Item 1.01 Entry into a Material Definitive Agreement

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

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

On April 23, 2020, Trans-Lux Corporation (the "Company" and "Borrower") entered into that certain loan note (the "Loan Note") with Enterprise Bank and Trust ("Enterprise") as lender under the Coronavirus Aid, Relief, and Economic Security Act ("CARES ACT") of the Small Business Administration of the United States of America ("SBA"), dated as of April 20, 2020.

Under the Loan Note, the Borrower borrowed $810,800 from Lender under the Payment Protection Program included in the SBA's CARES ACT. The Loan Note proceeds are available to be used to pay for payroll costs, including salaries, commissions, and similar compensation, group health care benefits, and paid leave; rent; utilities; and interest on certain other outstanding debt. The Loan Note has a term of two years.

Interest under the Loan Note accrues at a rate per annum of 1.00%, with the first payment of principal and interest due on November 20, 2020.

According to the terms of the PPP and current guidance from the SBA and U.S. Department of Treasury, all or a portion of loans under the program may be forgiven if the Loan Note proceeds are used for permitted expenses, as outlined in the CARES Act and related regulations, including 75% of the Loan Note proceeds being used for payroll related costs. The amount that will be forgiven will be calculated in part with reference to the Company's full time headcount during the eight-week period following the funding of the Loan Note. The SBA and U.S. Department of Treasury may continue to update guidance on the calculation of loan forgiveness, which updated guidance could affect the amount of the Loan Note proceeds that could be forgiven.

The foregoing description of the Loan Note is included to provide information regarding its terms. It does not purport to be a complete description and is qualified in its entirety by reference to the full text of the Loan Note, which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.

Exhibit 10.1 Loan Note dated as of April 20, 2020 and signed April 23, 2020, by


             and among Trans-Lux Corporation and Enterprise Bank and Trust.


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