UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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): AUGUST 24, 2006
DHB INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 001-13112 11-3129361
________________________ ________________________ ____________________________
(State of Incorporation) (Commission File Number) (IRS Employer Identification
Number)
2102 SW 2ND STREET, POMPANO BEACH, FLORIDA 33069
__________________________________________ __________
(Address of principal executive office) (Zip Code)
(954) 630-0900
________________________________________________________
(Registrant's telephone number, including area code)
NOT APPLICABLE
________________________________________________________
(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:
[ ] 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))
ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
Effective August 24, 2006, DHB Industries, Inc. (the "Company") and its
subsidiaries entered into a Forbearance Agreement with LaSalle Business Credit,
LLC (the "Lender"). Pursuant to the Forbearance Agreement, the Lender has agreed
to forbear, through and including October 1, 2006, from exercising certain of
its default-related rights and remedies under the Loan and Security Agreement,
dated as of September 24, 2001, as amended (the "Loan Agreement"), arising out
of the occurrence of certain events of default thereunder (the "Events of
Default").
Pursuant to the terms of the Forbearance Agreement, the Lender has agreed, among
other things, (1) to continue to make revolving loans to the Company's
subsidiaries in accordance with the terms of the Loan Agreement; (2) to defer
payment of a $3 million amortization payment, due on a term loan on July 1,
2006, until October 1, 2006; and (3) to permanently waive certain Events of
Default resulting from the departure of David H. Brooks from the Company. In
consideration of the Lender's entering into the Forbearance Agreement, the
Company paid the Lender a $50,000 fee.
As previously disclosed on the Company's Current Report on Form 8-K filed on
April 18, 2006, the Company and its subsidiaries previously received a Notice of
Events of Default and Reservation of Rights (the "Notice") from the Lender,
asserting that certain Events of Default exist under the Loan Agreement as a
result of (1) the matters disclosed in (a) the Company's Current Report on Form
8-K filed on April 3, 2006, relating to non-reliance on 2005 interim financial
statements and a delay in the filing of the Company's Annual Report on Form 10-K
for the fiscal year ended December 31, 2005, and (b) the Company's Current
Report on Form 8-K filed on April 7, 2006, relating to the receipt by the
Company of notice from the American Stock Exchange of failure to satisfy certain
continued listing standards, as well as (2) the failure of the Company to
deliver copies of the disclosure contained in such Current Reports and related
notices to the Lender. The Forbearance Agreement addresses these particular
Events of Default as well as others identified and listed in the Forbearance
Agreement.
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.
DHB INDUSTRIES, INC.
By: /s/ LARRY R. ELLIS
______________________________
Larry Ellis, CEO
Dated: August 28, 2006