plus a final payment of
$49.37 due on the 15th day of November, 2030 or earlier until $4,748.07 is paid in full.

Payment Arrangement Agreement \| Page 1 of **7**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Account number [\*\*\*\*], the Customer shall pay $27.14 by December 15, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Account number [\*\*\*\*], the Customer shall pay $10,617.19 per month for 95 months commencing December 15, 2022, plus a final payment
of $10,617.02 due on the 15th day of November, 2030 or earlier until $1,019,250.07 is paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Account number [\*\*\*\*], the Customer shall pay $97.09 per month for 95 months commencing December 15, 2022, plus a final payment of
$97.23 due on the 15th day of November, 2030 or earlier until $9,320.78 is paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Account number [\*\*\*\*], the Customer shall pay $1,470.55 per month for 95 months commencing December 15, 2022, plus a final payment
of $1,470.99 due on the 15th day of November, 2030 or earlier until $141,173.24 is paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Account number [\*\*\*\*], the Customer shall pay $25.81 per month for 95 months commencing December 15, 2022, plus a final payment of
$25.56 due on the 15th day of November, 2030 or earlier until $2,477.51 is paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Account number [\*\*\*\*], the Customer shall pay $54.31 per month for 95 months commencing December 15, 2022, plus a final payment of
$54.18 due on the 15th day of November, 2030 or earlier until $5,213.63 is paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Account number [\*\*\*\*], the Customer shall pay $3,295.92 per month for 95 months commencing December 15, 2022, plus a final payment
of $3,295.77 due on the 15th day of November, 2030 or earlier until $316,408.17 is paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Account number [\*\*\*\*], the Customer shall pay $60.27 per month for 95 months commencing December 15, 2022, plus a final payment of
$60.35 due on the 15th day of November, 2030 or earlier until $5,786.00 is paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Account number [\*\*\*\*], the Customer shall pay $46.75 per month for 95 months commencing December 15, 2022, plus a final payment of
$46.42 due on the 15th day of November, 2030 or earlier until $4,487.67 is paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Account number [\*\*\*\*], the Customer shall pay $63.29 per month for 95 months commencing December 15, 2022, plus a final payment of
$63.12 due on the 15th day of November, 2030 or earlier until $6,075.67 is paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Account number [\*\*\*\*], the Customer shall pay $126.65 per month for 95 months commencing December 15, 2022, plus a final payment of
$126.43 due on the 15th day of November, 2030 or earlier until $12,158.18 is paid in full.

Payment Arrangement Agreement \| Page 2 of **7**

Any and all payments shall be made payable to the "Los Angeles Department of Water and Power" and paid via LADWP website, LADWP automated telephone system, LADWP Customer Service Center, or delivered personally and/or by U.S. mail to the **LADWP at the address below**

OFFICE OF THE CITY ATTORNEY<br> Los Angeles Department of Water and Power<br> 221 North Figueroa Street, 10th Floor<br> Los Angeles, California 90012

Attn: Voltaire Lazaro

2. Payment of Future/Current Utility Bills:

This agreement does not reflect any water and power bills generated after the date of this agreement. These bills generated shall be due and payable in accordance with the LADWP's regular bill payment policy and abide by the Rules Governing Water and Electric Service in addition to the above specified installment payments. **Failure to pay these future bills shall constitute a breach of this agreement.**

3. Monthly Payment Deadline:

Payments are due on, or before the close of business (5:00 p.m.) on the above due dates. The Customer may repay the balance of the claim at any time prior to the scheduled payment date without penalty.

4. Late Payment Charge On Unpaid Balance:

The late payment charge amounting to an 18% annual rate or 1.5%, computed on a daily basis will continue to be assessed and accrue on any and all unpaid balance (Rule 9(G) of the Rules Governing Water and Power).

5. Timely Payments of Installment Payments and Future/Current Utility Bills:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each monthly installment payment under this PAA shall be considered <u>timely only if actually received on or before the 15<sup>th</sup> day of each month</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Future/Current Bills, which are issued monthly,  **<u>may/must be paid</u>** <u>concurrently/separately with the monthly installment</u> under this PAA  **<u>in one/two check for the month they are due</u>** .

Both payments, regardless of the due date for Future/Current Bills stated in the bi-monthly bill, shall be considered <u>timely only if actually received on or before the dates noted in the Payment Plan</u>.

6. Default and Breach:

Any default upon any of the monthly installment payments in paragraph (1) of the terms and conditions above and/or default in payment of future/current bills in paragraph (2) of the terms and conditions shall constitute a breach of this Agreement. In such an event, LADWP may withdraw the option of installment payments for the debt/ARREARS without the option of reinstatement, thus causing the delinquent amount to be due in full and payable minus payments made on the delinquent amount immediately upon notice to the Customer at their last known mailing address of record on file with LADWP which is STADCO, c/o STADCO, 107 S Avenue 20, Los Angeles, CA 90031-2588.

Payment Arrangement Agreement \| Page 3 of **7**

In addition, upon breach of this Agreement, LADWP has the right to avail itself to the existing collection process, including the interruption of service, and the right to pre-judgment interest at the rate of 18% annually on the unpaid overdue balance in accordance with LADWP's terms of service, LADWP also has a right of post-judgment interest at the rate of 18% annually plus attorney's fees and court costs (Rule 9(I) of the Rules Governing Water and Power).

However, in the event of a default, before LADWP can exercise the remedies mentioned in this paragraph, Customer shall have ten (10) calendar days to cure the default(s) from the date of the written notice of default is mailed to Customer.

**Customer STADCO has the responsibility of notifying LADWP** of any change in this contact information.

7. Waiver:

A waiver of a default of any part, term or provision of this Agreement shall not be construed as a waiver of any succeeding default or as a waiver of the part, term or provision itself. One party's performance after the other party's default shall not be construed as a waiver of that default.

8. Choice of Law:

This Agreement is made and entered into in the State of California and shall in all respects be interpreted, enforced and governed by and under the laws of the State of California.

9. Amendments, Modifications or Changes:

Any amendment, modification, or change to this Payment Arrangement Agreement shall not be binding unless set forth in writing duly executed by all parties to be bound or affected by such amendment, modification or change.

10. Representations and Warranties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each party has read this Agreement carefully and understands the contents and legal effect of each provision of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each party signing on behalf of a party has full authority to sign on the party's behalf and by doing so binds that party to
the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. This Agreement may be executed in counterpart. If so, it shall be construed as one agreement and be effective upon execution by all
of the parties. Signatures transmitted by e-mail or facsimile machine shall be deemed original signatures for all purposes.

Payment Arrangement Agreement \| Page 4 of **7**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. This Payment Arrangement Agreement contains the entire agreement and understanding concerning the subject matter of the Agreement.
The Agreement supersedes and replaces all prior and contemporaneous negotiations and agreements between the parties, whether written or
oral, that pertain to the subject matter of this Agreement.

The parties have executed this Payment Arrangement Agreement on the day and year as indicated below. This Agreement is effective as of the date it is signed by the customer.

This Payment Arrangement Agreement must have the customer's signature witnessed by a LADWP Customer Service Center Manager or Assistant Manager who must then sign as indicated below after the customer has provided proper identification to either manager. **The LADWP Customer Service Center Manager or Assistant Manager will assume custody of the signed Agreement and forward it to Cheryl Ward via interoffice mail at Mail Stop 148 Legal Division.**

Attn: CHERYL WARD<br> Los Angeles Department of Water and Power<br> 221 North Figueroa Street, 10th Floor<br> Los Angeles, California 90012

Payment Arrangement Agreement \| Page 5 of **7**

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| | | |
|:---|:---|:---|
| Date: | 12-12-22 | /s/ Anna Melendez |
|  |  | Signature of DWP Branch Mgr. or Asst. Branch Mgr. who witnessed the customer signing this agreement |
|  |  | Anna Melendez |
|  |  | Branch Mgr. or Asst. Branch Mgr. name and title |
|  |  | ***(PRINT CLEARLY)*** |
| Date: | 12/12/22 | /s/ Tom Sammons |
|  |  | Signature of TOM SAMMONS, Duly Authorized Representative for STADCO |
|  |  | Tom Sammons, CFO, VP & Secretary |
|  |  | Print Name and Title, TOM SAMMONS, Duly Authorized Representative for STADCO |

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| | |
|:---|:---|
| DL# or Cal ID #: | [\*\*\*\*\*\*\*\*] |
|  | ***(PRINT CLEARLY)*** |

---

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| | | |
|:---|:---|:---|
| Date: | 1-24-23 | /s/ Rachel Armendariz-Ortiz |
| | | RACHEL ARMENDARIZ-ORTIZ Utility Service Manager Authorized Representative of the Los Angeles Department of Water and Power |

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Payment Arrangement Agreement \| Page 6 of **7**

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| | | |
|:---|:---|:---|
| Date: | January 27, 2023 | /s/ Cheryl Ward |
|  |  | CHERYL WARD |
|  |  | Authorized Representative of the Los Angeles Department of Water and Power |
| Date: | January 30, 2023 | MICHAEL N. FEUER, City Attorney |
|  |  | JOSEPH A. BRAJEVICH, General Counsel |
|  |  | Los Angeles Dept. of Water and Power |

---

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| | |
|:---|:---|
| By: | /s/ A. Voltaire Lazaro |
| A. VOLTAIRE LAZARO | A. VOLTAIRE LAZARO |
| Los Angeles Deputy City Attorney | Los Angeles Deputy City Attorney |

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Payment Arrangement Agreement \| Page 7 of **7**