Amendment No. 3 to Borrowing Arrangement between Cachet Financial Solutions, Inc. and Michael J. Hanson
This agreement amends the terms of a borrowing arrangement between Cachet Financial Solutions, Inc. and Michael J. Hanson. It changes the payment schedule so that Cachet will make an interest-only payment on January 31, 2017, covering interest accrued from February 1, 2016, to the payment date. The full principal and any remaining interest will be due on January 31, 2017. Both parties have agreed to these revised terms by signing the letter.
Letter Agreement
June 30, 2016
Mr. Michael J. Hanson
c/o 18671 Lake Drive E.
Southwest Tech Center A
Minneapolis, MN 55317
RE: Amendment #3 to Borrowing Arrangement
Dear Mike,
This letter confirms our agreement as follows:
Michael J. Hanson hereby agrees to amend the final sentence of paragraph (a) of the “BORROWING AND REPAYMENT” section of the LOC Note to read as follows: “Cachet Financial Solutions, Inc. agrees to make interest only payments on January 31, 2017. The interest only payment is for interest that accrues on the principal balance from February 1, 2016 to date of payment. The outstanding principal and accrued interest balance of the Note shall be due and payable in full on January 31, 2017 (“Maturity Date”).”
If you are in agreement with the foregoing, please indicate as much by signing in the appropriate space below.
| CACHET FINANCIAL SOLUTIONS, INC. | ||
| By: | /s/ Bryan Meier | |
| Bryan Meier / CFO | ||
| AGREED AND ACCEPTED | |
| /s/ Michael J. Hanson | |
| Michael J. Hanson |
