SEC Contract Filing

Filing Date: 2017-06-30

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>flexsteel171886_ex10-2.htm
<DESCRIPTION>REVOLVING LINE OF CREDIT NOTE
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 12pt">Exhibit 10.2</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt">REVOLVING LINE
OF CREDIT NOTE</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
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 <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 15pc">$10,000,000.00</TD>
 <TD STYLE="padding-left: 10pt; text-indent: -10pt; text-align: right">Davenport, Iowa</TD></TR>
<TR STYLE="vertical-align: top">
 <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
 <TD STYLE="padding-left: 10pt; text-indent: -10pt; text-align: right">June 30, 2017</TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">FOR VALUE RECEIVED, the undersigned FLEXSTEEL
INDUSTRIES, INC. (&quot;Borrower&quot;) promises to pay to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION (&quot;Bank&quot;)
at its office at MAC F8311-012, 104 West 2<SUP>nd</SUP> Street, 1<SUP>st</SUP> Floor, Suite 1B, Davenport, Iowa 52801 or at such
other place as the holder hereof may designate, in lawful money of the United States of America and in immediately available funds,
the principal sum of Ten Million Dollars ($10,000,000.00), or so much thereof as may be advanced and be outstanding pursuant to
the terms of the Credit Agreement, as defined herein, with interest thereon, to be computed on each advance from the date of its
disbursement as set forth herein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">DEFINITIONS:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">As used herein, the following terms shall have
the meanings set forth after each, and any other term defined in this Note shall have the meaning set forth at the place defined:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;Daily
One Month LIBOR&quot; means, for any day, the rate of interest equal to LIBOR then in effect for delivery for a one (1) month period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;LIBOR&quot;
means the rate of interest per annum determined by Bank based on the rate for United States dollar deposits for delivery of funds
for one (1) month as published by the ICE Benchmark Administration Limited, a United Kingdom company, at approximately 11:00 a.m.,
London time, or, for any day not a London Business Day, the immediately preceding London Business Day (or if not so published,
then as determined by Bank from another recognized source or interbank quotation); provided, however, that if LIBOR determined
as provided above would be less than zero percent (0.0%), then LIBOR shall be deemed to be zero percent (0.0%).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;London
Business Day&quot; means any day that is a day for trading by and between banks in dollar deposits in the London interbank market.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">INTEREST:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interest</U>.
The outstanding principal balance of this Note shall bear interest (computed on the basis of a 360-day year, actual days elapsed)
at a fluctuating rate per annum determined by Bank to be one percent (1.00%) above Daily One Month LIBOR in effect from time to
time. Bank is hereby authorized to note the date and interest rate applicable to this Note and any payments made thereon on Bank's
books and records (either manually or by electronic entry) and/or on any schedule attached to this Note, which notations shall
be prima facie evidence of the accuracy of the information noted.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Taxes
and Regulatory Costs</U>. Borrower shall pay to Bank immediately upon demand, in addition to any other amounts due or to become
due hereunder, any and all (i) withholdings, interest equalization taxes, stamp taxes or other taxes (except income and franchise
taxes) imposed by any domestic or foreign governmental authority and related in any manner to LIBOR, and (ii) costs, expenses and
liabilities arising from