ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On
The purchase price for the purchase of all Membership Units shall be
(a) Buyer's assumption of a certain promissory note in favor of
(b) The issuance of a Convertible secured promissory note, in the principal
amount of
(c) The issuance of Six Hundred and Eighty (680) shares of the Buyer's Series L
Preferred Stock ("Series L Preferred") valued at
In the event that the Buyer is in default under the MIPA, the TK Secured Note, the TK Security Deed, the Seller Secured Note, Seller SPA, the Seller Security Deed or Buyer fails to issue to Seller duly authorized the Series L Preferred, the Seller shall have the right to receive a return of the Membership Units without recourse by the Buyer. This right is in accordance with the pledge agreement, the assignment, amended operating agreement, and related documents (collectively the "Pledge Agreement").
At Closing, the Parties shall enter into the following schedules: (i) Seller Secured Note, (ii) Seller SPA, (iii) Seller Security Deed, (iv) resolutions related to the issuance of the Series L Preferred, (v) Pledge Agreement, (vi) Assignment of Units Agreement, (vii) Unanimous Consent of the FTT's authorized Member/Manager, (viii) Unanimous Consent of the Seller's authorized Member/Manager, (ix) Unanimous Consent of the Buyer's board of directors, and (x) Third Amended and Restated Limited Liability Company Agreement of FTT. The Closing will take place electronically within 60 days of the satisfaction of the conditions set forth in Articles 7 and 8 of the MIPA.
ITEM 2.03. CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT.
The information included in Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 2.03.
ITEM 3.02. UNREGISTERED SALE OF EQUITY SECURITIES.
The information included in Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 3.02.
The issuance of the shares of Series L Preferred Stock and the issuance of the shares of Class A Common Stock issuable upon conversion of the Series L Preferred Stock will be exempt from registration under Securities Act Section 4(a)(2) and Securities Act Rule 506(b). The Investor is sophisticated and represented in writing that they were an accredited investor and acquired the securities for their own account for investment purposes. A legend will be placed on the Series L Preferred Stock certificate and the stock certificates of Class A Common Stock issued upon conversion of the Series L Preferred Stock, subject to the terms of the transaction documents, stating that the securities have not been registered under the Securities Act and cannot be sold or otherwise transferred without registration or an exemption therefrom.
Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits. Exhibit No. Description 10.1 Membership Interest Purchase Agreement between the Company and TXCServices, LLC datedJune 9, 2023 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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