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EX-10 - PARK CITY GROUP INC | ex10-04272020_020412.htm |
(Exact name of registrant as specified in its charter.)
(State or other jurisdiction of incorporation or organization)
(IRS Employer Identification No.)
(Address of principal executive offices)
(Registrant's Telephone number)
(Former Name or Former Address, if Changed Since Last Report)
Common stock, par value $0.01 per share
PCYG
Nasdaq Capital Market
The information set forth below under Item 2.03 is hereby incorporated by reference into this Item 1.01.
On April 23, 2020, Park City Group, Inc. (the "Company") received proceeds from a loan in the amount of approximately $1.1 Million (the "PPP Loan") with U.S. Bank National Association ("U.S. Bank") as lender (the "Lender"), pursuant to the Paycheck Protection Program of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") as administered by the U.S. Small Business Administration (the "SBA") (the "Loan Agreement").
The PPP Loan matures on April 23, 2022 and bears interest at a rate of 1.00% per annum. Monthly principal and interest will commence on November 23, 2020. The Company did not provide any collateral or guarantees for the PPP Loan, nor did Company pay any facility charge to obtain the PPP Loan. The PPP Loan provides for customary events of default, including, among others, those relating to failure to make payment, bankruptcy, breaches of representations and material adverse effects. The Company may prepay the principal of the PPP Loan at any time without incurring any prepayment charges.
A copy of the Loan Agreement is filed as Exhibit 10.1 to this report and incorporated herein by reference.
See Exhibit Index.
Exhibit No.
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Description
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Loan Agreement by and between U.S. Bank National Association and the Company, dated April 23, 2020.
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Park City Group, Inc. |
By: | /s/ John R. Merrill |
Name: John R. Merrill | |
Title: Chief Financial Officer |