Article 1.01. The conclusion of an important definitive agreement.
The information presented in section 2.03 is incorporated in this section 1.01 by reference.
Article 2.03. Creation of a direct financial obligation or obligation under an off-balance sheet arrangement of a registrant
The Note bears interest at a rate equal to three percent (3%) per year, calculated using a 360-day year multiplied by the actual number of days in each period. All principal unpaid, together with interest then unpaid and accrued and other amounts payable, shall be due and payable on the earlier of the following dates: (i)
Upon written notice of one (1) business day to the Company, the Purchaser shall have the option, at its sole discretion, either (i) to convert, in whole or in part, the unpaid balance and the accrued interest payable thereon. – here by virtue of the Note in ordinary shares at the conversion price
The purchaser is the chief executive officer and chairman of the board of directors of the Company, and is the largest shareholder of the common shares of the Company. The sale and issuance of the note by the company to the purchaser is considered a related party transaction. The sale and issuance of this note by the Company to the purchaser is subject to the approval of Nasdaq.
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