Intellinetics amends earnout terms for Graphic Sciences acquisition: $700k payment accelerated to Jan 2, 2023

INTELLINETICS, INC.

Final earnout payment fixed at $700,000, down from maximum of $833,333 under original agreement.
Payment accelerated to January 2, 2023, from approximately June 1, 2023.
Four sellers each to receive $175,000; all earnout obligations deemed satisfied upon payment.
Amendment releases any further earnout-related claims by sellers.

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

INTELLINETICS, INC. amended Amendment to the Stock Purchase Agreement with Thomas M. Liebold, Gregory P. Colton, Fredrick M. Kamienny, and Frederick L. Erlich, collectively, the sellers valued at $700,000 (effective 2022-11-21).

Action: amendment
Agreement: asset purchase
Counterparty: Thomas M. Liebold, Gregory P. Colton, Fredrick M. Kamienny, and Frederick L. Erlich, collectively, the sellers
Value: $700,000
Effective: 2022-11-21

Exact text from the filing

On November 21, 2022, Intellinetics, Inc. (the “Company”) entered into an Amendment to the Stock Purchase Agreement dated March 2, 2020, by and among the Company, as the buyer; Graphic Sciences, Inc., as the target; and Thomas M. Liebold, Gregory P. Colton, Fredrick M. Kamienny, and Frederick L. Erlich, collectively, the sellers. The Amendment accelerates the final earnout payment by the Company to the sellers to January 2, 2023, and it sets the amount of the final earnout payment at an aggregate of $700,000.

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Source: SEC EDGAR

accession 0001493152-22-033838

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