TLSS subsidiaries amend Severance deal: note reduced $171,887, maturity extended to Feb 2025

Transportation & Logistics Systems, Inc.

Principal amount of purchase price promissory note reduced by $171,887 due to post-closing working capital adjustment.
Maturity of promissory note extended from August 1, 2024 to February 1, 2025; payment schedule adjusted.
Court approved settlement: TLSS pays $50,000 to assignee of former subsidiaries Prime EFS and Shypdirect, releasing all avoidance claims.
Indemnification provided for former trustee of Severance 401(k) plan for actions taken on behalf of the company.

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

Transportation & Logistics Systems, Inc. amended Post-Closing Agreement with Kathryn Boyd, Clyde J. Severance and Robert H. Severance, Jr. valued at $171,887.00 (effective 2023-11-08).

Action: amendment
Agreement: asset purchase
Counterparty: Kathryn Boyd, Clyde J. Severance and Robert H. Severance, Jr.
Value: $171,887.00
Effective: 2023-11-08

Exact text from the filing

The Post-Closing Agreement amended certain terms of the Stock Purchase Agreement, dated January 4, 2023 (the "SPA"), and provided for an accounting of certain post-closing obligations and accounts. Among other things, the Post-Closing Agreement provided for a reduction of $171,887.00 in the principal amount payable under the purchase price promissory note

View on SEC.gov

38 material agreements filed in the last 30 days. Browse all material agreements →

Transportation & Logistics Systems, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-040353

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.