Item 1.01. Entry into a Material Definitive Agreement

Effective as of February 6, 2023, ADAC-STRATTEC, LLC ("ADAC-STRATTEC"), a majority owned subsidiary of STRATTEC SECURITY CORPORATION (the "Company"), entered into a ninth amendment (the "Amendment") to its June 28, 2012 Credit Agreement, as previously amended by an Amendment No. 1 dated January 22, 2014, an Amendment No. 2 dated June 25, 2015, an Amendment No. 3 dated April 27, 2016, an Amendment No. 4 dated June 26, 2017, an Amendment No. 5 dated March 27, 2018, an Amendment No. 6 dated December 30, 2018, an Amendment No. 7 dated October 28, 2019 and an Amendment No. 8 dated June 1, 2021 (collectively, the "ADAC-STRATTEC Credit Agreement"), with BMO Harris Bank N.A., as lender. The Amendment modifies the benchmark for purposes of determining interest on borrowings under the credit facility and adopts an interest rate based upon the forward looking term secured overnight financing rate (SOFR) as administered by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate). Under the Amendment, interest will be at varying rates based, at ADAC-STRATTEC's option, on Term SOFR plus 1.35 percent or the bank's base rate, which generally is tied to the prime rate. The Amendment also modifies the calculation of the fixed charge coverage ratio and the required level of minimum net worth (increased to $40 million) for all future periods under the ADAC-STRATTEC Credit Facility. The ADAC-STRATTEC Amendment is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

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

As described above under Item 1.01, on February 6, 2023, ADAC-STRATTEC entered into an amendment to its credit agreement with BMO Harris Bank N.A. modifying the benchmark interest rate, amending the calculation of the fixed charge coverage ratio and the required level of minimum net worth and making certain other changes thereto described in the Amendment attached hereto.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit 10.1 - Amendment No. 9 to ADAC-STRATTEC Credit Agreement, dated as of February 6, 2023, between ADAC-STRATTEC, LLC and BMO Harris Bank N.A., as lender.

104 - Cover Page Interactive Data File (embedded within the Inline XBRL document).

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