Sonic Foundry, Inc. (NASDAQ:SOFO) Files An 8-K Entry into a Material Definitive Agreement

Sonic Foundry, Inc. (NASDAQ:SOFO) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.

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On January 4, 2019, following the approval of the Board of Directors, with Mr. Burish abstaining, the Company and Mark Burish entered into a Promissory Note (the “Promissory Note”) to which Mr. Burish purchased a 9.25% Promissiory Note for $1,000,000 in cash. The outstanding principal balance of the promissory note, plus any unpaid accrued interest shall be due and payable on January 4, 2020 or the following business day.

The foregoing description of the Promissory Note does not purport to be complete and is subject to, and qualified in its entirety by the full text of the Promissory Note which is incorporated by reference into this Item 1.01 by reference to Exhibit 10.1 to this report.

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

Item 1.01 is hereby incorporated by reference.

Item 9.01 Financial Statements and Exhibits.

10.1

Promissory Note between the Company and Mark Burish, dated January 4, 2019.

EXHIBIT LIST

NUMBER DESCRIPTION

SONIC FOUNDRY INC Exhibit
EX-10.1 2 exhibittoburishnote8-k.htm EXHIBIT 10.1 Exhibit PROMISSORY NOTEUS $1,…
To view the full exhibit click here

About Sonic Foundry, Inc. (NASDAQ:SOFO)

Sonic Foundry, Inc. is engaged in the business of providing enterprise solutions and services for the Web communications market. The Company operates in geographic regions, including the United States, Europe and Middle East, and Asia. The Company is engaged in offering video capture, management and Webcasting solutions in sectors, such as education, business and government. The Company’s Mediasite Video Platform transforms communications, training, education and events for its customers. The Company sells Mediasite recorders and server software products and related services contracts, such as customer support, installation, customization services, training, content hosting and event services. The Mediasite video platform delivers live and on-demand video on screen. The Mediasite Video Cloud provides an option for video streaming, storage and management for organizations. The Mediasite ML Recorders are designed for on-the-go Webcasting, hybrid events, guest speakers and conferences.

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