On December 20, 2023, Abuse Deterrent Pharma, LLC and Acura Pharmaceuticals, Inc., entered into Amendment #1 to the November 10, 2022 Amended, Consolidated and Restated Secured Promissory Note. Amendment #1 has an effective date of December 7, 2023. This Note totaling $4,669,279 bears interest at 5.25% and had a maturity date of December 31, 2023, at which time all principal and interest was due.

Amendment #1 changes the maturity date of the Note to March 31, 2024. Events of default under the Note include, among other items, bankruptcy events, failure to pay interest and principal when due and such failure continues for 5 days, and if Acura is generally not, or is unable to, or admits in writing its inability to, pay its debts as they become due. If any amount payable hereunder is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration, or otherwise, including upon an event of default, such overdue amount shall bear interest at the rate per annum of 7.5% from the date of such non-payment until such amount is paid in full.

The inclusion of a description of the Note under Item 1.01 of this Current Report on Form 8-K shall not be deemed an acknowledgement that the Note is a material agreement not made, or deemed not to be made, in the ordinary course of company's business. At November 1, 2023, AD Pharma directly owns approximately 66% of the outstanding common stock of the Company. The ownership percentage of the Company held by AD Pharma does not include their warrant to purchase 10.0 million shares of common stock of the Company.

AD Pharma is an entity controlled by Mr. John Schutte, of which Mr. Schutte is the managing partner and investor. At November 1, 2023, Mr. Schutte directly owns approximately 14% of the outstanding common stock of the Company.