UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 26, 1999
LUCOR, INC.
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(Exact name of registrant as specified in its charter)
FLORIDA 0-25164 65-0195259
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
790 Pershing Road, Raleigh, North Carolina 27608
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: 919-828-9511
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ITEM 5. OTHER EVENTS
The Company has negotiated a waiver of the redemption rights on its Series
A Preferred Stock held by Pennzoil-Quaker State Company. A copy of the waiver
is attached as an exhibit to this Form 8-K. This waiver will have the affect
of moving the Preferred Stock into stockholders' equity. Under the agreement,
the Company agreed to increase the dividend from its current $7.00 per share to
$15.00 per share beginning on the seventh anniversary of the issuance of the
preferred stock.
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.
Dated: July 29, 1999 Lucor, Inc.
By: /s/ Kendall A. Carr
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Kendall A. Carr
Chief Financial Officer
Exhibit
July 26, 1999
Mr. Stephen P. Conway
Chief Executive Officer
Lucor, Inc.
790 Pershing Road
Raleigh, North Carolina 27608
Re: Preferred Stock Redemption Provision Waiver
Dear Mr. Conway:
Reference is hereby made to the 20,000 shares of Series A Preferred
Stock (The "Preferred Stock") of Lucor, Inc. ("Lucor") held by
Pennzoil-Quaker State Company (f/k/a Pennzoil Products Company)
("Pennzoil"). As requested, Pennzoil hereby waives all rights to
cause a redemption of such stock described under Paragraph E of the
Designation of Rights and Privileges of Series A Preferred Stock.
Lucor agrees that the dividend on all outstanding shares of the
Preferred Stock shall increase from Seven Dollars ($7.00) to Fifteen
Dollars ($15.00) per share per annum beginning on seventh (7th)
anniversary of the issuance of such preferred stock. The parties
agree that the provisions of this letter agreement shall bind their
successors and assigns and any future holders of the Preferred Stock.
All rights and privileges with respect to the Preferred Stock shall
be unchanged except as necessary to effectuate the terms and
provisions of this letter agreement.
Please indicate Lucor's agreement to the terms of this letter
agreement by signing below. No provision of this agreement shall be
binding on either party until and unless both parties have signed
below.
Pennzoil -Quaker State Company
(f/k/a Pennzoil Products Company)
/s/ David P. Alderson II, CFO
Acknowledged by and Agreed to:
Lucor, Inc.
By: /s/ R. Lewis Stanford, Vice President