Letter Agreement Amending Borrowing Arrangement Between Cachet Financial Solutions, Inc. and Michael J. Hanson
Cachet Financial Solutions, Inc. and Michael J. Hanson have agreed to amend their existing borrowing arrangement. The amendment changes the repayment terms so that the outstanding principal and accrued interest on the note are now due in full by January 31, 2016. Both parties have signed the letter to confirm their acceptance of this new maturity date.
Exhibit 10.3
Letter Agreement
| July 31, 2015 |
| Mr. Michael J. Hanson |
| c/o 18671 Lake Drive E. |
| Southwest Tech Center A |
| Minneapolis, MN 55317 |
Re:Amendment 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: “The outstanding principal and accrued interest balance of the Note shall be due and payable in full on January 31, 2016 (“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.
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| By: | /s/ Jeffrey C. Mack |
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| Jeffrey C. Mack, CEO |
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| AGREED AND ACCEPTED |
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| /s/ Michael J. Hanson |
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| Michael J. Hanson |
