Item 1.01 Entry into a Material Definitive Agreement.
On
Under the terms of the New Note, the Company has agreed to make a one-time
payment of
The Company has the right to prepay amounts due under the New Note, in whole or in part, at any time, and from time to time, without premium or penalty. If an Event of Default (as defined in the New Note) occurs, the Company shall have 30 days to cure from the date on which the Holder has provided the Company with written notice specifying the Event of Default. Should the Company fail to cure such default, the Holder may declare all or any part of the unpaid Principal Amount, unpaid interest, or any other amounts owing under the New Note to be immediately due and payable.
For consideration received by the Parties for entry into the New Note, the
Parties, along with
The foregoing summary of the New Note and Agreement is qualified in its entirety by reference to the New Note and Agreement, which are attached as Exhibit 10.1 and Exhibit 10.2 hereto.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-balance Sheet Arrangement of a Registrant.
The information set forth above under Item 1.01 relating to the New Note and Agreement is incorporated by reference into this Item 2.03.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. Description 10.1 Amended and Restated Line of Credit Note and Agreement, datedMarch 17, 2023 , by and betweenInfinite Group, Inc. and James V. Leonardo 10.2 Letter Agreement, datedMarch 17, 2023 , by and amongInfinite Group, Inc. ,James Villa ,James V. Leonardo andRES Exhibit Services, LLC 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2
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