SONIC FOUNDRY, INC.
2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On December 6, 2023, Sonic Foundry, Inc. (the "Company") entered into a Second Amendment to Security Agreement and Promissory Note (the Burish Second Amendment") with Mark Burish ("Burish"), the Company's chair of the Board of Directors. The Burish Second Amendment provides for an increase to the principal amount by $500,000 from $5,000,000 to $5,500,000. The $500,000 increase was immediately funded. Such additional borrowing is subject to the same 12% rate of interest per annum and the other terms of the original Security Agreement and Promissory Note, as previously amended. Regular Monthly Payment when resumed will be recalculated based on the remaining months until the Maturity Date and the final principal amount.
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Sonic Foundry Inc. published this content on 11 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 December 2023 11:05:03 UTC.
