1606 Corp. issues $1.37M promissory note to former CEO Gregory Lambrecht; matures Dec 31, 2025, no interest

1606 CORP.

Amended and restated promissory note principal amount $1,365,550 issued to former CEO Gregory Lambrecht on Dec 31, 2024.
Original note of $1,220,550 on Nov 1, 2024; amended to $1,365,550 reflecting additional loans.
Board approved issuance on Jan 15, 2025; note matures Dec 31, 2025 with no interest.
Events of default include non-payment, bankruptcy, breach of covenants, and cross-default on other debt.

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