TransAct amends loan agreement replacing Shuldman with Dillon as CEO, avoids default

TRANSACT TECHNOLOGIES INC

Loan covenant required a successor CEO acceptable to lender within 60 days of Shuldman's departure.
Amendment replaces 'Bart Shuldman' with 'John M. Dillon' in Section 7.1(m)(i) of the Loan Agreement.
Siena Lending Group confirmed Dillon as an acceptable successor, avoiding an event of default.
No changes to revolving commitment amount, interest rate, or other loan terms.
CEO transition: Bart Shuldman resigned, John M. Dillon appointed by board.

item 1.01 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TRANSACT TECHNOLOGIES INC amended Amendment with Siena Lending Group LLC (effective 2023-05-01).

Action: amendment
Agreement: credit facility
Counterparty: Siena Lending Group LLC
Effective: 2023-05-01

Exact text from the filing

On May 1, 2023, TransAct Technologies Incorporated (the “Company”) and Siena Lending Group LLC (the “Lender”) entered into a letter agreement (the “Amendment”) amending the Loan and Security Agreement, dated as of March 13, 2020, between the Lender and the Company, as amended (the “Loan Agreement”).

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Source: SEC EDGAR

accession 0001214659-23-006506

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