Smith Micro Software, Inc. (NASDAQ:SMSI) Files An 8-K Entry into a Material Definitive Agreement

Smith Micro Software, Inc. (NASDAQ:SMSI) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.Entry into a Material DefinitiveAgreement.

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On August 22, 2017, Smith Micro Software, Inc. (the “Company”) entered into an amendment to its existing Secured Promissory Note issued to Steven L. Elfman and Monique P. Elfman (“Elfman”). The amendment extends the maturity date of the Note from September 25, 2017 to January 25, 2018.Steven L. Elfman is a director of the Company.The amendment does not change any other terms of the Note.

Also on August 22, 2017, the Company consented to extend the maturity date from September 25, 2017 to January 25, 2018 of its existing Secured Promissory Note dated June 26, 2017 issued to William W. Smith, Jr. and Dieva L. Smith (“Smith”).William W. Smith, Jr. is Chairman and Chief Executive Officer of the Company.

On August 23, 2017, the Company entered into a new borrowing arrangement with Smith, under which the Company borrowed $750,000 and issued to Smith a new Secured Promissory Note with a principal balance of $750,000, bearing interest at the rate of 12% per annum, and maturing on January 25, 2018.

On August 24, 2017, the Company entered into new borrowing arrangements withNext Generation TC FBO Andrew Arno IRA 1663 (“Arno IRA”)and Andrew Arno (“Arno”), under which the Company borrowed $250,000 and issued to them new Secured Promissory Notes with a principal balance of $175,000 and $75,000, respectively, bearing interest at the rate of 12% per annum, and maturing on January 31, 2018.Andrew Arno is a director of the Company.

The foregoing description of the Notes and amendment is qualified by reference to the complete text of the Notes and amendment, each of which is filed as an exhibit to this Current Report on Form 8-K.All outstanding Notes are secured by the Company’s accounts receivable and certain other assets.

Item 1.01.Creation of a Direct Financial Obligation of a Registrant

The information set forth in Item 1.01 is incorporated into this Item 1.01 by reference.

Item 1.01

Financial Statements and Exhibits.

Exhibit

Description

10.1

Amendment to Secured Promissory Note, dated August 18, 2017, by and between the Company and Steven L. Elfman and Monique P. Elfman

10.2

Secured Promissory Note, dated August 18, 2017, issued by the Company to William W. Smith, Jr. and Dieva L. Smith

10.3

Secured Promissory Note, dated August 24, 2017, issued by the Company to Next Generation TC FBO Andrew Arno IRA 1663

10.4

Secured Promissory Note, dated August 24, 2017, issued by the Company to Andrew Arno


SMITH MICRO SOFTWARE INC Exhibit
EX-10.1 2 smsi-ex101_9.htm EX-10.1 AMENDMENT ELFMAN smsi-ex101_9.htm Exhibit 10.1 AMENDMENT TO SECURED PROMISSORY NOTE (STEVEN L. ELFMAN AND MONIQUE P. ELFMAN,…
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About Smith Micro Software, Inc. (NASDAQ:SMSI)

Smith Micro Software, Inc. is a provider of software solutions. The Company operates through two segments: Wireless and Graphics. The Company offers multi-platform, modular solutions organized into three product families, including NetWise, CommSuite and QuickLink. For mobile network operators, NetWise helps reduce cellular congestion and optimize data traffic across third-generation (3G), fourth-generation (4G) and wireless fidelity (Wi-Fi) networks. Graphics segment includes its consumer-based products, such as Poser, Anime Studio, Manga Studio, MotionArtist and StuffIt. The Graphics segment develops a range of software, including graphic design and animation, compression and personal computer (PC)/Mac utilities, for consumers, professional artists and educators. The Company also offers Family Safety platform for family locator and parental controls.

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